By  on February 24, 2010

MILAN — Safilo Group SpA said that chairman Vittorio Tabacchi and executive vice chairman Massimiliano Tabacchi have resigned, in accordance with the restructuring plan signed in October between the Italian eyewear maker, Dutch retailer HAL Holding NV and Only 3T SpA.

The latter is controlled by Safilo’s founding family, the Tabacchis. In 1993, Vittorio Tabacchi became chairman of the company founded by his father, Guglielmo, in 1934.

As per Safilo’s social statute, following the resignation of the chairman, a new board will be nominated “within the shortest possible time,” said the company. Safilo also noted that Massimiliano Tabacchi holds 66,800 ordinary shares in the company.

The company approved a recapitalization plan on Oct. 19, whereby the Amsterdam-listed Hal would inject new equity and pay off some of the eyewear maker’s debts in return for a stake of between 37.23 and 49.99 percent.

In December,Safilo escaped bankruptcy as Hal accepted 50.99 percent of the troubled Italian eyewear maker’s tendered notes. Shareholders of Safilo approved a capital increase of up to 263 million euros, or $357.2 million at current exchange. The total amount raised through the recapitalization will go toward lowering the eyeglass maker’s debt, which at the end of September totaled 586.3 million euros, or $800.9 million at average exchange rates.

Upon completion of the approved recapitalization plan, the company’s founding Tabacchi family will see its 39.9 percent controlling share in Safilo drop to 10 percent.

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