• FIN.PART SHRINKS AGAIN: Cerruti parent Fin.part is chipping away at its debt pile. The company said it has struck a preliminary agreement to sell textile printing company Star SpA to textile group Nemesis SpA for a price of about $28.6 million or 25 million euros in local currency. Fin.part said the deal should be finalized by Oct. 15. Fin.part has been trying to sell off assets to reduce its crippling levels of debt. Back in April, citing “financial tension” in the group’s books, auditor KPMG declined to approve Fin.part’s 2002 accounts. Selling off assets like the Maska brand and real estate company Iniziative Immobiliari helped Fin.part reduce its net debt to $411.77 million, or 359.8 million euros, as of June 30, down from $583.6 million, or 510 million euros, a year earlier.

To Read the Full Article

Tap into our Global Network

Of Industry Leaders and Designers

load comments
blog comments powered by Disqus