Borsalino "Siur Pipen" hat.

MILAN — Borsalino is entering bankruptcy.

On Monday, the court of Alessandria refused to accept the petition for a composition with creditors filed by the label’s parent company Haeres Equita.

Based in Valenza and featuring investor Philippe C. Camperio among its main shareholders, Haeres Equita, which in December 2015 made an offer to settle Borsalino’s debts to the court of Alessandria, finalized the acquisition of the hat maker in March 2016.

While financial details were not disclosed at the time of the transaction, it is valued at about 20 million euros, or $22.3 million at average exchange rate, corresponding to Borsalino’s debts.

Reached by phone, Borsalino chief executive officer Marco Moccia declined to comment and said a company’s official feedback will be available next week.