The private-equity group has been granted the possibility to guarantee deliveries and also safeguard the contracts of employees at the financially troubled company.
Haeres Equita in 2016 took control of the luxury firm and last July acquired the right to use the Borsalino label from bank Mediocredito for a sum of 18 million euros. The two administrators selected by the court of Alessandria, the Italian city where the insolvent Borsalino is based, have agreed to prolong the rental of the company, which by Italian law is a necessary step, until the end of July 2018.
This will enable Haeres Equita to guarantee Borsalino’s business will not be halted, shipping merchandise and protecting employees.
Last December, the court of Alessandria rejected a petition for a composition with creditors filed by Haeres Equita. However, after a period of tension between the parties, it is understood that Haeres Equita and Borsalino’s administrators are finding a way to collaborate.
Borsalino, founded in 1857, was hit by financial problems in 2015, when previous owner Marco Marenco was arrested in Lugano, Switzerland, at the end of April. He had been wanted by the police since the previous summer for fraudulent bankruptcy and tax evasion related to a web of holdings, mainly in gas and energy, for a total worth of 3.5 billion euros, or $3.9 billion.
In 2017, Borsalino registered revenues of 17.5 million euros, in line with the previous year.