Crucial developments on the financial and corporate fronts for Aeffe S.p.A. The luxury group listed on Euronext Milan, which owns brands such as Moschino and Alberta Ferretti, has announced significant progress in the competitive process to attract new investors and safeguard business continuity. The Italian fashion house’s restructuring is entering a pivotal phase, with July set to be decisive in determining which “white knight” will lead the industrial turnaround of its historic brands.
The new Asian offer on the table
While discussions remain open with Oxy Capital Italia S.r.l.- which has confirmed its intention to submit a binding offer in the coming weeks- a new non-binding proposal deemed to be of particular interest has been presented to the Board of Directors. The expression of interest comes from an industrial operator active primarily in the Asian fashion market, with solid experience in managing international brands.
The details of the proposal envisage the transfer of substantially all of Aeffe’s business assets and those of its subsidiary Pollini S.p.A. to the bidder, under which the acquirer would assume, with full release, all of the group’s liabilities, appropriately restructured using the instruments provided by the Italian Business Crisis and Insolvency Code. On the immediate liquidity front, the plan includes a bridge facility of up to €25 million to ensure operations continue through December 31, 2026. This loan, fully funded from the investor’s own resources with no recourse to third parties, would be disbursed in two tranches between July and December, at an annual rate of 8% via a PIK (payment-in-kind) mechanism, with a bullet repayment in the 19th month. The transaction would also be secured by a pledge over the Moschino and Alberta Ferretti trademarks. As with the Oxy scenario, the overall deal would leave Aeffe debt-free but largely devoid of assets.
Shareholder support and the protective shield
To see the group through until the binding offers are formalised, the principal shareholders Colloportus S.r.l. and FQuattro S.r.l. have promptly confirmed their support. The shareholders will in fact provide an emergency loan of €2 million- super-priority and interest-free- intended to cover the entire operating cash requirement for the month of July. At the same time, measures to ensure business continuity are also progressing on the administrative front: the court-appointed expert overseeing the negotiated settlement procedure, Dr Riccardo Ranalli, has ordered an extension of the crisis procedure until the maximum statutory deadline, set for October 4, 2026.
The legal strategy at the Court of Bologna
These complex financial developments also have a direct impact on the legal timetable at the Court of Bologna. Based on the judges’ guidance provided during the hearings on June 17 and 18, the group’s management has chosen to recalibrate its defence and treasury strategies, filing on Monday a formal withdrawal of the application for the previous bridge loan to be authorised by the court, reserving the right to resubmit it as soon as binding offers from major investors are on the table.
At the same time, the hearing to obtain protective measures regarding the company’s assets- essential for ring-fencing the company and blocking any individual enforcement actions by creditors- has been adjourned to July 15, 2026. At that time, the Court of Bologna will be in a position to assess the overall situation of the group based in San Giovanni in Marignano in light of the actual inflow of emergency capital from the shareholders and the concurrent progress of the international competitive bidding process.
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