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Banca Progetto SpA, owned by Oaktree Capital Management LP, is facing allegations of lending to companies associated with the mafia and violating money-laundering rules, leading to judicial administration. The bank's lending practices are under scrutiny after it provided loans to firms indirectly linked to the 'ndrangheta, Italy's prominent mafia group. Despite the crisis, the bank's executives are not under investigation, and operations are continuing normally as they work to address deficiencies in internal controls. Oaktree's sale of Banca Progetto to Centerbridge Partners LP is pending, with the outcome of the judicial administration potentially impacting the process. [Extracted from the article]

Banca Progetto SpA in Italy is facing judicial administration due to allegations of providing loans to companies linked to the 'ndrangheta mafia organization. The bank is accused of bypassing anti-money laundering regulations to fund businesses associated with criminal activities. Oaktree Capital Management LP, the bank's owner, had agreed to sell it to Centerbridge Partners LP, but the deal is now in question. Banca Progetto's lending activities surged during the pandemic, raising concerns about its financial practices and ties to organized crime. [Extracted from the article]

Banca Progetto SpA has been placed under judicial administration by Italy's financial police for allegedly providing loans to companies associated with criminal organizations, specifically the 'ndrangheta mafia group. The loans were backed by state-owned lender Mediocredito Centrale as part of a Covid-19 program to support small and medium enterprises, but the bank was found to have bypassed anti-money laundering regulations. Oaktree Capital Management LP acquired Banca Popolare Lecchese in 2015 and rebranded it as Banca Progetto, with plans to sell it to Centerbridge Partners LP pending certain conditions. [Extracted from the article]

American Tire Distributors Inc. has filed for Chapter 11 bankruptcy again to reduce its $1.9 billion debt and explore a potential sale. The company has entered into a restructuring support agreement with lenders, including Guggenheim Partners Investment Management, KKR & Co. Inc., Monarch Alternative Capital, Sculptor Capital Management Inc., and Silver Point Capital. Despite facing challenges from manufacturers and changing consumer trends, American Tire will continue to operate nationwide with new financing commitments and access to an asset-based lending facility. [Extracted from the article]

Italy's parliament has passed a bill criminalizing the use of surrogacy by parents who have children abroad, even if the process was legal. The bill, supported by 84 lawmakers, aims to further assert Italy's socially conservative stance. Prime Minister Giorgia Meloni praised the measure as a step against the commodification of the female body and children. Italian citizens who use surrogates outside of Italy will now face fines starting at €600,000 and prison sentences ranging from three months to two years. [Extracted from the article]

Wholesaler True Value Co. has filed for bankruptcy and plans to sell its business to rival Do it Best Corp. True Value will continue to operate under Chapter 11 protection, with Do it Best providing a "stalking horse bid" of $153 million in cash. True Value's CEO stated that the sale was the best way to maximize value and serve their retail partners. The company faced liquidity challenges and hired financial adviser Houlihan Lokey Inc. to explore options. True Value serves a network of 4,500 independently-owned retailers and has estimated liabilities between $500 million and $1 billion. [Extracted from the article]

Wholesaler True Value Co. has filed for bankruptcy in Delaware and plans to sell its business to rival Do it Best Corp. The Chicago-based home-improvement company will continue to operate under Chapter 11 protection, with Do it Best providing a "stalking horse bid" that is subject to better offers. True Value serves a network of 4,500 independently-owned and operated retailers and has estimated liabilities between $500 million and $1 billion. The bankruptcy filing comes as inflation impacts household budgets, with home, clothing, and hobby store chains facing financial difficulties. [Extracted from the article]

Blackstone Inc., a private credit fund manager, is close to finalizing a deal to provide a debt package of over €250 million ($329 million) to refinance the existing debt of Wateralia SpA, an Italian water pumps specialist. The package is expected to include drawn debt of €250 million and delayed draw debt of around €50 million. Italian companies are increasingly turning to direct lenders for financing, as borrowing terms have become more favorable. Other Italian companies that have utilized the direct lending market recently include Masco Group, Excellera Advisory Group, and GBSAPRI. [Extracted from the article]

Italy's private markets are becoming increasingly attractive to international investors, according to Blackstone Inc.'s country Chairman Andrea Valeri. The nation's stable regulatory climate and entrepreneurial spirit are drawing more investors. Italy's regulatory stability has improved, making it more appealing to institutional investors. While banks still dominate, Italian companies are opening up to non-bank lenders, and private credit funds are partnering with domestic banks. Italy is also seeing growth in private equity, with recent major deals being made. Overall, Italy offers opportunities for investment due to its strong companies and less competitive market. [Extracted from the article]

Italy is considering the creation of a new company to build small nuclear reactors, a significant departure from its decades-long ban on nuclear power. The government is in preliminary talks with Ansaldo Nucleare SpA, Enel SpA, and Newcleo Ltd. to develop the plan, with the aim of partnering with a foreign technology company. Ansaldo Nucleare specializes in nuclear plant development, Newcleo focuses on small units powered by recycled nuclear waste, and Enel is a state energy giant. The discussions are ongoing, and Italy is also working on legislation to reintroduce nuclear energy with the latest technologies later this year. [Extracted from the article]

The article discusses the recent trend of European tycoons engaging in aggressive tactics with creditors, causing concern among high-yield investors. Telecoms billionaire Patrick Drahi, along with other billionaires such as Paul Coulson and Andrea Pignataro, are facing backlash from creditors as they attempt to reduce their borrowing. This has led to a loss of faith in billionaire business builders in Europe, with many investors hesitant to invest in companies controlled by dominant individuals. The article highlights the risks associated with lending to tycoon-owned businesses and the challenges faced by creditors in the high-risk, high-reward world of junk debt. [Extracted from the article]

London's wealthy private equity fund managers are considering moving to Milan due to concerns about potential tax increases on their earnings. The Labour Party in the UK, which is expected to win the upcoming election, has proposed treating investment returns as income and taxing them at a higher rate. Milan has already attracted several investment firms and offers expat-friendly tax breaks. The city's stability and lifestyle factors are also appealing to potential relocators. Other destinations being considered include Dubai, Switzerland, and Greece. [Extracted from the article]

Eni SpA, an Italian oil company, has begun selling a 10% stake in Saipem SpA, an offshore drilling services company, for approximately €410 million ($440 million). Eni is selling the shares through an accelerated bookbuilding procedure, with a reference price of €2.065 per share. The sale is part of Eni's reorganization efforts to fund its transition to gas and renewable energy. Citigroup, Goldman Sachs International, Intesa Sanpaolo, Natixis, and UniCredit are acting as joint global coordinators and joint bookrunners for the sale. Eni will not lose joint control of Saipem as a result of the sale. [Extracted from the article]

An Italian court has upheld a government decision to restrict how a unit of ION Group can use the proceeds from bond sales, potentially preventing it from raising debt to pay dividends to its parent company. The court ruled that the government wanted to condemn the actions of Cedacri, a software provider for financial companies, for rapidly increasing debt in order to distribute large dividends. While ION can still transfer dividends without issuing debt, the decision may complicate the group's future financial dealings. ION Group, founded and owned by Italian tycoon Andrea Pignataro, includes financial services firms such as Dealogic and Fidessa Trading. [Extracted from the article]

BFF Bank SpA's CEO, Massimiliano Belingheri, is confident that the bank will be able to resume its dividend policy after the Bank of Italy's probe. The bank lost a significant portion of its market capitalization after the regulator ordered a temporary halt on profit distribution due to a review of how the bank classifies its credits. The Bank of Italy found that some of BFF's loans should be classified as past due instead of performing, which requires the bank to set aside additional capital. Belingheri believes that the bank has the necessary resources to cover any capital needs resulting from this risk-weighted asset increase. The central bank also raised concerns about BFF's governance and corporate compensation practices, but the board of directors expressed confidence in Belingheri. [Extracted from the article]

A group of Ukrainian debt holders, including Amundi, BlackRock, and Amia Capital, has chosen PJT Partners Inc as its financial adviser for a potential restructuring. The bondholders are organizing as a freeze on bond repayments granted to Ukraine is set to end in September. Weil, Gotschal & Manges LLP will act as the bondholders' legal adviser. Ukraine's debt chief has stated that more data points are needed in the coming months to serve as the basis for discussions with eurobond holders, with hopes of reaching a deal by September. The country's outstanding international bond payments were halted two years ago following Russia's invasion, which has caused significant damage and displacement. [Extracted from the article]

US funds Argentem Creek Partners and Innovatus Capital Partners have received support from a Ukrainian court in their attempt to gain control of an Odesa grain terminal operator from local financiers. The court rejected a request by the shareholders of Olimpex Coupe International to dismiss the appointment of independent bankruptcy managers. Olimpex defaulted on its loans and creditors claim that $130 million worth of grain and sunflower seeds have disappeared from the terminal. The Odesa region is home to Ukraine's largest ports, where most of the country's grain is exported from. [Extracted from the article]

UBS Group AG has agreed to provide a loan of up to €700 million ($757 million) to an ION Group holding company that will acquire Italian asset manager Prelios SpA. The loan will be used as equity for the purchase of Prelios. The UBS loan commitment is valid until the end of March, but an extension is being discussed as the acquisition still requires approval from the Italian government and the Bank of Italy. ION, a global financial-services conglomerate, has relied on debt-fueled takeovers to expand its operations. The acquisition of Prelios has attracted attention due to ION's significant role in Italy's financial industry. [Extracted from the article]

New York Community Bancorp (NYCB) is seeking third-party capital to finance a large portfolio of residential mortgages held under its Flagstar Bank unit. The company is exploring options such as a synthetic risk transfer backed by a $5 billion portfolio of home loans originated when interest rates were lower. NYCB is also considering the sale of a $1 billion portfolio of recreational-vehicle and marine loans. These discussions were underway before NYCB reported a surprise loss and announced a dividend cut. The bank's shares have plummeted, and its credit rating was downgraded to junk by Moody's. NYCB's assets have surpassed $100 billion, triggering additional regulatory scrutiny and capital requirements. [Extracted from the article]

New York Community Bancorp (NYCB) is seeking third-party capital to finance a large portfolio of residential mortgages held under its Flagstar Bank unit. The company is considering a synthetic risk transfer backed by a portfolio of about $5 billion of home loans originated when interest rates were lower. NYCB is also exploring the sale of a $1 billion portfolio of recreational-vehicle and marine loans. These discussions were underway before NYCB reported a surprise loss and announced a dividend cut, which caused the bank's shares to plummet. NYCB's newly appointed executive chairman has stated that the company will do what is necessary to build capital, including selling assets such as loans. The bank's shares have fallen more than 60% due to concerns over its exposure to commercial real estate. Moody's Investors Service recently downgraded NYCB's credit rating to junk, citing financial risks and governance challenges. [Extracted from the article]

ION Group, led by Italian tycoon Andrea Pignataro, has borrowed around $3 billion in private loans from HPS Investment Partners to fund its acquisition spree. These loans, in addition to the $12 billion in publicly-traded debt, have raised concerns and prompted scrutiny from the Italian government. The private debt industry has grown in recent years, providing discrete financing to companies like ION. However, as central banks raise interest rates, the cost of servicing this debt has increased. ION's businesses include financial services firms and it manages sensitive client data and key infrastructures for the financial system. [Extracted from the article]

Italian fashion house Trussardi is close to finalizing a deal that will result in a change of ownership and the sale of assets as part of a debt restructuring plan. The brand, along with some of its branches, is expected to be sold to Miroglio Group, a manufacturer and distributor of ready-to-wear products. The proceeds from the sale will be used to repay existing creditors. However, not all Trussardi stores will be included in the deal, and some will be closed. The lack of interest in relaunching the brand may be attributed to the bursting of the luxury bubble created during the pandemic. Trussardi is currently owned by QuattroR, an Italian turnaround fund. The company sells clothing and accessories for both men and women. The transaction will require approval from the Italian court overseeing Trussardi's restructuring process. One of the factors that led to Trussardi's restructuring was its exposure to Russia, as sales in the country were severely impacted by the invasion of Ukraine and subsequent sanctions. [Extracted from the article]

Italian eyewear maker Safilo Group has ended its licensing deal with influencer Chiara Ferragni due to a "violation of contractual commitments." The company did not provide further details on the reasons for canceling the agreement. This decision comes after Italy's competition authority fined Ferragni's companies over €1 million for unfair commercial practices related to the sale of Ferragni-branded cakes to fund a children's hospital. The authority found that Ferragni misled consumers by not disclosing that the manufacturer had already made a fixed donation to the hospital before the initiative's launch. [Extracted from the article]

Manfredi Lefebvre d'Ovidio, a shipping tycoon and billionaire based in Monaco, has won a significant ruling in a long-standing family feud over his fortune. His brother, Francesco, had claimed ownership of half of a family holding company, which owned Silversea Cruises. However, a judge in Bologna, Italy, ruled in favor of Manfredi, stating that there were no issues with the initial ruling made in 2012. Manfredi expressed hope that this ruling would bring an end to the family feud, while Francesco's lawyer stated that they would consider appealing to the country's highest court. [Extracted from the article]

UBS Group AG is planning to sell its exposure to a portfolio of loans that Credit Suisse made to junk-rated Italian companies. The Swiss bank is seeking to exit the revolving credit facilities for five borrowers, with Goldman Sachs Group Inc. handling the sale on behalf of UBS. The loans range in size from €10 million to €40 million, and bids for Credit Suisse's positions are due in the first half of January. UBS has been reviewing Credit Suisse assets since its takeover in June and has set up a wind-down unit for businesses that do not align with its risk approach. The Italian package of loans may have a limited pool of buyers due to local banking license requirements. [Extracted from the article]

The article presents a profile of the English haute couture firm Ralph & Russo. It mentions company's founders and designers Tamara Ralph and Michael Russo, the design and construction of the clothing, and the companies that have invested in the firm.

At the beginning of October, the co-working firm withheld $37.3 million of cash and $57.9 million of in-kind payments on its debt, kicking off a 30-day grace period before a default. WeWork and its creditors had been locked in discussions over who will take the keys to the firm as the end of the debt grace period approached, Bloomberg previously reported. (Bloomberg) -- WeWork Inc. entered into a seven-day forbearance agreement with its bondholders after a grace period to pay interest on several of its bonds expired, according to a regulatory filing. [Extracted from the article]

(Bloomberg) -- Helicopter ambulance company Air Methods Corp. filed for Chapter 11 bankruptcy protection after it struggled to overcome a changing regulatory environment combined with higher interest rates. A majority of its first-lien lenders, bondholders and its shareholders have agreed on a restructuring plan to cut debt by about $1.7 billion, according to a company statement. [Extracted from the article]

(Bloomberg) -- Italy's top audit court didn't block a potential sale of Telecom Italia SpA's phone network to KKR & Co., according to a statement from the Treasury. Separately, Telecom Italia's largest shareholder, Vivendi SE, denied reports in the local press that indicate there are different opinions amid the company's top executives over the KKR deal. [Extracted from the article]

At the Oct. 28 shareholder meeting, Delfin's candidates will face the Mediobanca management's slate, which has been endorsed by proxy advisers including Glass Lewis and ISS. (Bloomberg) -- The Del Vecchio family's investment company "has never been an activist" shareholder and has a long-term commitment as an investor in Mediobanca SpA, its chairman said in an interview with Italian newspaper Sole 24 Ore. Delfin, the investment vehicle owned by Luxottica founder Leonardo Del Vecchio's heirs, has presented its own slate for the board of the Italian bank, in which it owns a stake of about 20%. [Extracted from the article]

The fund will also invest as much as 30% in fixed-income, and will seek to short the equity and debt of companies caught in the global push to decarbonize, including oil and gas firms that aren't doing enough for energy transition. Investors include family offices and institutional funds based in Italy, Switzerland and Luxembourg, according to Luca Moro, the fund's chief investment officer. (Bloomberg) -- Italy's FIEE Sgr SpA raised about $100 million for a new long-short fund that bets on the equity and debt of companies involved in the transition to a lower carbon economy. [Extracted from the article]