Pro-Gest S.p.A., Italy’s leading paper group, announced that it has signed binding agreements (a Lock-up Agreement and the related Term Sheet) with its main financial creditors concerning the restructuring of the Group’s debt. The Term Sheet provides for:
- the extension of debt maturities to 2030, with the possibility of a further extension to 2032 at the discretion of the financial creditors, together with a rescheduling of interest rates;
- the repayment of principal and interest through a predefined divestment plan involving real estate assets valued at €80 million and selected operating units;
- the cancellation of part of the accrued interest;
- the expansion of the scope of guarantees.
Angelo Rodolfi, Chief Restructuring Officer of the Pro-Gest Group, stated: “Over the past year, with the support of the CNC-appointed Expert – whose mandate was successfully concluded – and of the advisory teams assisting both the company and the creditors, a negotiation process has been undertaken to restore the Group’s financial position and protect corporate value, in the interests of the creditors themselves and all stakeholders. The task ahead is now to finalise the agreements implementing the Term Sheet and to execute the plan.”
The agreement reached allows the Zago family to retain full control of the Group’s share capital. Pro-Gest continues to operate as a solid industrial group, holding leading positions in its reference markets and maintaining a strong focus on innovation.
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