11 December, Linkedin
The last step has been completed to solve the legacy of Delta, the consumer credit company from Bologna filed for bankruptcy in 2009. The project Arcade positively concluded on 5th December with the securitisation of credits for a nominal value of 2.1 billion. The buyer is the fund Cerberus which has been operating on the Italian NPL market for a long time.
The operation is included in the reorganisation agreement (former 182bis of the bankruptcy law) concerning the Delta group, a subsidiary of Cassa di Risparmio della Repubblica di San Marino. The operation involves over 80 Italian and foreign banks among the creditors. According to the agreement, the Delta credit management company Sgcd (a special purpose vehicle participated by leading Italian banks such as Unicredit, Mps, Bper Banca, Banco Bpm, Bnl, Bpvi and, indeed, Cassa di Risparmio di San Marino) is in charge of the management and collection of the credits towards customers (personal loans, salary deducted loans, leasing and healthcare credits) as well as the distribution of the proceeds to the creditors.
For the company founded by Mario Fantini, whose 21% is owned by Cassa di Risparmio di San Marino and 34% by Sopaf of the Magnoni family, the difficulties started in 2009 when it was put under compulsory administration due to some governance issues and serious managerial irregularities. Intesa Sanpaolo came to help Delta at the end of 2010 by taking over the subsidiaries Bentos Assicurazioni and Sedicibanca, while other companies such as Carifin Italia, Plusvalore and Detto Factor were liquidated.
Sgcd will have to deal with the liquidation procedure, trying to collect as much as possible on behalf of the banks. This is the objective of the Arkade operation, which has already got the non-binding offers from some specialised investors.
The operation is coordinated Sgcd president Domenico Trombone, and it was assisted by the financial consultant Erberto Viazzo from EY and the legal consultants Simone Rossi and Claudia Bruscaglioni from Macchi di Cellere Gangemi. For Cassa di Risparmio di San Marino, it might be good news, considering its recent financial issues.
Translator: Cristina Ambrosi