Italian Coffee Machine Maker Nears Debt Deal

Bloomberg11-13 22:47

(Bloomberg) -- Italian coffee machine maker Caffitaly System SpA is nearing a debt restructuring agreement, involving new money from shareholders and a haircut on its bank debt. The company is ironing...

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Alternative credit investor Polus Capital Management is also exposed to Caffitaly’s bank debt, having bought it in recent months at a discount, the people said. Caffitaly has been struggling in recent years, with a loss of €4 million in 2022. The firm, which also makes coffee capsules, has suffered from a rise in raw material costs following the war in Ukraine. Greater competition in Italy and the breakage of a factory roasting machine also hit profits and weighed on operations in 2023. Spokespeople for Caffitaly, Alpha and Polus declined to comment. Representatives of CNP and BNP didn’t immediately respond to a request for comment.   The company had previously asked its advisers at Houlihan Lokey Inc. to look for potential third-party funding before focusing on a solution within its existing stakeholder base. The company was pushed into debt restructuring talks as most of its bank loans were due in October. At the end of last month, a court in Bologna granted Caffitaly an extension to protection from creditors through to Dec. 2, according to a filing seen by Bloomberg News. ©2024 Bloomberg L.P.","kind":null,"is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.1","shortVersion":"4.29.1","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2483031836"}