The “king” of panettone goes bankrupt: debts for millions of euros
After years of serious economic difficulties and painful corporate decisions, an authentic myth of Made in Italy collapses. The Court of Verona declared the failure from the Back to Spaone of the oldest and most renowned confectionery companies in our country, founded 102 years ago and owned by Campedelli familyalso owner of the football club of Chievo-Verona.
The “king” brand of panettone, pandoro, Easter doves and baked goods had now accumulated unsustainable debts for millions and millions of euros. Here we had instead talked about the bankruptcy of a major Italian fashion brand.
The Veronese magistrates have declared the bankruptcy of theDossobuono company after having revoked the admission to the composition with creditors procedure. In 2022 the descending parable of Paluani was enriched with a new chapter: the sale for 7.6 million euroat the end of ato stay concluded on 11 July last, at Sperlari, belonging to the German confectionery group Katjes International. The operation was closed in time to organize production for the Christmas campaign. The total amount of debts accumulated by the company was close to 82 million euros.
After this operation, the My return to 1921 Spa attempted to get back on track, working on the realignment at market shares lost and for reabsorb seasonal workers. Choosing to keep the propertieshowever, has kicked off a series of partial disposals who have contributed to putting the word “end” to the parable of the original company (Paluani Spa). After bankruptcy certification, they were appointed as new receivers Matthew Creazzo e Andrea Rossiwhile i creditors They were summoned for 23 October to proceed with the examination of the passive state.
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Why was bankruptcy declared?
The court ruled Paluani’s bankruptcy after revoked the admission to the arrangement with creditors procedure. The main reason given by the judge Maria Attanasio regards the critical issues encountered by the company, in particular in the low creditor satisfaction rates. Despite the almost 82 million euros of total debts, the amount available for the satisfaction of creditors was only 815,660 euros. So less than a million.
The financial contributions of soci e administrators they put together a sum equal to approx 1.8 million eurosbut they were almost fully judged”devoid of any guarantee”. Requests also from commissioners of the concordat he was born in mayor then they did not prove to be sufficient to cover the “gap”, inevitably lengthening the timing and further hurting creditors. All this has done nothing but confirm, in the eyes of the Court, “the already highlighted unreliabilityas well as the contrary to the principles of correctness and good faith” of the composition plan.
Furthermore, as mentioned, no legal instruments had been arranged to ensure a profitable sale of the real estate of Dossobuono, part of the municipality of Villafranca di Verona. The latter had remained under the management of the Campedelli family and in the meantime have been partly alienated. At the time of the request for approval of the composition, in April 2022, the banks had exposures to Paluani for a total of approximately 35.5 million euro. Among the institutes were Banca Valsabbina, Banco Bpm, Bper, Caribolzano, Carige, CereaBanca, Crédit Agricole, Credito Valtellinese, Mps and Unicredit.