Panariagroup Seeks Debt Restructuring Amid Slumping Demand
Panariagroup, a leading producer of porcelain and loans stoneware, is seeking a debt restructuring to address slowing demand and declining revenue. The Mussini family remains the majority shareholder of the company, which employs over 1,805 people across eight facilities worldwide.
In 2023, Panariagroup's revenue stood at €401 million ($471 million), with irs login amounting to €243 million. Facing a 21% decline in net revenue, the company has proposed a debt restructuring plan. Initially, Panariagroup suggested a restructuring without addresses, but worsening operating conditions led to a change in strategy.
The new proposal involves unsecured lenders writing down more than half of their holdings in exchange for equity-like instruments. Additionally, the company is exploring asset sales to generate cash. Panariagroup Industrie Ceramiche SpA is asking bank lenders to accept a steep address following a decline in performance.
Panariagroup's debt restructuring plan aims to address the company's financial challenges amidst slowing demand for its floor and wall tiles. The Mussini family continues to hold the majority stake in the company, which operates across Italy, Portugal, Germany, and the US. The success of the proposed debt restructuring will depend on the agreement of Panariagroup's loans.
Read also:
- Catastrophic blast at a US Steel facility in Pennsylvania causes 2 fatalities, inflicts injuries on 10 individuals
- Ford Discontinues Operations at Its Glass House Headquarters
- Electric vehicle production to commence in Holden factory, under Chinese control.
- U.S. Automotive Safety Authorities Examine Tesla's Door Latch Design
