Bauer, the Italian high-end hotel group, and Blue Skye Investment Group, a special opportunity fund, have completed the reorganisation of Bauer’s EUR110 million debt, through a debt rescheduling and refinancing.
Bauer has employed a new four-year senior secured bond issuance, which includes an additional EUR20 million tranche aimed to finance future investments and developments by the group’s main hotel, the prestigious Bauer Hotel in Venice.
Bauer’s chief executive officer Francesca Bortolotto Possati and Blue Skye’s co-founders Salvatore Cerchione and Gianluca D’Avanzo agreed a debt rescheduling and refinancing with issue of bonds pursuant to article 67 of the Italian bankruptcy law. The plan was prepared with the support of the financial advisor Cassiopea Partners, with a team composed by partner Marco Forasassi Torresani and analyst Maurizio Capasso.
The agreement includes the disposal of non-core assets, such as the farming business Aziende Agricole Bennati, whose sale has already been agreed upon and would occur in the next weeks, the Palladio Hotel & Spa and the luxury residence Villa F, both located in the exclusive Venice’s Giudecca island opposite Piazza San Marco.
Gattai Minoli Agostinelli & Partners advised Bauer on the finance profiles with a team led by partner Riccardo Agostinelli and including associates Daniele Migliarucci, Giulia Danesi and Silvia Romano. The corporate profiles related to the preliminary sale agreement of Aziende Agricole Bennati were handled by the firm partner Cataldo Piccarreta and associate Federico Michelini, while partner Marco Sandoli took care of the fiscal profiles of the transaction.
Blue Skye was assisted by 5 Lex, with a team composed by partner Alfredo Craca and associates Giulio Gomitoni and Lidia Lea Lavitola; and by RCC Lex, with a team composed by partner Norman Pepe and associate Fabrizio Occhipinti. F&C tax firm partner Francesco Fabbiani advised on the fiscal profiles.
