14 December 2021\u2013 illimity Bank S.p.A. (\u201cillimity\u201d or the\u201cBank\u201d) has signed a loan agreement with DEMA S.p.A. (\u201cDEMA\u201d, the\u201cCompany\u201d or the\u201cGroup\u201d),Company controlled by the Bybrook fund (now Cairn Capital \u2013Mediobanca Group) which operates in the aeronautical sector and more specifically in the aerostructure segment, for a total amount of9.5 million euro. Founded in 1993, DEMA designs, industrialises, and assembles aeronautical structures for the leading players in the sector at an international level. The Group, with over 600 employees, has three manufacturing sites in Somma Vesuviana (Naples), Paolisi (Benevento) and Brindisi and is also present in Montr\u00e9al (Canada) with Dema Aeronautics, its design and engineering centre.<\/p>\n
The Company, which in 2020 signed Restructuring Agreements pursuant to article 182-bis of the Italian Bankruptcy Law (approved by the Court of Nola in March 2021), found itself having to implement a reorganisation plan in the midst of a macroeconomic situation made even worse by the continuation of the crisis caused by the Covid-19pandemic. illimity\u2019s loan will enable the Company to take on board the new financing needed to tackle the uncertain situation which, due to the spreading of the pandemic, has especially hit the aeronautical sector. illimity will therefore assist the Bybrookfund (now Cairn Capital \u2013Mediobanca Group), which has controlled DEMA since 2017 and supported it through capital and financial strengthening measures in the context of managerialisation process and in drawing up a new business plan focusing on the optimisation of business and production processes.<\/p>\n
Umberto Paolo Moretti, Head of Turnaround inillimity,stated: \u201cDEMA\u2019s important turnaround process has sufferedfromthe unexpected slowdowns caused by the continuation of the pandemic crisis that hasespeciallyhit the aeronautic sector. In an unprecedented macroeconomic situation, we are pleased to support DEMA in this period of transition and support it on its path to a turnaround through the gradual normalisation of the market\u201d.<\/p>\n
Renato Vaghi, CEO of DEMA, commented \u201cThis agreement is an extremely important passage for DEMA on its turnaround path because it testifies to a renewed confidence in the Company by the financial institutions. We are certain that this instrument will provide valid support for the next steps in the company\u2019s business plan, while we look towards 2022 with the real hope of a recovery in our specific market\u201d.<\/p>\n
<\/p>\n","protected":false},"excerpt":{"rendered":"
14 December 2021\u2013 illimity Bank S.p.A. (\u201cillimity\u201d or the\u201cBank\u201d) has signed a loan agreement with DEMA S.p.A. (\u201cDEMA\u201d, the\u201cCompany\u201d or the\u201cGroup\u201d),Company controlled by the Bybrook fund (now Cairn Capital \u2013Mediobanca Group) which operates in the aeronautical sector and more specifically in the aerostructure segment, for a total amount of9.5 million euro. Founded in 1993, DEMA<\/p>\n","protected":false},"author":1,"featured_media":3880,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[34],"tags":[],"class_list":["post-3918","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-2"],"yoast_head":"\n