Yahoo Finance Italian Retailer Coin Taps KPMG to Advise on Debt Burden
(Bloomberg) -- Italian department store chain Coin SpA is working with advisers at KPMG LLP to help it address its debt, according to people familiar with the matter who asked not to be identified.
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Coin has come under pressure from a slowdown in the retail industry and faces imminent debt maturities. It had around €87 million ($93.1 million) owed to banks and €121 million due to suppliers as of January 2023, according to its latest available annual statements.
A spokesperson for Coin said the company had mandated a “leading international adviser” to help draft a new business plan and explore options to strengthen its capital.
The bank debt is split into two parts, with money received in 2018 when the company was purchased by its current owners, and state-backed loans granted during the pandemic. The first part totaled around €50 million as of January 2023 comes due this year and next, according to the company’s statements. The second part came to €37.5 million and has longer-dated maturities.
The financing was led by Intesa Sanpaolo SpA and also includes Banco BPM SpA, Banca Monte dei Maschi di Siena SpA and Illimity Bank among others.
Spokespeople for KPMG, Illimity and BPM declined to comment. Representatives for MPS and Intesa didn’t immediately respond to requests for comment.
Coin was bought in 2018 by a group of Italian entrepreneurs and some members of its management. It had previously been owned by private equity firm BC Partners.
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