Fintyre creditor arrangement approved
Fintyre SpA’s creditor arrangement plans were approved by the Court of Brescia on 4 February 2022. The plans filed by Fintyre envisage, among other things, business continuity within the rules of Italian bankruptcy law to the benefit of the company’s approximately 250 employees, according to reports from our Italian sister publication, PneusNews.it.
Fintyre’s ability to continue as a going concern is largely thanks to a 43 million euro capital injection from shareholders Springwater Investment Management LLC. In addition, there are a series of complex arrangements with some strategic creditors who also have an interest in the business remaining a going concern.