Coin Avoids Final Liquidation After Green Light for Capital Increase

Coin is entering a new phase. The Italian department store company has received approval from the Court of Venice that will allow it to carry out a capital increase of more than €30 million, Milano Finanza reported. Despite the fact that the new shareholders were already closed since the end of April, the company still needed the judicial green light to implement the renewed restructuring plan.

In the near future, the company will thus implement an increase valued at more than €30 million, of which €10 million will be subscribed by the Italian Government, through Invitalia, the national agency for investment attraction and business development, owned by the Ministry of Enterprise and Made in Italy. This investment represents the acquisition of 30.1% of Coin’s capital.

The rest of the capital increase, valued at €21.2 million, has been led by Sagitta SGR and MIA Srl, although it would also count on the residual participation of the current shareholders of the department store group. At the same time, the same media mentions a liquidity injection of €15 million through the banking entity General Finance.

Coin finalizes its financial restructuring process in order to maintain its operations

The court’s yes will allow the company to begin its restructuring process, which aims to turn the company into a retail model more “adaptable to current consumer trends.“ “This approval is a recognition of the strength of our relationships with stakeholders, and therefore allows us to start a new stage for the consolidation and development of the company,“ commented Andrea Gabola and Matteo Cosmi, the company’s chairman and CEO.

The decision puts an end to a process of negotiations to save the company that began as early as June 2024. The cessation of operations would have entailed the destruction of 1,390 jobs, which ultimately prompted the state intervention.

In total, Coin’s commercial network operates 34 stores and 130 outlets, in Italy and abroad. Part of these negotiations involved the signing of almost 400 agreements with Coin’s creditors to restructure the company’s accumulated debt.