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Gas Jeans towards bankruptcy: 200 employees at risk of dismissal

MILANO – A decades-long history of a company that risks closing in the worst way: the bankruptcy and dismissal of its 200 employees. This seems to be the path mapped out for Gas jeans, the company founded in 1984 by the Grotto group, already active in the clothing sector, and which is now preparing to close its doors forever. The final blow came after the Corporate credit recovery II fund headed by Dea Capital, which holds the majority of the company’s debt, did not pronounce on the proposed arrangement, thus effectively rejecting this scenario and paving the way for bankruptcy. .

The other creditors of the company had expressed themselves in favor of the arrangement. Among these is also the Treasury company Amco, with which Gas Jeans is exposed for 13 million euros, inherited from the impaired loans acquired by the company at the time of the collapse of the popular Veneto, Banca Popolare di Vicenza and Veneto Banca. “DeA believes that an arrangement cannot be voted on that would allow the Grotto to return to performing well”, explained Federico Casa, the company’s lawyer with Fabio Sebastiano and Paolo Dal Soglio to the Giornale di Vicenza.

A crisis, that of the company, which started from afar. With bankruptcy business plans as early as 2010 and an increasingly consistent growth in operating losses, up to the request on June 24, 2019 for admission to the composition procedure, with the aim of continuing the business by putting the accounts back on track. However, a scenario that the main debtor has chosen not to pursue.

At this point the road seems to have been drawn, with the bankruptcy that could be declared already by the end of next month, unless the path of a new arrangement is explored, but Dea Capital should express itself differently from what it has already done, or it interested buyers come forward.

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