Hard blow for the brand Gas jeans, historic Italian brand of denim and streetwear clothing. The company owned by the Grotto group, founded in 1984 in Chiuppano, in the province of Vicenza, is headed for bankruptcy after years of unstable situation and insecurities for workers.
Gas Jeans goes towards failure: what happened
On 6 October, one of Gas Jeans’ two main creditors did not vote on agreed price quotation, a bankruptcy law procedure that a company in a state of crisis and insolvency can use to attempt to remedy its debt by continuing its business.
Abstention from the vote of the Corporate Credit Recovery, which belongs to the company give Capital, controlled by the holding company By Agostini, translates to a Negative vote which definitively closes the discussion on the proposed plan to avoid the bankruptcy of the company.
The other creditor, the Amco, managed by Ministry of Economy and Finance, on the other hand, he gave his positive opinion, voting in favor of the arrangement with creditors in continuity. However, for its approval it is necessary the green light of all creditors majority.
Gas Jeans towards bankruptcy: what the plan envisaged
The company today has a profit of 7 million euros, but despite this DeA Capital believes it is unable to “return the goods“, Ie able to repay the debt in the manner proposed through the plan.
A position “incomprehensible“For the sole director Cristiano Eberle, who underlined that in these two years the company has”deserved to be saved “.
The arrangement with creditors proposed by the Grotto group would have provided for the payment of the credit with the business flow and with the continuity of the company. Now the last word will be up to the judge Giuseppe Limitone, which will set the pre-bankruptcy hearing.
Gas Jeans towards failure: what happens now
Bankruptcy could be declared around the end of the month November. At that point the company could be sold in packages, with the separation of the part real estate from brand name Gas Jeans.
If new players do not enter this scenario, then, the 200 employees of the well-known clothing brand are at risk dismissal, and could lose their jobs right around the corner Christmas, which this year will be very difficult for many, as we anticipated in this article.
The attorneys who presented the composition plan speculated that a new one piano, perhaps with the exit from the shareholding of the Grotto family. A hope that, however, is very difficult to practice.
The Prosecutor should in fact agree to examine a new one piano and even then there could be theopposition to the vote at DeA Capital.
Gas Jeans is yet another bad chapter for Made in Italy clothing. A similar fate happened a few months ago in Rifle Jeans, with the bankruptcy of the company mentioned we talked to you here and the next maxi sale of the garments, with sweatshirts, trousers and jackets for only 2 euros.
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