Idea CCR (Corporate Credit Recovery), a platform managed by IDeA Capital Funds SGR developed with support and funding from the anchor investor Bayside Capital, an affiliate of H.I.G. Capital, will invest in Italian mid-sized enterprises in distressed situations.
The platform aims to help mid-sized enterprises restructure and turnaround, and banks maximize the recovery of their original loans.
Idea CCR is currently in discussions with a number of Italian banks which are expected to contribute to Idea CCR a portfolio of medium and long term corporate loans. Currently, such portfolio is expected to have a nominal value of around €250m at closing, but over 12 months further loans could be contributed up to a total amount of €500m.
In exchange for such contributions, the respective banks will receive Notes issued by Idea CCR. Idea CCR is also expected to raise funding from H.I.G. Bayside and other investors up to 20% of the nominal value of the contributed portfolio, which will be made available to Idea CCR in order to support the financial and operational restructuring of the distressed debtor companies.
The operating governance of the companies is expected to be controlled by Idea CCR through restructuring agreements, and will be managed by a team led by Francesco Gori, former CEO of Pirelli Tyre and Managing Director of Pirelli & C. and by Vincenzo Manganelli for the financial restructuring process.