Riello Sistemi admitted to composition with creditors
It’s raining on the wet Riello Systems, an important Veronese company leader for over 50 years in the production of rotary table transfer machines. In fact after the sudden death last September of his patron Andrew Riello (among other things former president of Confindustria Veneto), struck down by a heart attack at the age of just 60, the company was admitted a few days ago to the arrangement with creditors on a going concern basis with the decree of the delegate judge of the Verona court Louis Pagliuca which he named Giovanna Borella as commissioner.
The appeal was made necessary not only by the disappearance of the owner but also by the financial crisis triggered by the rise in energy and raw material prices and this despite the shareholder Mecfin (of the deceased entrepreneur) has injected resources into the company for a good 14 million euros between July 2019 and March 2021. After the disappearance of Riello his heirs have appointed as sole administrator Andrée Luraghian expert in restructuring, which last November concluded the lease of the entire company to the newco investee Transfer System.
The rent is aimed at guaranteeing business continuity in the perspective of a restructuring, which sees the Milanese studio as financial advisor The cross. The 2021 budget (latest available) of Riello Systems it had closed with 20.4 million in revenues and a loss of 2.3 million while against a shareholders’ equity of 6.3 million there were debts of 21.6 million.
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