Roberto Cavalli Applies for Restructuring Plan With Creditors

MILAN — The sale of the Roberto Cavalli company has hit another stumbling block. The Roberto Cavalli SpA board on Friday revealed that it had decided to file a restructuring plan with the Court of Milan that would allow it to continue to operate while holding discussions with creditors under the so-called process of “composition with creditors.” The board said the decision comes despite ongoing discussions with shareholders and potential investors “with the resources necessary to overcome its current state of financial difficulties.” “Through this request, the company intends to utilize a well-defined legal mechanism arranged by the legislator to manage and overcome critical phases that could also lead to the suspension of some activities in foreign countries,” stated the company. The Court of Milan will examine the application and “define a period of time during which the company will keep an open dialogue with all the subjects and competent authorities to define the details of the possible next steps to be carried out.” As reported, Philipp Plein was said to be interested in taking control of the company but has distanced himself from the negotiations, leaving the American Bluestar Alliance as the only bidder. Creative director Paul Surridge exited the brand earlier this week. This is the latest development

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