Banca Italease Seeks Financial Stability Through Restructuring

Banca Italease is a Italian leasing company that has been struggling to stay afloat due to increasing competition and financial difficulties.

The company has been hit hard by the economic downturn, which has led to a significant decline in demand for leasing services.

Banca Italease has been trying to adapt to the changing market by expanding its product range and improving its operational efficiency.

By restructuring its operations and focusing on its core business, Banca Italease hopes to achieve financial stability and remain a major player in the Italian leasing market.

Banca Italease has sold its headquarters on Piazzale Cadorna in Milan to energy group Edison for around EUR 60 mln.

The disposal is part of Italease's decision to relocate to a new office building at Via Stile. The transaction price is about 9% more than the EUR 55 mln book value of the property, it said.

Banca Italease is still looking for a buyer for its other Milan office at Cino Del Duca. The sale is expected to be carried out before the end of 2010.

The sale of Banca Italease's Milan HQ is a significant move for the company, marking a new chapter in its history.

It's worth noting that the sale price of EUR 60 mln is a substantial amount, and it will be interesting to see how the company uses this money to support its future growth and development.

Court Proceedings were a crucial aspect of the Banca Italease case.

The court proceedings began in 2017, a year after the company's financial troubles started to surface.

A key player in the court proceedings was the Italian government, which had a significant stake in the company.

The government's involvement was due to its ownership of a majority of Banca Italease's shares.

The court ultimately ruled in favor of the government, allowing it to take control of the company.

This decision marked a significant turning point in the company's history, as it paved the way for its eventual restructuring and sale.

Banca Italease has undergone a significant restructuring after months of uncertainty. Shareholders agreed to the plan last month.

Four former heads of the company were sentenced to between 18 and 32 months in jail for their involvement in criminal activity.

As part of the restructuring, some of Banca Italease's receiveables have been transferred to two new companies. These companies are owned by Banco Popolare and three other Italian banks.

Banca Italease is now 100 percent owned by Banco Popolare. It purchased all its shares at €1.50 each.

The purpose of the restructuring is to ring-fence the lessors' liabilities. This means that if one of the companies has problems, the other two will be less affected.