Restructuring: the crisis is deepening

Troubled times for Risanamento. The financial position is deteriorating and the property group must ‘take action as a matter of the utmost urgency’. The board of directors – which met yesterday – examined the preliminary accounts, which reveal ‘a deterioration in the already critical financial position’, according to a statement.

The main causes are ‘the losses incurred in the 2020 financial year (amounting to 32.75 million), the delay in the restructuring of the MSG Heartbeat fund – to which the majorproject in Milan’s Santa Giulia district (worth a total of around 154 million euros), as well as the lack of capital strengthening and the request for an extension to the deadline for fulfilling the payment commitment undertaken by Bizzi & Partners.

“The exact extent of the losses is currently being determined,” states a note – but the board of directors has instructed that, with the assistance of its advisers where necessary, all necessary steps be taken as a matter of the utmost urgency so that the board meeting scheduled for 28 October may, without delay, adopt the measures required by law.”

More specifically, the deterioration in the balance sheet, as stated in a note, is primarily attributable to the losses incurred in the 2020 financial year (amounting to €32.7 million), which had already been ‘neutralised’ in accordance with the Covid-19 emergency regulations, as per the press release of 5 August 2026. Added to this is the continuing delay in the realisation of future and uncertain events on which the completion of the broader and well-known reorganisation of the MSG Heartbeat fund—and thus the Step-In—depends, as well as the lack of a capital strengthening of the company, against this backdrop, the request for an extension of the deadline for fulfilling the payment commitment undertaken by Bizzi & Partners Spa towards the company has been made.

With regard to the B&P special purpose vehicle agreement, the Step-In and the commitment undertaken by Bizzi & Partners Spa – the statement reads – Risanamento, ‘whilst keeping discussions open’ with the aforementioned parties, ‘has reserved the right to assess’, in parallel with the financial due diligence described above, ‘whether to grant the B&P vehicle and, consequently, Bizzi & Partners Spa’, of a possible further extension of the terms and conditions of the existing commitments between the parties. The company notes that the potential execution of the Step-In ‘would result in an improvement in the capital profile’. At present, “there is, however, no certainty as to whether the conditions on which the Step-In is contingent will be met, nor as to the relevant timeframe and outcome”, the statement concludes.