Asolo S.p.a. negotiates financial reorganization plan in Italy

Italian bootmaker Asolo S.p.a. has entered into a Concordato Preventivo in Italy, an agreement with its general and secured creditors, negotiating a plan for repayment of its secured and unsecured debt.

Bruce Franks, general manager of Asolo USA in Lebanon, N.H., a subsidiary of the Italian parent company, declined to comment on the financial details of the plan, but said the company holds significant assets to help repay the debt and continue operations.

According to a Feb. 16 story in La Tribuna di Treviso, the agreement involves the majority owners of Asolo, the Zanatta family in Italy, repaying more than EUR 20 million ($26.3 million), including 100 percent of secured creditors’ debt by 2018, and about 30-35 percent of unsecured creditors’ debt by 2019.

Franks said he could not verify the Italian newspaper’s details. Asolo has been making changes to evolve and move forward, he said.

In 2011, Asolo let go of its Lowe Alpine brand, which was bought out of an Italian bankruptcy court last summer by the parent company of Rab, Equip Outdoor Technologies.

Late last year, Asolo USA made changes to its four representative groups here. Parting ways with the brand were Asolo and Ferrand Associates in the Mid-Atlantic region; Lathrop Associates in New England, Oracle Outdoor in the South Central region and Kahl & Partners in the Rockies. According to Franks, Asolo USA sent non-renewal notices to the first three and accepted the resignation of from the fourth.

In late January, Asolo USA announced a new rep force, including Steve Rogerson in the Mid-Atlantic, Rick Stoner and Scott Andrew in New England and Granite Marketing’s Steve Copeland in the Rockies.
–David Clucas

(Editor’s Note: This story contains corrections and clarifications made on April 6, 2012, from the original version posted Feb. 17, 2012)