From March to June 2012 Rescue Partners worked for London based iron ore tycoon, Pramod Agarwal, advising on his attempt to acquire and reorganize the Italian distressed resorts group www.valtur.com.

Valtur was a distressed company employing over 1.000 staff through the seasons, with revenues vertically dropping from highest €230mm and ongoing operational losses. The group whose activities were in Italy as well as in exotic destination had been declared insolvent in late 2011 and further to that put under the management of three extraordinary commissioners appointed by the Italian Ministry of Economic Development.

The Republic of Italy’s goal was to offer Valtur asstes without any debt in order to safe guard its brand and employment. A public tender was launched by the extraordinay commissioners in October 2012 but no bid complying with the tender guidelines materialized. Our client retraced from the tender and Valtur was later sold to www.orovacanze.it, an Italian competitor.

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