Sangalli Manfredonia, the new auction on March 21st

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The new auction bid for the sale in bulk of three companies Sangalli Vetro Manfredonia spa, Sangalli Vetro Satinato srl and Sangalli Vetro Magnetronico srl Bankruptcies is scheduled for March 21, 2018, at 15 pm.

While the tender process is expected to be finalized there will be two interesents that will compete for the acquisition of Sangalli Vetro which consists of three units: the float glass manufacturing plant, the one destined for the frosted glass and the one for the magnetronic glass processing. The auction base is set at 10,429,550 euros (the first was 14,899,300 euros).

Two groups have shown interest in the purchase of the Sangalli Manfredonia facility: Elliott and Sisecam. Hedge fund Elliott Management Corporation belongs to an international fund that invests assets in liquidation; the second belongs to the Trakya Cam Sanayii group. Elliott had submitted an offer on December 19, 2017, filing a commitment of 2 million euros. The Sisecam, which had already made a survey of the structures of Macchia, has re-launched the purchase offer by 10 percent, bringing the total amount to 12 million.

Offers must be submitted by March 20th, 2018. If the offer received is unique, the judge must assign it directly. In the case of more than one offer, it will be the 150 thousand euro raises to decide who will be awarded the auction.

Şişecam Group purchased the Sangalli Group's north Italia-based Sangalli Porto Nogaro facility for 90 million euros in 2016.

600450 Sangalli Manfredonia, the new auction on March 21st
Date: 6 February 2018

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