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Malta-Based Fund Saves Melegatti’s Christmas

By Branislav Pekic
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Malta-Based Fund Saves Melegatti’s Christmas

Malta-based fund Abalone is investing an initial sum of €6 million to re-launch production of Christmas cakes at Italian company Melegatti.

The news was announced by the newly-named director general of Melegatti, Luca Quagini, Corriere della Sera reported.

The Verona bankruptcy court has given its go-ahead for Melegatti to commence production of one million panettone and pandoro Christmas cakes, starting this week. The goal is to reach a full capacity of 1.57 million units by the first half of December.

On 31 October, following a shareholders' meeting, Melegatti commenced bankruptcy proceedings, a process that saw the company forced to close its factories for a few weeks.

A request for an arrangement with creditors was filed and consultants were appointed to try to restructure and save the company.

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Melegatti was founded by Domenico Melegatti, who in 1894 patented the pandoro cake. The company has 70 employees and about 250 seasonal workers.

© 2017 European Supermarket Magazine – your source for the latest retail news. Article by Branislav Pekic. Click subscribe to sign up to ESM: The European Supermarket Magazine

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