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.
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
