Alpina, the Slovenian maker of ski and outdoor footwear, has been acquired entirely by Bank Assets Management Company (BAMC) the country's state-owned “bad bank.” BAMC, which was Alpina's largest creditor, agreed earlier this month to convert some of its debt into equity and intends to organize the company's sale. Matjaž Delopst, Alpina's director, said the changes were not having any impact on its business or management so far.
Debt restructuring proceedings were launched last year at the district court of Kranj, leading to agreement a few weeks ago around a debt restructuring plan with a ten-year repayment schedule. Miha Stepec, the head of credit management at BAMC said that this debt amounted to about €32 million before the agreement. BAMC acquired full ownership of Alpina by converting about €12 million of its own debt into equity, and the compulsory settlement calls for Alpina to pay back the remaining €20 million by the end of 2024. The company has three remaining debtors. It was previously owned by Alpina Holding, a vehicle set up for a management buy-out, which is to be wound up.
While Alpina's debt has been crippling the company, its performance has been improving, apparently enabling it to report a small profit last year. A prominent supplier of cross-country ski footwear, Alpina also sells alpine skiing and hiking footwear, as well as a fashion footwear. BAMC said that the agreement around Alpina's debts comprised a restructuring plan but that the full ownership would allow them to obtain more insight into the business. They do not regard Alpina's remaining production in Slovenia as an issue for the group.
Earlier this year the Slovenian news agency (STA) reported that a potential investor was studying a tie-up between Alpina and the Elan Group, the Slovenian ski and nautical equipment maker, which has been for sale for several years.
Robert Antunovi?, a U.S.-based investor, reportedly tabled a binding offer for Elan, offering €15 million to its main banks, including €9.5 million to the BAMC. Based on this same report, the other bidder for the ski company was Sporten, a Czech supplier of cross-country skiing equipment, which offered €10 million for Elan.
In the meantime, the Elan Group said that its long-term debt has been sold by BAMC to Bank of America Merrill Lynch. It added that the sale process is in progress but declined to comment on the above report or other details of takeover talks. The acquisition of Elan is complicated by pending issues with the European Commission, which wants the Slovenian company to repay alleged state aid worth €10 million, and a former Elan manager who has been claiming millions in bonuses.
