Gruppo Martelli Lavorazioni Tessili, Italian company leader in jeans and garment washing, finishing and dyeing, has filed for bankruptcy under Chapter 11. Nevertheless, the Bologna tribunal who carries out the instruction of the cause has authorized that Gruppo Martelli continues production of ongoing orders until December 31, 2016.
After difficulties due mostly to the widespread delocalization process that had hit many Italian and European production facilities, Gruppo Martelli asked for an agreement with creditors in October 2015 and submitted a debt restructuring plan in February 2016. Despite this, on April 6, the Bologna tribunal rejected the proposed plan and declared the filing for bankruptcy.
Founder Luigi Martelli was asked to comment about the matter and confirmed that Chapter 11 process had been set in motion. His comment was: “Despite the difficulties we never stopped working, not even for one day. Since the tribunal is letting the company continue with production for the forthcoming months, we can still hope that a solution can be found and a potential investor can save the company.”
The company’s CEO Dr. Balucci was not available for a comment.
Founded in the 1960s by entrepreneur Luigi Martelli, Gruppo Martelli had worked for many of the leading denim and fashion brands. It achieved top quality and highly innovative results. In the past, the company owned four divisions in Italy, four other enterprises abroad and employed up to 3,000 people.
After difficulties due mostly to the widespread delocalization process that had hit many Italian and European production facilities, Gruppo Martelli asked for an agreement with creditors in October 2015 and submitted a debt restructuring plan in February 2016. Despite this, on April 6, the Bologna tribunal rejected the proposed plan and declared the filing for bankruptcy.
Founder Luigi Martelli was asked to comment about the matter and confirmed that Chapter 11 process had been set in motion. His comment was: “Despite the difficulties we never stopped working, not even for one day. Since the tribunal is letting the company continue with production for the forthcoming months, we can still hope that a solution can be found and a potential investor can save the company.”
The company’s CEO Dr. Balucci was not available for a comment.
Founded in the 1960s by entrepreneur Luigi Martelli, Gruppo Martelli had worked for many of the leading denim and fashion brands. It achieved top quality and highly innovative results. In the past, the company owned four divisions in Italy, four other enterprises abroad and employed up to 3,000 people.
