According to the local press and confirmed by a source inside the company, positive news may be in sight for the future of Sixty Spa.

In order to avoid bankruptcy and let the procedure of composition with creditors begin, a meeting of the creditors of Sixty Spa recently took place in the local tribunal. There are a total of 2,500 creditors and the total debt they are owed is about €380 million. The banks will make this decision since €280 million of the total debt is owed to banks. The procedure of composition will be approved only if the majority of creditors will give their ok.

The voting process started on 2nd July and creditors have time to express their preference by 22nd July 2013. Silence will be considered as a vote in favour. The tribunal made the proposal to pay the whole debt of the privileged creditors and the reimbursement of 15.7% of the debt to unprivileged creditors. Among the privileged there are – first of all – the workers. They will be given a total of €20 million. The other creditors have to decide if they want to accept the proposal to get back only 15.7%.

During the meeting creditors that are likely to receive €36 million gave their OK. Creditors who are likely to receive €1 million responded negatively. The most relevant creditor, Sixty Far East, a sub-company within the group, assured creditors they will accept the tribunal, which stands at €33 million.

“We are waiting for the 22nd July,” commented Sixty's personnel manager Domenico Gentile. “By now we can say that the situation makes us hope for a positive resolution.”

Sixty Spa is controlled by two Luxembourg companies; Sixty International and Sixty Spa, which were themselves acquired by Crescent Hyde Park fund. If all is successful the new company Sixty International will acquire the part of the company that manages the fashion brands Miss Sixty and Energie. As regards the Refrigiwear and Murphy&Nye brands, nothing will be done before March 2014. The new company will however only hire 50 people. The remaining 300 ex-workers are working with unions to negotiate solutions to this problem with local authorities and politicians.