Milan, October 8, 2020. The Prelios Group and Generalfinance, a financial broker specialized in factoring and the leading provider of finance for companies in difficulty, have reached an agreement to assist companies under financial pressure, classified by the banking system as UTPs (unlikely to pay).
The commercial agreement continues the Prelios Group’s growth on the UTP credit servicing market – where it is the first mover in Italy – whose goal is to put companies and creditors back on a performing basis; Generalfinance will be an effective partner for Prelios by providing its working capital management and liquidation services to help companies facing difficulties find new financial resources, a vital element in their recovery.
The purpose of the eco-system created with the Generalfinance and Prelios Group agreement is to support business organizations and, more generally, the national economy in today’s very difficult macro-economic situation and guarantee liquidity in the manufacturing sector.
“We are extremely satisfied with this agreement. We want to extend our operations and offer in the factoring segment to the companies in the Prelios portfolio experiencing financial difficulties, in order to assist business recovery,” commented Generalfinance CEO Massimo Gianolli.
“The injection of fresh financial resources in companies in crisis is a vital lever to help them continue operations and underpin their turnaround,” said Prelios UTP Managing Director Stefano Focaccia. “Working with a specialized partner like Generalfinance increases the possibilities for liquidating working capital at a time when cash is under great pressure. Access to a factor with a focus on companies undergoing restructuring provides the Prelios Group UTP team with an additional tool to help organizations in difficulty speed up their recovery and return to the real economy, with all the evident benefits this has for GDP and employment.”