Design group presses Investar for payment
30/09/2009
Portugal's largest footwear manufacturing group, Investvar, could be moving close to insolvency after it failed to reach an agreement over a debt of €500,000 with Italian footwear consultancy Ka & Ka.
Pistoia-based Ka & Ka claims it is owned the money for design services supplied to Investvar, which has been the exclusive producer in Europe of shoes under US brand name Aerosoles since 1992.
Portuguese media have reported that Investvar company president, Pedro Ribeiro da Cunha, set up a meeting with his Italian creditor on September 27 with a view to coming to an arrangement to pay the money over time, allowing Investvar to go ahead with a restructuring plan that would see it divided into two separate companies, one on the commercial side run partly by its bankers and partly by the state, and the other, on the manufacturing side, run by the group's founder, Artur Duarte.
However, reports say that Ka & Ka turned down an offer of shares in the group instead of cash and will press ahead with a court case that could lead to insolvency for Investvar. Mr Ribeiro da Cunha told local media that he was still confident of reaching an agreement with the Italian company.
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