Dizz secures bondholders’ approval nine days before €8 million repayment deadline

Dizz Group, owned by Diane and Karl Izzo, has secured bondholder approval for resolutions linked to changes in its guarantees, nine days before a separate €8 million bond falls due for repayment.

In a brief announcement, D Shopping Malls Finance said the meeting had reached quorum and that investors attending in person or by proxy had approved the resolutions. It did not disclose voting figures or confirm the completion of the associated sale.

The meeting concerned D Shopping Malls Finance’s €7.5 million bonds, which mature in 2028. These are separate from Dizz Finance’s €8 million bond, due on 7 October.

The approval comes against a backdrop of mounting losses.

Dizz Group of Companies Limited’s consolidated accounts show a €3.27 million loss in 2025, compared with €2.68 million in 2024. Its equity – the balance remaining after liabilities are deducted from assets – fell from €8.78 million to €5.52 million. Accumulated losses reached €15.69 million.

The group sought changes to the guarantees after a planned transaction involving the Sliema Wanderers commercial complex changed structure.

The original €9.5 million deal involved transferring part of the lease over the complex. The buyer subsequently proposed purchasing shares in D Shopping Malls Limited, which holds the lease and also guarantees the 2028 bonds.

That change prompted the request for replacement or additional support from other group companies.

Under the previously announced arrangement, €9 million from the transaction would be lent to Dizz Group of Companies Limited and used by Dizz Finance to repay the October bond.

The proposed new guarantors were Dizz Manufacturing Limited and The Retail Operations Mall Ltd. Supporting assets identified by the group included D Hub in Mrieħel, the Centerparc lease and an apartment in Qui-Si-Sana.

D Hub occupies a site acquired from the government on a 65-year temporary emphyteusis starting in May 2016, supposedly for manufacturing, according to an earlier financial analysis. The company said the property had been independently valued at €17 million and would replace the D Mall lease in the supporting asset package.

Dizz maintained that the changes would preserve or improve bondholders’ position, with appropriate replacement support required before releasing the existing guarantor.

The group had also disputed that its ability to meet its obligations depended on any single transaction and insisted that October’s repayment remained on track.