RadioShack Nissan Trek Owner Carrying Debt

After an audit, PriceWaterhouseCoopers reports that RadioShack Nissan Trek’s owner is laden with debt. reported today that one of Flavio Becca’s business interests is carrying  € 508 million – over US $617 million – of mortgage debt.

The debt-laden company is called the OLOS Fund.  It was incorporated in Luxembourg as a “specialized investment fund” in January 2010.  OLOS’s web site is a single, elegant page with only their address and contact information and no description of the business or its mission.

It’s unknown at present whether OLOS is affiliated with Leopard S.A., RadioShack Nissan’s parent company, or whether it’s a separate business entity.  But OLOS and Leopard have the same physical address in the Grand Duchy.

Real estate markets are stable in Luxembourg at present.  There’s no bubble, and property values are appreciating at a moderate rate.  The auditor’s report said that OLOS’s investment would generate profit unless it’s sold in the short term.  But 44% of the mortgage debt is due to be paid in full by the end of this calendar year.

In a letter to Leopard’s shareholders on New Year’s Eve 2011, auditors wrote that Leoaprd had “…accumulated losses at December 31,2011 exceed three-quarters of the corporate capital.”


Large debt could impede Becca and RNTin other ways.  Carrying a large debt may mean that Leopard’s cash flow is impeded and the company may find it difficult to run day-to-day operations.  Including its pro cycling team.