Freccia Rossa Shopping Center di Brescia: Osborne Clarke in the debt restructuring

Written on 6 August 2019

The owners of the Freccia Rossa, Shopping Center, located in the centre of Brescia with approximately 110 shops,  note that the negotiations aimed at restructuring the debts owed to the finance creditors have been completed with the signature of a debt retructuring agreement and annexes, which were followed by the filing with the Court of Milan of the contractual documentation, the financial plan and the expert’s report as required by the applicable rules.

Once the debt restructuring has finally been approved by the Court of Milan, the signatory banks (Unicredit, Intesa, MedioCredito and UBI), La Fenice Sarl, a company belonging to the Resolute Asset Management Group, Freccia Rossa and its current shareholders will implement the various agreements reached in order to allow the transfer of the company to the new owners and to complete the debt restructuring operation.

Once this step has been completed, Resolute Asset Management Italy srl, as new asset manager, will proceed with the relaunch of the Freccia Rossa Shopping Center, as provided in the restructuring plan annexed to the restructuring agreements signed and deposited with the Court of Milan.

The plan presented for the restructuring of the existing debt, aimed at a repositioning of the structure, provides inter alia the investments envisaged for the relaunch of the Freccia Rossa Shopping Center, the terms for the reduction of the existing debt as a result of the waivers and the conversion of the shareholder and finance creditor credits and the terms of repayment of the residual credit.

Osborne Clarke advised the Freccia Rossa Shopping Center S.r.l.  with a team composed of partners Filippo Canepa and Umberto Piattelli, senior associate Stefano Panzini and associate Giulia Laddaga. KPMG Advisory S.p.A. acted as industrial and financial advisor to Freccia Rossa, with partner Federico Bonanni, associate partner Alessandro Bellia and manager Enrico Polsini.

Gitti & Partners acted for Resolute Asset Management.

Bonelli Erede in association with Lombardi acted for the banks involved in the restructuring.