Osborne Clarke and PwC advise in the approval of the restructuring plan for Pa.Cos S.r.l. in liquidazione

Osborne Clarke assisted Pa.cos S.r.l. in liquidation, a real estate company with a portfolio of approximately 400 properties including land, industrial/commercial warehouses, apartments and garages located in the Milan hinterland, in a complex debt restructuring procedure.

Faced with total debt of over €150 million, Pa.cos S.r.l. in liquidation submitted a “restructuring plan subject to approval” (“PRO”), pursuant to Article 64-bis of the CCII (Italian Insolvency Code), based on a sophisticated five-year plan, which provides for the continuation of the business, aimed at the best realisation of the real estate assets. Following intensive discussions with the company's creditors (mainly financial), the plan was approved by all classes of creditors as it was considered more advantageous than the alternative of judicial liquidation.

In a ruling published on 14 July 2025, the Court of Milan approved the PRO of Pa.cos S.r.l.. 

Osborne Clarke acted with a team composed of partner Filippo Canepa, associates Esmeralda Cassano, Cristina Ubertis Albano and Jacopo Fossati, and trainee Anna Peroni. PwC acted as financial advisor.

The accuracy of the data and the feasibility of the operation were verified by Dr. Stefano D'Amora, who prepared the PRO certification report. 
Salvatore Sanzo, partner at LCA Studio Legale, was appointed as judicial commissioner.

This is one of the first successful practical applications of a crisis management tool, the PRO, which is still little used in practice but is extremely useful for managing crisis situations.