Osborne Clarke, with a team composed of partner Filippo Canepa, senior associate Maurizio Zonca and lawyer Cristina Ubertis Albano, advised Arescosmo S.p.A., a company specialising in the supply of products and services in the Aerospace and Defence Sectors, in its arrangement with creditors procedure before the Court of Latina, which received court approval on 9 April 2021.
Arescosmo S.p.A. is considered as irreplaceable supplier for the European Space Agency, with which it collaborates in the design and development of parachutes that will allow a Rover to land on Mars within the ambit of the “Exomars 2022" mission. Together with its subsidiary, Aresistemi S.r.l., which has in turn recently obtained the court approval of its own arrangement with creditors from the Court of Latina, Arescosmo represents one of the main suppliers of environmental control systems for the new generation F-35 aircraft as part of the international "Joint Strike Fighter” programme. Arescosmo S.p.A. is also a strategic supplier for the Italian Defence Ministry in relation to the Italian armed forces’ CBNR protection systems, and is in fact included in the ambit of the so-called “Golden Power”.
The plan prepared by the company is based, mainly, on the direct continuance of business pursuant to art. 186-bis Insolvency Law, according to the guidelines and assumptions described in the business plan prepared by the company with the support of its financial advisor KPMG, with a team led by partners Mario Sacchi Lodispoto and Giuseppe Di Leone, with the support of Andrea Baldanzi and Lorenzo Malatesta, providing the creditors the income generated from the business’ continuance in the reference period. Further input was also provided by Antonio Margiotta on the preparation of Arescosmo S.p.A.’s business plan while Augusto Tamburini advised on that for Aresistemi S.r.l..
The restructuring operation, which is of both national and international relevance, will allow Arescosmo S.p.A. not only to settle its debt exposure, but also to carry out a targeted relaunch of its business while maintaining current levels of employment.