News

Osborne Clarke in the “Workers Buy-out” of Spotlight


Written on 20 July 2020

Osborne Clarke, with a team composed of partner Filippo Canepa, Maurizio Zonca and Cristina Ubertis Albano, advised Spotlight s.r.l., a company operating in the field of lighting products and professional spotlights, and related design and production services, in its arrangement with creditors procedure before the court of Milano, which obtained final court approval on 14 July 2020.

The restructuring, with the managerial support of Federico Costa of TIM Management and financial adviser Gabriele Tosi, was based on the continuity – albeit indirect – of business pursuant to art. 186-bis Insolvency Law, through a workers buy out through the creation of a new cooperative company.

The cooperative was able to benefit from the financial resources made available pursuant to the Marcora Law, insured by CFI – Cooperation Finance Impresa s.c.p.a, an institutional investor participated in and supervised by the Ministry of Economic Development and specialising in WBOs, from the investment by Fondosviluppo, the Confcooperative mutual fund for the promotion of cooperation, and from the specific assistance and consultancy in terms of cooperatives of Eureka s.r.l, the business service center of Confcooperative Insubria, coordinated by its manager Michele Piscitelli.

This transaction allowed the refinancing of the business in a particularly short period of time, returning it to perfect economic and financial equilibrium, guaranteeing its continuity and the maintenance of employment levels, as well as guaranteeing the greatest possible degree of satisfaction of the creditors. The application for the arrangement with creditors was also accompanied by an application for a settlement with the tax and social security authorities pursuant to art 182-ter Insolvency Law allowing for instalment payment of sums due.