Pedersoli Studio Legale has advised Clessidra Sgr in the structuring and implementation of the fund dedicated to investments in corporate UTPs, Clessidra Restructuring Fund (CRF).
The fund, which has raised 320 million Euro from Italian institutional investors, will be managed by Federico Ghizzoni and Giovanni Bossi and it consists of two segments dedicated respectively to the credit component and the new finance component.
Such UTPs have been sold by MPS, UBI Banca, Banco BPM, BNL, BPER, La Cassa di Ravenna, Banca Cremasca e Mantovana, Banco Desio, Credito Padano, Amco (formerly, SGA), and they include positions versus 14 Italian companies. Such companies generate total revenues of approximately 1.4 billion Euro, an aggregate EBITDA of approximately 50 million Euro and they are characterised by solid fundamentals and processes of industrial and financial recovery, which will be supported by the fund.
Pedersoli has advised Clessidra in relation to legal, regulatory and tax aspects of the transaction. In particular, Giovanni Bandera (equity partner) has managed both regulatory and tax aspects, respectively with Licia Mongiello (associate) and Daniela Caporicci (partner), while Maura Magioncalda (equity partner), with a team composed of Alessandra De Cantellis (partner), Enrico Morolli (associate) and Francesca Spadafora, has provided legal assistance in relation to the acquisition of UTPs.
The banks involved in the transaction have been advised by Gatti Pavesi Bianchi with a team led by Luca Faustini (equity partner) and composed of Marc-Alexandre Courtejoie, Annalisa Asaro, Cosimo Birtolo, Gabriella Abbattista and Carolina Caslini as to legal aspects and by MJ Hudson Alma with a team led by Alessandro Corno (equity partner), including Andrea Venturini, Tommaso Pepe and Federico Inzaghi in relation to regulatory matters.