The Court of Turin approved the composition with creditors in business continuity of Scarpe & Scarpe, a Turin-based company founded in 1961, operating in the footwear, leather goods, clothing and luggage sectors, which currently has over 1,550 employees and 137 shops in 19 regions of Italy.
The order of approval was issued, in the absence of objections from the entitled entities, following the assessment of the correctness of the composition procedure and having obtained 87% favourable votes cast by creditors and with the unanimous endorsement of the entities addressees of the relevant tax settlement proposal, thus confirming the validity of the plan and the renewed trust in Scarpe & Scarpe.
The Court authorised Scarpe & Scarpe to execute the provisions under the proposal and the plan for composition with creditors, granting the receivers Mr. Andrea Grosso and Mr. Ivano Pagliero a supervisory and monitoring function on the exact fulfilment of the composition.
Approval was given also to the execution of the investment agreement between the shareholder Sagi Holding and Fondo RSCT, which shall acquire an interest equal to 70% of Scarpe & Scarpe, while the remaining 30% shall be held by the original shareholders, the Pettenuzzo family.
The team at Pedersoli Studio Legale which advised Scarpe & Scarpe was led by Alessandra Giovetti (equity partner) with support from Jacopo Macchia (junior partner) in relation to all aspects of bankruptcy law. Corporate law matters were managed by Prof. Eugenio Barcellona (equity partner) with support from Carlo Ranotti (associate).
Ranalli e Associati provided assistance in relation to finance aspects in the persons of Riccardo Ranalli and Andrea Gabola (partners). The latter acted also as chairman of the board of directors, while the tax aspects were led by Giulio Andreani, of counsel at PwC TLS.