The advisors in the restructuring plan of SAGI Holding

The agreements implementing the restructuring plan of SAGI Holding S.p.A. were executed. SAGI Holding is the entity controlling Scarpe&Scarpe S.p.A. (a Turin based company with over 1,550 employees and 137 retail shops in 19 Italian regions, which obtained the approval of its business continuity plan by the Court of Turin on 1 July 2022).

In particular, an investment agreement among Pettenuzzo family, SAGI Holding S.p.A. and IQ EQ Fund Management (Ireland) Limited was executed. The latter acts as management company of the sub-fund known as “RSCT Fund – Credit Sub-fund”, established within the Italian closed-end multi-fund alternative investment fund (AIF) reserved for professional investors known as “RSCT Fund” (the “Fund”). The Fund was involved in the restructuring of the group, inter alia, by converting its receivables into a portion of the share capital of Scarpe & Scarpe equal to 70% (the remaining 30% is still owned by the Pettenuzzo family).

This transactions was implemented through the execution, by SAGI Holding S.p.A. and its financial creditors (the Fund and illimity SGR S.p.A., Banco BPM S.p.A., Cassa di Risparmio di Asti S.p.A., Deutsche Bank S.p.A., Banca Monte dei Paschi di Siena S.p.A. Intesa Sanpaolo S.p.A., Unicredit S.p.A., Cassa di Risparmio di Fossano S.p.A., Banca Nazionale del Lavoro S.p.A., Luzzatti Pop Npls 2021 S.r.l., BNP Paribas Leasing Solutions S.p.A., Unicredit Leasing S.p.A., Reno Lease S.r.l.) of a restructuring agreement pursuant to art. 67 of the Italian Bankruptcy Law, resulting in the restructuring of the existing debt.

The team at Pedersoli Studio Legale that provided legal assistance to SAGI Holding S.p.A. and Scarpe & Scarpe S.p.A. was led by Alessandra Giovetti (equity partner) with support from Jacopo Macchia (junior partner) in relation to all insolvency law aspects. Corporate law matters were managed by Prof. Eugenio Barcellona (equity partner) with support from Carlo Ranotti (associate) and Antonio Nisi.

The financial and industrial aspects of restructuring transactions both for Scarpe & Scarpe S.p.A. and SAGI Holding S.p.A. were managed by Ranalli e Associati in the persons of Riccardo Ranalli and Andrea Gabola (partners) including Elena Vaudano (associate). The Fund was advised by Studio Legale Giliberti Triscornia e Associati, in the persons of Alessandro Triscornia and Federico Fischer (partners). The Banks were assisted by Giovanardi Studio Legale in the persons of Carlo Alberto Giovanardi (partner) and Elena Squintani (associate). Loan Agency Services S.r.l. acted as agent of financial creditors.

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