Restructuring & Turnaround – June 2015
The new art. 182-septies of the italian bankruptcy law introduced by law decree no. 83/2015 to promote the conclusion of standstill and debt restructuring agreements with lenders
The Italian Government further integrated the rules applicable to debt restructuring agreements, allowing the debtor to cram down the agreement also to dissenting minority lenders, in two different frameworks: a) stand-still agreements for a “temporary moratorium” pending negotiations, and b) the actual agreements for the rescheduling and restructuring of the outstanding debt.
Promoting competitive sales in concordato preventivo procedures: Articles 163-bis and 182 of the Italian Bankruptcy Law introduced by Law Decree 27 June 2015, No. 83
New rules for the competitive bid process aimed at the sale of the debtor’s assets in each phase or type of concordato preventivo procedure, which can now take place even before the confirmation order of the Court.
Management powers of the debtor are limited, until creditors are fully paid, when the concordato preventivo plan provides that they are satisfied out of future earnings?
The Court Monza decided upon a petition filed by the managing director of a company, after confirmation of a “concordato preventivo con continuità aziendale” proposal, seeking an authorization to perform certain acts not in the ordinary course of business.