Debt Restructuring Agreement under Art. 182-bis l.fall.

The Company may reach an agreement with creditors representing at least 60% of total debts, by which its indebtedness is restructured in various possible ways, e.g. by delaying maturity, reducing the amount of debt, assigning receivables or debentures to trade creditors or banks, converting debt into equity.
The agreement must be approved by the Court, who shall confirm that the plan is feasible, in particular to ensure full payment of creditors who are not a party to the Restructuring Agreement.
Court approval must then be sought in order to attain the following protection: actions, payments and guarantees provided in the plan are exempted from the avoiding powers of the receiver and from certain criminal liabilities in case of a subsequent bankruptcy; the Directors may also be protected against civil and criminal liability if the plan fails.
The proceeding is very straightforward and should be completed in a few months, unless the need for complex expert analysis on the accounts of the Company arises in the opinion of the Court.