AMTF in the approval of Chiara Edificatrice Milanese's debt restructuring Corporate Restructuring and Bankruptcy February 25, 2022 148 The Court of Milan has approved the debt restructuring agreement pursuant to Article 182bis of the Bankruptcy Law proposed by Chiara Edificatrice Milanese in liquidation, a company owned by the Pirovano family operating in the real estate development sector in Milan and its hinterland, mainly in the municipality of Peschiera Borromeo.
The company presented a restructuring plan that was accepted by a large majority of its creditors—banks, the Municipality of Peschiera Borromeo, the Revenue Agency, and several other creditors, representing over 80% of the total—providing for the payment of its debt through the orderly and managed liquidation of all its assets and, in particular, all the real estate it owns.
Following approval by order dated February 3, 2022, the insolvency proceedings are now entering their enforcement phase, which is expected to take place over a period of seven years.
The Advisors
Chiara Edificatrice Milanese, which is in liquidation, was assisted by AMTF Avvocati law firm with partner Michele Gioffrè (pictured) and senior associates Giuseppe Rizzo and Nicholas Parati. The Avvocati Associati law firm in Pordenone, with Riccardo Muz, was also involved in the procedure, for which Davide Russo also acted as financial advisor.
Source: legalcommunity.it
