On June 27, 2015, the Italian government approved Law Decree No. 83/2015 (the “Decree”) with the aim of further improving the competitiveness of Italian bankruptcy legislation and facilitating debt restructuring of Italian companies.
The Decree entered into force on June 27, 2015 and needs to be converted into law by the Italian Parliament within 60 days of such date.
New rules on restructuring procedures -
• Facilitated access to interim financing
• New debt restructuring agreement (accordi di ristrutturazione dei debiti): “cram-down” of dissenting financial creditors
• Pre-bankruptcy agreement (concordato preventivo):
• Competing plans now permitted
• Competitive bids now permitted
Please see full alert below for more information.