BonelliErede, Iannaccone and Giovanardi Advise on EPH Rescue and RONA-led Recapitalisation

BonelliErede represented investor RONA Limited Company and EPH, Iannaccone & Associati assisted EPH in the initial phase of the restructuring, Giovanardi Studio Legale represented the financial creditors, and FM Notai followed the notarial aspects of the operation. The transaction launches a capital strengthening and industrial relaunch of EPH, the listed holding company on Euronext Milan. It consists of a series of capital increases primarily reserved to the new investor RONA Limited Company, two of which were already approved and subscribed on 21 November. The overall package is designed to enable RONA to implement a new ambitious industrial plan using EPH’s listed platform. The operation is accompanied by a series of agreements aimed at reducing EPH’s commercial and financial indebtedness and ensuring the replacement of the previous management. It completes the debt restructuring process that began with the execution of an agreement under Article 57 of the Italian crisis and insolvency code. RONA is a holding company active in several countries with a focus on real estate and renewable energy, which are the core sectors of the new industrial plan. From a technical and regulatory standpoint, the transaction required the design and implementation, in coordination with supervisory authorities, of a structure applying two separate exemptions: one releasing RONA from the obligation to launch a takeover bid and another releasing EPH from the obligation to prepare a prospectus. BonelliErede represented RONA Limited Company and EPH, and acted also in dealings with the previous controlling shareholder Global Growth Holding Limited, with a team composed by: Matteo Bonelli, Giovanni Maria Fumarola and Domenico Mazzatura. The firm acted as deal counsel on corporate and financial markets matters. Iannaccone & Associati represented EPH in the first phase of the restructuring, in coordination with the outgoing management, with a team composed by: Giuseppe Iannaccone, Silvia Morandi and Concetta d’Arrigo. Giovanardi Studio Legale represented the financial creditors, also in previous configurations of the transaction, with a team composed by: Cristiano Ruspi and Emanuele Pradella. FM Notai followed the notarial aspects of the operation with a team composed by: Demetrio Maltese and Vincenzo Pirato.

BonelliErede, Iannaccone and Giovanardi Advise on EPH Rescue and RONA-led Recapitalisation

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