GOP and Bureau Plattner in Relaunch of La Gru Shopping Centre in Siderno

Gianni & Origoni acted as legal counsel to La Gru, the operator of the La Gru shopping centre in Siderno, and Bureau Plattner served as financial advisor to La Gru in the restructuring and relaunch of the centre. On 9 December 2025 the Tribunal of Locri homologated La Gru’s concordato preventivo in continuità diretta. La Gru is the operator of the namesake shopping centre in the municipality of Siderno (RC), the second largest in the Calabria region. The approved restructuring aims to relaunch the centre and preserve an economic ecosystem supporting more than 1,000 direct and indirect jobs. The concordato procedure proved particularly complex. It was initiated before the entry into force of the so‑called Decreto Correttivo ter and featured a court‑appointed technical consultancy at the homologation stage under article 112, paragraph 4, CCII. After the corrective decree came into effect, certain issues emerged only during the homologation hearing, prompting an amendment of the proposal, a procedural regression, renewal of the voting operations and a fresh review for homologation. The restructuring proposal envisaged direct continuity of operations with a capital increase reserved for a third‑party investor. That investor also committed to purchase the mortgage bank’s secured claim on the real estate assets under a paraconcordatary agreement and to provide third‑party financing in favour of the company’s creditors. The proposal did not obtain approval by the majority of creditor classes and La Gru requested homologation pursuant to article 112, second paragraph, CCII. INAIL, INPS and the Revenue Agency opposed the homologation. The Tribunal rejected the oppositions, ordered the costs of the court technical consultancy to be borne jointly by the parties, and addressed several timely legal questions. Notably, the court held that tax settlement proposals submitted before the Decreto Correttivo ter must be assessed in light of the previous wording of article 88 CCII, but that such provision must be interpreted in the context of the subsequent corrective measure—with the practical effect that the so‑called cram down of entities may be applied to forcibly reach the required majority of creditor classes and proceed to homologation. The Tribunal also reaffirmed the principle, expressly clarified by the Decreto Correttivo ter, that external financing may be freely allocated and therefore may derogate from the absolute priority and relative priority rules. Gianni & Origoni represented La Gru with a team composed by: partners Luca Jeantet and Paola Vallino and counsel Riccardo Sirito. Bureau Plattner acted as financial advisor to La Gru with a team composed by: Marcello Pollio, head of the Insolvency & Restructuring department, and dottori Filippo Pongiglione and Francesco Rizzo. La Gru’s corporate management participating in the operation comprised CEO Giuseppe Cosimo Femia, engineer Salvatore Carvelli and Giuseppe Lizzi. The judicial commissioner in the procedure was Vincenzo Saccà.

GOP and Bureau Plattner in Relaunch of La Gru Shopping Centre in Siderno

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