The restructuring of Gabba 10

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The Maccabruni & Partners team was led by founder Franco F. Maccabruni.

Gabba 10 is a real estate company with a strong presence in the Milanese luxury real estate market. During this transaction, it was also advised by Gatti Pavesi Bianchi Ludovici, Spada & Partners and Ferriani Studio. Carnelutti Law Firm advised Banco BPM.

Lawyer Monthly had the pleasure of speaking with Franco F. Maccabruni, founding partner at Maccabruni & Partners, to provide us with a more in-depth look at this transaction:

Can you tell us more about the restructuring plan and what it entails?

The restructuring plan allows Gabba 10 to devote the sums collected for certain sales of properties that have already been renovated to the construction of new high-end housing, part of which has already been promised for sale to prestigious foreign clients. Thanks to this, the properties were completed and sold to the satisfaction of the company and the bank.

What role did your team play in the deal and what skills did you bring to the table?

In addition to the reorganization agreement, Maccabruni & Partners also takes care of all the legal aspects of the real estate transaction, from its structuring to the advice in the relations with the entrepreneurs, up to the assistance in the sale of residential and commercial properties. .

In the restructuring of corporate debts, I bring the experience acquired in carrying out mergers and acquisitions, corporate reorganizations, financing by international banking pools, securities issues, IPOs in stock exchange. In the Gabba 10 case, my team and I advise Gabba 10 not only in the negotiation of out-of-court settlements with their creditors, but also in their day-to-day management.

Have any significant difficulties been encountered? If so, how did you overcome them?

The biggest challenge was to convince the bank to delay collecting the money already in the company’s accounts and instead allocate it to the completion of the work. The hurdle was overcome, demonstrating to the bank that this approach would have generated higher revenue as ironclad contracts had already been negotiated with potential buyers of the properties, conditional only on completion of the works. For this reason, a cascade of payments for each real estate sale has been provided for in the agreement, which first provides for the payment of the contractors’ fees and, subsequently, part of the bank credit and a mark-up for the company.

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