Osborne Clarke advises on Cartiera di Momo S.p.A.'s arrangement with creditors

Osborne Clarke, with a team composed of partner Filippo Canepa and senior associate Barbara Schiavo, advised Cartiera di Momo S.p.A. in its arrangement with creditors procedure before the Court of  Novara which received final approval of the Court on 24 March 2022. 

Since the 1960s, the company has been engaged in the production of coated cardboard based on recycled fibres, used to make boxes and packaging mainly for the food sector and large-scale retail trade.

The arrangement's business plan is based on the continuation of the business activity, pursuant to art. 186-bis of the Insolvency Law, implemented through a lease of business with FM Cartiere S.p.A., a subsidiary of Cartiera Fornaci which decided to acquire the shares of Cartiera di Momo in order to start the industrial restructuring of Cartiera Di Momo, with a view to investment and synergic development of their common business activity.

Cartiera di Momo was  assisted by financial advisor Gabriele Tosi of Studio Tosi e Associati in Busto Arsizio, Gianluca Iannetti, of Studio Iannetti e Associati in Gallarate, and business advisor Boardwalk S.r.l., with  a team led by partners Emilio Buonanno and Mauro Mezzenzana and with the support of  Xhoi Baxhia.
The truth and feasibility of the arrangement's business plan was attested, for the purpose of arts. 161 and 186bis Insolvency Law, by Alessandro Solidoro. 

The restructuring will permit Cartiera di Momo not only to reschedule its debts (with payment in full of the privileged credits and payment of 41% of the ordinary credits) but also to proceed, maintaining all current employment levels, with a structured relaunch of its business.