Osborne Clarke in Centauria's arrangement with creditors

Osborne Clarke, with a team composed of partner Filippo Canepa and senior associate Barbara Schiavo advised Centauria, a publishing company specialising in cultural and entertainment products, in its arrangement with creditors before the Court of Milan approved by decree dated 25 June 2021.

Centauria – established in 2013 with the aim of purchasing the "Fabbri Collezionabili" branch of business and which therefore became a part of the history of Fratelli Fabbri Editori – offers a huge range of works, a combination of publishing (books, reviews and multimedia supports) and consumer products (collectibles), covering education, culture and entertainment.

Over recent years, for various reasons including the downturn in the sector, Centauria’s margins on its collections fell progressively. Seeking the most efficient tool to manage the crisis, the business applied for and obtained the approval of the arrangement with creditors initiated before the Court of Milan.

The business plan prepared by the company is mainly based on the direct continuation of the business activity as a going concern, pursuant to art. 186-bis Insolvency Law. Through a careful analysis of the business’s trends and market prospects, a focus on those areas offering higher margins, and an improved efficiency of the distribution policy with a radical revision of costs, Centauria has confirmed its earning capacity.

The company was assisted in the procedure by financial adviser Fingiaco S.p.A., with a team led by partner Leopoldo Varasi with the support of Marta De Matteis, and by the auditors Epyon Audit S.r.l., with partners Pietro De Ceglie and Cristian Novello with the support of Matteo Baruffa. The truthfulness and feasibility of the business plan were attested to by Dott. Salvatore Buscemi, pursuant to art. 161, paragraph 3, Insolvency Law.

The arrangement with creditors will allow Centauria not only to restructure its debt exposure but also to proceed, while preserving current employment levels, with a targeted relaunch of its business activities.