Italy’s shopping malls developer TBI, a group of five troubled companyes, started to implement a debt restructuring with the support of Advant Nctm and Ways advisory (see here a previous post by BeBeez). Sources said to BeBeez that the receivership plan has a four-years tenure. LMS is assisting the lenders. Antonio Acquaroli produced the statury attestation while Prelios credit agent will carry on the execution.The sources said that the receivership plan has the following steps: redefintion and settlement of the company’s 60 million euros banking debt with 7 firms; securing the operating company’s real estate assets, safeguarding business continuity and social impact (more than 100 workers); structuring a controlled divestment process of TBI’s liquid assets; starting a beauty contest for identifying potential investors interested in shopping centres; securing of overall intercompany relationships and cross-guarantees; redefinition of the corporate structure; protection of financial creditors and third parties.
