Linklaters advises on Rizzani de Eccher’s debt restructuring agreement

The Udine Court has approved the debt restructuring agreement of the Italian company Rizzani de Eccher, following a process initiated in August 2023.

Rizzani de Eccher is a historic company active in the construction, engineering, and design of major civil works, operating both in Italy and internationally, with projects carried out in over 70 countries through its subsidiaries. The restructuring of Rizzani de Eccher will also be made possible by the entry of the investment fund "UTP Restructuring Corporate" managed by Sagitta SGR - with the support of Europa Investimenti, which belongs to the Arrow Global group - which, upon completion of the execution of the agreement and the fulfilment of the suspensive conditions provided therein, will become the majority shareholder of the company through the conversion into equity of part of the group's bank credits acquired in the meantime, to support its ambitious industrial and growth plan.

The restructuring plan covers a debt of approximately 350 million euros, supported by the injection of new financing of about 70 million euros as well as the maintenance of existing credit lines, with the aim of strengthening the capital and operational structure of Rizzani de Eccher, which in 2023 recorded a consolidated revenue of about 900 million euros. This will allow the group to plan for the future with a strategic focus on infrastructure projects linked to the Italian National Recovery and Resilience Plan (PNRR) and sophisticated construction, also strengthening its position in key foreign markets.

Linklaters assisted Sagitta SGR, Europa Investimenti, and Arrow Global in all phases of the process through a cross-practice team led by partners Francesco Faldi and Pietro Belloni for restructuring and corporate profiles, supported by counsel Alessandra Ghezzi and associates Filippo Azzano, Marco Buffon, and Federica Subba. The purchase of bank credits was coordinated by partner Ettore Consalvi, with the support of managing associate Ludovica Turrina. For tax profiles, partner Roberto Egori acted alongside senior consultant Euplio Iascone and associate Luigi Spinello. For the antitrust and foreign investment authorisation profiles, the clients were supported by partner Lucio D'Amario, of counsel Francesca Crotti, and managing associate Giorgio Valoti; for the FSR authorisation profiles, the firm acted through partner Ina Lunneryd and associate Enrico Salmini Sturli.