Comdata Group’s Debt Restructuring

In the transaction, the Comdata Group was supported by the firms Latham & Watkins, Molinari e Associati and RP Legal & Tax, as well as Houlihan Lokey. The financial creditors were advised by Linklaters and Rothschild.

Comdata S.p.A. announced that it has reached an agreement with its financial creditors for the redefinition of the group’s debt.

This is one of the most complex operations of the last period, which involved a group with operating companies in numerous jurisdictions.

In particular, the operation will provide for a material reduction in the financial debt of the group, together with an improvement in the terms of repayment of the same.

The company’s management will increase its minority stake to 40%, with 50 key managers participating in the shareholding structure, together with the current majority shareholders, while the financial creditors will convert part of their debt into equity financial instruments.

The transaction also provided for the modification of the debt structure of the group, through the transfer of part of the bank loans to a newly established vehicle pursuant to Law 130 of 1999 and the issuance of bonds by the latter.

Latham & Watkins assisted the Comdata Group with a cross-border team led by partner Marcello Bragliani which included partners Giancarlo D’Ambrosio and Alessia De Coppi, counsel Mauro Saccani and associates Davide Camasi, Nicola Nocerino, Silvia Milanese, Davide Chiarito and Ugo Marchionne, as well as a team of professionals from the Madrid, London and Paris offices.

The Comdata Group was also assisted by Molinari and Associates, with a team led by partner Ugo Molinari and made up of partners Alessandro Fontana and Margherita Santoiemma and associate Giuliano Decorato, and by RP Legal & Tax, with partner Mario Ferrari.

Fides Partners assisted the management with partner Magda Picchetto.

The financial creditors were assisted by Linklaters, with a team led by partner Andrea Arosio and composed of partners Francesco Faldi, Dario Longo, Roberto Egori and Pietro Belloni, by counsel Alessandra Ortelli, by managing associates Valentina Armaroli, Sergio Merlino, Pasquale Mosella and Matteo Tabellini, by associates Maria Chiara De Biasio, Federica Piemonte, Irene Borioni, Luigi Spinello and Alice Failla and by trainees Marta Castaldo and Veronica Valerio, as well as by a team of professionals from the London office.

Involved fees earner: Marcello Bragliani – Latham & Watkins; Davide Camasi – Latham & Watkins; Davide Chiarito – Latham & Watkins; Giancarlo D’Ambrosio – Latham & Watkins; Alessia De Coppi – Latham & Watkins; Ugo Marchionne – Latham & Watkins; Silvia Milanese – Latham & Watkins; Nicola Nocerino – Latham & Watkins; Mauro Saccani – Latham & Watkins; Valentina Armaroli – Linklaters; Andrea Arosio – Linklaters; Pietro Belloni – Linklaters; Irene Borioni – Linklaters; Marta Castaldo – Linklaters; Maria Chiara De Biasio – Linklaters; Roberto Egori – Linklaters; Alice Failla – Linklaters; Francesco Faldi – Linklaters; Dario Longo – Linklaters; Sergio Merlino – Linklaters; Pasquale Mosella – Linklaters; Alessandra Ortelli – Linklaters; Federica Piemonte – Linklaters; Luigi Spinello – Linklaters; Matteo Tabellini – Linklaters; Veronica Valerio – Linklaters; Giuliano Decorato – Molinari e Associati; Alessandro Fontana – Molinari e Associati; Ugo Molinari – Molinari e Associati; Margherita Santoiemma – Molinari e Associati; Mario Ferrari – RP Legal & Tax;

Law Firms: Latham & Watkins; Linklaters; Molinari e Associati; RP Legal & Tax;

Clients: BNP Paribas; Comdata; Crédit Agricole Corporate and Investment Bank; Société Générale;

Author: Federica Tiefenthaler