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Simmons & Simmons’ Rome office has scooped a new client, crane and container manufacturer Fantuzzi, after advising on its successful financial restructuring.
The firm’s Italian restructuring practice, led by Rome partner Nino Lombardo, won the work despite the fact that Clifford Chance had advised on the original bond issue.
Lombardo is advising the company on the €369m (£248m) bond and bank debt restructuring and has already picked up new mandates from Fantuzzi, including advising on the company’s Chinese banking lines.
Simmons won the work from Fantuzzi after a recommendation from the company’s banks, which worked with Simmons on Italy’s first successful bond restructuring, ITM-Italtractor. On that deal, the firm represented the creditor banks, Abaxbank, Banca Monte dei Paschi di Siena and Capitalia on the successful €215m (£144.5m) paper restructuring.
Capitalia is leading the bank consortium in Fantuzzi’s financial restructuring, advised by leading Italian boutique Studio Legale Carbonetti.
The deal involved the use of a ‘consent fee’ structure in which the company won the agreement of institutional bondholders for the restructuring. Lombardo said: “It’s a very different prospect from dealing with retail bondholders.”
Already, Simmons is acting on a third bond restructuring in Italy.