Clifford Chance

Clifford Chance advises Rome’s transport company ATAC in its successful restructuring procedure

Clifford Chance is advisor to ATAC S.p.A., Rome's municipal transport company, in relation to the ground-breaking restructuring procedure of the company before the Rome Bankruptcy Court. The restructuring is by far the largest ever court-based restructuring in Italy, involving a company with over 11,000 employees, turnover of around €1 billion and debt of € 1.4 billion.

On 8 January 2019 creditors finally approved ATAC's proposal for its debt restructuring plan by a majority of 70%, the highest approval percentage achieved in an Italian court-based composition with creditors (corcordato procedure) since the change in Italian law whereby a creditor's abstention is no longer deemed as a vote in favour of the composition. In July 2018, the Rome Bankruptcy Court had successfully admitted ATAC to the concordato preventivo in continuità (composition with creditors enabling the continuity of the debtor's business activities).

The Clifford Chance team is led by partner Carlo Giampaolino, Professor at the Tor Vergata University of Rome, who filed the application for the composition procedure and assisted ATAC before the Court of Rome, and includes associate Alessandro Sciarra.

Carlo Giampaolino, Litigation & Dispute Resolution partner at Clifford Chance, commented on the restructuring: "Thanks to our expertise in strategic restructuring procedures involving highly structured companies, such as ATAC, we were able to build a successful plan, now also approved by creditors, which will lead to a complete revitalisation of the company".