Quaestio Capital Management Sgr, the management company of the Atlas II Fund, was assisted by Legance in the securitization of approximately 343 million gross impaired loans of Nuova Cassa di Risparmio di Ferrara assisted by Chiomenti, the last of the four so-called “good banks” created in 2015 to be controlled by the Bank of Italy’s National Resolution Fund until its transfer to Bper Banca following the securitization.
The Legance working group was coordinated by its partner Andrea Giannelli, assisted by the counsel Antonio Siciliano, the managing associates Antonio Matino and Roberto Mazzarano, the associates Salvatore Sardo and Giovanni Nervo and, for specific tax profiles, the counsel Francesco Di Bari. Facchini Rossi assisted Quaestio Capital Management Sgr in the management of tax issues with a team of Francesco Facchini, Giacomo Ficai and Alessia Vignudelli.
Credito Fondiario took part in the above operations as due diligence manager for the securitized portfolios, sole arranger and master servicer of the two securitizations and set up and allocated an asset partition to support the leasing securitization.
Rcc assisted Credito Fondiario in the operation and also supervised the structuring of the operation concerning the leasing portfolio in all its aspects with a team composed, among others, of partners Alberto Del Din and Marcello Maienza, counsel Sofia De Cristofaro, senior associate Cosimo Pennetta, as well as Diego Guardì, Ludovica Turrina, Alessandra Biotti and Stefania Roma.
The tax profiles of the transaction on behalf of Credito Fondiario were followed by Francesco Fabbiani, partner of F&C.
Chiomenti assisted the Target Bridge Institution in the securitization of these impaired loans, an essential condition for the completion of the sale to Bper Banca of 100% of the bank’s share capital. The Chiomenti team is made up of the partner Gregorio Consoli assisted by the senior associate Benedetto La Russa and the associates Carlo Restuccia and Giulia Rimoldi. Chiomenti also assisted the Bank of Italy in the sale of the same bank to Bper Banca.
The operation, as well as that already carried out on the portfolios of impaired loans of the other “good banks”, presents significant new profiles, both for the simultaneous presence of two vehicles pursuant to Law 130/1999, and for having securitized non-performing loans resulting from leasing contracts terminated and not terminated through the use of the institutions of the assets allocated and the loan allocated to a specific business pursuant to Articles 2447-bis et seq. of the Italian Civil Code in order to ensure the segregation, for the benefit of the securitization, of the residual legal relationships and of the assets covered by the leasing contracts.