Approval of the pre-arranged composition under direct continuity of L.I.F. S.R.L.

L.I.F. S.r.l., assisted by Fingiaco S.p.A. as financial advisor and RP Legal & Tax as legal advisor, has obtained court approval of its pre-arranged composition pursuant to a decree issued by the Court of Forlì on 27 December 2021.

The company, headquartered in Forlì and active since the early 1990s across several provinces in Emilia-Romagna, operates as an industrial laundry service provider for garments, textiles and linen, serving both public and private clients (including hotels, restaurants, healthcare facilities and thermal spas). It submitted a five-year business continuity plan providing for the enhancement of its most profitable business lines and cost rationalisation measures, including a limited workforce reorganisation, primarily based on incentivised and/or voluntary redundancies.

The plan, aimed at restructuring the company’s indebtedness through the continuation of its business, while safeguarding enterprise value and employment levels, was approved by a strong majority of creditors, divided into five classes. Notably, it also received the express favourable vote of the Italian Revenue Agency, which—alongside INPS, INAIL and Enasarco—was involved in a proposed partial debt write-off pursuant to Article 182-ter of the Italian Bankruptcy Law.

L.I.F. was assisted by Fingiaco S.p.A. as financial advisor, with a team comprising partner Enrico Giannelli, director Alfredo Pavone and manager Letizia Ridolfi. RP Legal & Tax acted as legal advisor, with lawyers Luca Finocchiaro, Marco Scavello and Cristina Bollini handling restructuring matters, and Piergiorgio Bonacossa advising on employment law aspects. For the Article 182-ter proposal, the company was supported by Studio Giannelli, represented by Andrea Giannelli and Lara Masini. The plan was certified by Ester Castagnoli.