The target of these operations is mainly represented by bankruptcy and extraordinary administration procedures which have been open for some time and whose operational (industrial or commercial) business component has ceased or is already sold to third parties.
In this context, the operations of Borgosesia SpA are substantiated:
- / in proposing a bankruptcy arrangement in which this, or a “vehicle” set up for this purpose, acts as the underwriter of all bankruptcy activities;
- / in the valorisation and subsequent disposal of the assets thus acquired.
Given their purchase price, substantially lower than the real value, the real estate assets deriving from procedures of this kind (the so-called “distressed assets”) can represent very interesting investment opportunities, if strategic conditions exist such as, generally, the value of the property and the central location or in potential high growth districts.
In this case, the target is mainly represented by companies still in business that have such significant economic/financial issues to require the use of a real bankruptcy procedure, a restructuring agreement, or a recovery plan.
In these cases, the operations of Borgosesia SpA are more complex, as it is possible to envisage the combination of multiple activities, among which:
- / the sole role of “advisor” and / or assistance in the formulation of the restructuring and / or recovery plan;
- / the search for stakeholders to take over the activities still carried out by the crisis company;
- / the purchase of the tangible and intangible assets and of the debtor company’s credits, the purchase being made directly or also through special “newcos” (special purpose vehicles) owned or financed by the debtor’s creditors, with payment of the amount due by assuming or offsetting, in whole or in part, the debtor’s debts to creditors participating in the acquisition of the assets; in the event that the debtor’s assets refer to those typical of construction and/or real estate companies, the purchase may also be made by solvent and “performing” third parties.