Bybrook Capital and Morgan Stanley Aid in Debt Restructuring Plan for Italian Aeronautics Manufacturer DEMA SpA

November 29, 2017

Willkie Advises Bybrook Capital and Morgan Stanley in transactions executed under DEMA SpA’s debt restructuring plan.

Willkie represented Bybrook Capital and Morgan Stanley in the successful execution of a debt restructuring plan for DEMA SpA, an Italian aeronautics parts manufacturer, which was recently approved under article 182-bis of the Italian Bankruptcy Law. The successful execution of this restructuring transaction is particularly notable given the challenges facing buyers of distressed assets in Italy.

Under DEMA’s restructuring plan agreements, granted by Italy’s Court of Nola, Bybrook Capital will acquire a substantial majority of DEMA’s share capital, and in conjunction with Morgan Stanley will fund a new secured €60 million bond.

The Willkie team was led by corporate partners Maurizio Delfino and Leonard Klingbaum. The team also included Stanislao Chimenti, Simone Olivetti, Manuel Seminara and Federica Pecorini (restructuring), Luca Leonardi (corporate), Leonardo Fedrini (tax) and Patrizio Bernardo (employment).