ASSOCIATED VALUE IN THE APPROVAL OF APS S.P.A. TO THE ARRANGEMENT WITH CREDITORS

The Ordinary Court of Rome, Civil Section XIV - Bankruptcy, ordered the approval of the arrangement with indirect business continuity for the company APS S.p.A., https://www.aps.it/, based in Rome.

The appointment of financial advisors was entrusted to Studio Professionale Valore Associati, in the persons of Dr. Luigi Alfredo Carunchio and Dr. Marco D'Orsogna Bucci, Studio Professionale Bianchi in the person of Dr. Fabio Bianchi, assisted by the professional support of Dr. Amedeo Di Pretoro; appointment of legal advisors was entrusted to Avv. Luigi Bottai and Avv. Francesca Del Sordo; the task of certifier was assigned to Dr. Antonio Repaci; Prof. Raffaele Marcello was appointed to estimate the business unit being sold.

APS S.p.A., a global engineering company founded in 1997 in Rome, has operated in the energy sector: particularly in the oil, gas, refining, petrochemical and green process sectors, dealing with all phases of design, to feasibility studies and EPC, "Engineering Procurement Construction."

The causes of APS's crisis were identified in the inefficient management of the "Construction" business unit, an activity undertaken only in recent years on the wave of the important market results achieved in the historical "Engineering" and "Procurement" business units, which generated an arrangement liability of almost € 110,000,000, involving a heterogeneous creditor class, Italian and foreign, made up of counterparties such as personnel, suppliers, financial and credit institutions, and social security institutions.

The plan presented envisaged business continuity in order to ensure the continuation of current orders, the acquisition of additional orders and in order not to deplete the value of the "Engineering" business branch, and, at a later stage following the approval, the sale of the "Engineering" business branch by way of irrevocable purchase offer.

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