Transaction Highlights:
May 2015
R&S Advisory advised Fondazione Salvatore Maugeri in the preparation of its restructuring plan to be presented to creditors, to the insolvency administrators and to the Court.
The restructuring plan provided for, inter alia:
- Establishment of a Real Estate Fund: a portion of FSM financial debt and real estate assets transferred to the newly established Fund; Fund’s shares placed to a third-party investor in order to repay the excess trade payables overdue;
- Transfer of the healthcare business to a newco (Istituti Clinici Scientifici Maugeri) with a solid initial financial structure and normalized trade payables; the healthcare business in Newco has been separated from FSM insolvency procedure and thus sheltered from claims and potential liabilities;
- Restructuring and renegotiation of existing terms loans and consolidated financial debt both at Real Estate Fund and newco level (approx. €130 m) in accordance with the expected operating cash generation resulting from Business Plan projections
€535,000,000 debt restructured
Company Overview:
Rehabilitation Hospitals – Healthcare
Headquartered in Pavia, ICS Maugeri is an Italian operator of private hospitals, leader in specialised post-acute rehabilitation treatments. The company operates 2,400 beds in 18 hospitals, of which 10 are research hospitals (IRCCS). It employs approx. 650 doctors and researchers.
ICS Maugeri is a spin-out of Fondazione Salvatore Maugeri, established in 1965 to focus on safety and health risks in the working environment.
ICS Maugeri is the Italian leader in pneumology, neuromotor and cardiologic rehabilitation, with a particular focus on chronic diseases.