MILAN, March 30 (Class Editori) -- The Italia Wanbao-ACC company is under the ‘extraordinary administration’ procedure [the bankruptcy proceedings provided for by the Italian insolvecy law] of large companies in crisis, pursuant to the law known as Legge Prodi bis. This is the first time that a Chinese publicly owned company requests access to this type of procedure in Italy. The procedure is aimed at allowing business continuity to safeguard of nearly 300 employees.
On March 25, the hearing was held at the Court of Venice - held regularly electronically during the period of suspension of the judicial activity due to the Covid-19 health emergency - for the declaration of the insolvency status of Italia Wanbao-ACC and the appointment of the Judicial Commissioner. With a decision published on March 30, the Court of Venice fully accepted the requests made by the company. The Dentons law firm assisted the Wanbao group, a Chinese multinational company specialized in the production of high efficiency compressors for domestic and industrial refrigeration, in all the complex stages of the procedure.
Wanbao opened in Belluno in 2014, in the middle of the acquisition campaign in Europe carried out by Chinese companies around Europe. The Belluno-based plant should have become “the most important production site in Europe of a large independent group in the compressors sector”. The year before, the group, founded in 2003 when Electrolux outsourced the components and sold the ram to funds, had declared insolvency.
Two years ago, the intention was to make the plant in Mel the most important for the sector around Europe. These were the plans, with the aim of reaching the goal in 2020. This was the purpose of the industrial plan for the relaunch of the company presented to the Ministry of Economic Development in 2017 with a financial commitment of over 50 million.
However, Wanbao has not been able to make the best use of the sector, nor has it announced its intention to close the plant based in Mel in February next year and to concentrate its activities in China.
All bankruptcy aspects connected to access to the ‘extraordinary administration’ procedure were handled by the Firm's Restructuring Insolvency & Bankruptcy practice, with the managing counsel Cristian Fischetti assisted by the associate Andrea Trabucco.
Moreover, partner Junyi Bai acted for corporate aspects and for managing relations with the Chinese top management in Wanbao; and partner Davide Boffi for labor law profiles and industrial relations management with trade unions.
(Source:Class Editori)
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