Milan, December 21, 2018 – Ashurst assisted Illimity – Banca Interprovinciale S.p.A. in the medium/long-term refinancing (non-rotational) for a total amount of Euro 15,000,000 in favour of OWL S.p.A., the holding company that holds the majority of TAS- Tecnologia Avanzata dei Sistemi S.p.A., a leading company in Italy in the supply of software and services for banking and financial applications, which operates also in Europe and America.

The loan is instrumental to the disharge operation that TAS has simultaneously executed with its lending banks and which provides, inter alia, for the termination of the previous agreement in execution of a recovery plan pursuant to Article 67, paragraph 3, letter d) of the Bankruptcy Law and the related medium/long-term loan agreement.


The Ashurst team that assisted the financing bank was led by partner Paolo Manganelli, and included counselor Annalisa Santini, associate Anna Giulia Chiarugi and trainee Maddalena Catello; counselor Fabio Balza provided advice on tax issues. OWL S.p.A. was assisted by Lexia Avvocati with a team composed by its partner Francesco Dagnino and associates Aurora Agostini, Andrea Maroni and Alessandro Rossi. The notarial issues were handled by studio notarile Caruso-Andreatini.


The turnaround team of Illimity – Banca Interprovinciale S.p.A. was led by Umberto Paolo Moretti and Francesco Moro.