Schoenherr, working with Italy’s Chiomenti law firm, has advised HETA Asset Resolution AG ("HETA") and its subsidiary HETA Asset Resolution GmbH ("HAR GmbH") on the sale of Heta Asset Resolution Italia S.r.l ("HARIT"), including all outstanding loans granted by HETA to HARIT, to an alternative investment fund advised by Bain Capital Credit, LP. Wolf Theiss and Linklaters advised Bain Capital on the transaction, which remains contingent on the approval of Banca d’Italia.
According to Schoenherr, HARIT (formerly known as Hypo Alpe-Adria Leasing S.r.l.) is a financial intermediary regulated by Banca d’Italia, duly enrolled in the New Single Register under Art.106 with its headquarters in Tavagnacco, Italy. With 90 employees, HARIT manages a portfolio with a Gross Book Value of EUR 657 million (mainly represented by repossessed assets as well as performing and non-performing leasing contracts). Upon closing of the sale, HETA will no longer have operational activities in Italy.
HETA is a wind-down company owned by the Republic of Austria set to dispose of the remaining assets of Hypo Alpe-Adria-International AG, which was nationalized in 2009. With a portfolio of EUR 9.556 billion as of December 2015, HETA is tasked to ensure the orderly and swift disposition of its assets under the best possible terms.
Bain Capital Credit is a global credit specialist with approximately USD 30.4 billion in assets under management as of March 31, 2016. The company invests across the full spectrum of credit strategies, including leveraged loans, high-yield bonds, distressed debt, private lending, structured products, non-performing loans and equities.
The Schoenherr team advising HETA was led by Partner Thomas Kulnigg, and included Attorney at Laws Clemens Rainer, Ana Taleska, Clemens Leitner, and Daniela Hohenegg.
Chiomenti’s team advising HETA on the Italian legal aspects was coordinated by Partner Franco Agopyan and included Partners Luca Andrea Frignani, Antonino Papotti, Alessandro Portolano, Annalisa Reale, Carmelo Raimondo, and Paolo Bertoni, Senior Associates Damiano Battaglia, Antonino Guida, and Manuela Sanzo, and Associates Guido Biancardi, Andrea Ricci, Ilaria Barbafiera, and Ersilia Lazzara.
The Wolf Theiss team advising Bain Capital included Partner Nikolaus Paul, Peter Oberlechner, and Benjamin Twardosz, and Counsel Leopold Hoeher, while EY acted as financial adviser to the bidder.
PwC Austria and PwC Italia were the financial advisors to HETA, while EY provided financial advice to Bain Capital.
Linklaters did not reply to our inquiry on the matter.
As reported by CEE Legal Matters on January 2, 2015, Schoenherr also advised HETA on the December 2014 sale of the Hypo Group Alpe Adria, the South-Eastern European banking network of the former Hypo Alpe-Adria-Bank International, to the Advent International fund and the EBRD, with Wolf Theiss advising the buyers on that matter as well. A comprehensive summary of the HETA situation was published in the April 2015 issue of the CEE Legal Matters magazine.