GLAS acts as Agent on €90m restructuring plan for Cornaglia Group

GLAS is pleased to announce the successful completion of the restructuring of the Cornaglia Group, implemented through the execution of agreements pursuant to Article 23, paragraph 1(c) of the Italian Code of Business Crisis and Insolvency.

The transaction involved the rescheduling of the financial indebtedness of Officine Metallurgiche G. Cornaglia and marks the conclusion of a negotiated settlement process launched by the company in February 2025.

The GLAS Italy team supported both the company and the pool of lending institutions throughout the negotiation and execution phases of the agreement, with a total value of over €90 million.

A number of advisors contributed to the successful outcome of the transaction. Mediobanca acted as financial advisor to Officine Metallurgiche G. Cornaglia S.p.A. The Cornaglia Group companies involved in the transaction were advised by PedersoliGattai on legal matters, while the group of financial creditors — primarily composed of Italian banks and Simest — was advised by Molinari.

In relation to the amendments to the terms and conditions of the bond issued by Officine Metallurgiche G. Cornaglia S.p.A., as well as the related agreements under the “Elite Basket Bond” programme, EBB S.r.l. and Banca Finanziaria Internazionale S.p.A. were advised by Chiomenti. Ravinale Baldassarre Pereno e Associati acted as independent expert in the context of the negotiated settlement process.

About Cornaglia group

The Cornaglia Group has been active for over 100 years in the design, production and distribution of automotive components.

The transaction concerned Officine Metallurgiche G. Cornaglia, the Group’s operating holding company, which operates both in Italy and internationally, supplying components for passenger cars, off-road vehicles and medium-to-heavy-duty vehicles.

About GLAS

Founded in 2011, GLAS is a leading independent global provider of debt administration services. As a non-lender and conflict-free firm, GLAS supports both private and public credit markets, distinguishing itself through its expertise, reliability and independence.

With over $850 billion of assets under administration, GLAS is headquartered in London and has an established international presence, with offices in the United States, France, Germany, Spain, Italy, the United Arab Emirates, Singapore, Hong Kong and Australia.

For further information, please contact: media@glas.agency.