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London, 27. November 2018 – Drooms, the leading provider of data rooms in Europe, is delighted to announce that it was selected as a partner by Italian law firm Fratta Pasini & Associati to provide support in the liquidation of assets held by Biogreen S.r.l. (‘Biogreen’), a specialist in the planning and construction of electricity production plants using bio-gas.
Luca Toninelli, senior partner and expert in insolvency and corporate law at Italian law firm Fratta Pasini & Associati, selected the Drooms NXG virtual data room to help manage the liquidation process after he was appointed by the Court of Verona in December 2017. Biogreen, which was founded in Italy in 2011, had entered into a procedure with creditors in order to avoid bankruptcy.
Biogreen’s assets consisted primarily of the entire share capital of Fabenergy Green S.r.l., Po Energia S.r.l., Calandre Energia S.r.l. and Cento Querce S.r.l., each of which owns a biogas plant in Northern Italy. The plants were worth a total of more than EUR 4,4 million.
The procedure to find a buyer for the stocks held by Biogreen took a total of five months and was facilitated by Drooms. Access to relevant information for the purposes of due diligence was carried out via Drooms NXG.
In the interests of fair competition, it was important to ensure equal opportunity and disclosure of information among prospective buyers. Restricted access to the sell-side to answer questions and upload the required documentation as well as the possibility to disclose specific answers and documents of general interest to perspective buyers was also mandatory.
Luca Toninelli commented: “A trusted, secure and reputable data room was essential for both the level of disclosure and the discretion required. Drooms NXG was not only fast, safe and easy to use, it also met our legal requirements concerning compliance to the EU General Data Protection Regulation among others. The process was made easier by the 24/7 support available at Drooms.“
“Our goal is to change how people work, increasing efficiency and the speed at which competitive procedures like liquidation can be completed,” said Jan Hoffmeister, Managing Director, Drooms.