the client

The largest pharmaceutical R&D facility in Italy and one of the largest oncology-focused R&D company in Europe.

the need

The state of financial crisis determined the need of validating the plan’s feasibility and its suitability to ensure the recovery of debt exposure and the business re-launch.

This with the aim of:


  • Satisfying the creditor’s requests in order to underwrite the debt restructuring agreement; 
  • Entering the pre-bankruptcy schemes of arrangements that enables the debtor to protect all transactions, payments and securities made or granted within the restructuring plan’s scope from claw-back actions, and to avoid the pre-bankruptcy agreement procedure.



In order to issue the validation opinion, VVA verified the truthfulness of accounting data, the feasibility of plan’s key measures and the consistency of economic and financial forecasts. The analysis has been performed with reference both to consolidated and single legal entity data.

The project has been structured in 3 steps:


  1. Analysis of current situation through desk research and management interviews: analysis and deep understanding of sector’s dynamics, client’s distinctive business model and causes of the financial crisis; 
  2. Analysis of the client’s restructuring plan, accordingly to the most recent academic guidelines on the topic: 
    • Verification of accounting data truthfulness through targeted auditing activities; 
    • Evaluation of consistency between plan’s key assumptions and market context; 
    • Verification of plan’s data accuracy and consistency with key assumptions, also through external experts opinions and analysis of documentation provided by the client in support of plan’s forecasts; 
    • Evaluation of sensitivity scenarios concerning most critical assumptions and highly volatile variables. 
  3. Elaboration of the business plan validation opinion, based on the previously mentioned analysis, the evaluation of the company’s capability to ensure the recovery of debt exposure and the feasibility of the key measures aimed at business re-launch.