Firms To Watch: Restructuring and insolvency

DWF‘s restructuring and insolvency team, under the leadership of Matteo Pasculli, specialises in litigation attached to bankruptcy proceedings, including clawback actions and disputes arising from the assessment of liabilities.

Restructuring and insolvency in Italy


BonelliErede has expertise in a range of insolvency issues, particularly the negotiation of out-of-court settlements between creditors and companies in financial difficulty. The firm has been instructed by major companies, including Piaggio Aero Industries, in corporate restructuring deals across multiple jurisdictions. Marco Arato specialises in the transfer of equity stakes, mergers and debts restructuring, while Giuseppe Lombardi provides expertise on litigation and arbitration. Vittorio Lupoli has experience in M&A takeover bids, and Paolo Oliviero handles joint ventures and structured finance. Gianpaolo Ciervo brings knowledge on start-ups and venture capital, with Fabio Macrì also noted as a key member.

Practice head(s):

Marco Arato

Other key lawyers:

Giuseppe Lombardi; Vittorio Lupoli; Paolo Oliviero; Marco Passalacqua; Elisabetta Varni; Federico Vermicelli; PierDanilo Beltrami; Gianpaolo Ciervo; Fabio Macrì


‘Vittorio is a very strong professional, nice to work with and available.’

‘The knowledge of the law / the ability to find an angle.’

‘I very much appreciated their fine knowledge of the Italian insolvency law on. Out-of-court settlements and their ability to manage many banks each with different interests and point of view. Also in the final part I must report the courtesy and availability of Giampaolo Ciervo to reach a conclusion useful for all contenders.’

‘The Restructuring and insolvency practice in BonelliErede is the best I have so far experienced in my life. I strongly advise any other potential client to contact this firm. It is by far the best law firm in Italy nowadays.’

‘I work with Gianpaolo Ciervo. I must say he is the best attorney I ever worked with, he has extensive knowledge, and I must say he really stands out as a lawyer of extraordinary skills.’


Key clients

Acciaierie Venete

Base Group


Pessina Costruzioni

Piaggio Aero Industries in amministrazione straordinaria


Salumificio Toscano Piacenti


Tessitura Monti


Work highlights

  • Assisted Piaggio Aero Industries under extraordinary receivership proceedings including, inter alia, assistance in the sale of the business complexes of the company and in the assessment of the bankruptcy liabilities.
  • Assisted Pessina Costruzioni in relation to the restructuring of its indebtedness, through a composition with creditors procedure aimed at preserving the going concern of the company.
  • Assisted Bialetti in executing the closing of the restructuring of company’s debt and the relaunch of its business.


Chiomenti has extensive experience in restructuring, specialising in extraordinary corporate transactions and assisting distressed companies. The restructuring and insolvency group’s expertise includes both transactional and regulatory matters, advising Italian and international clients on how emergency legislation may impact insolvency proceedings. Antonio Tavella is a ‘super expert’ in bankruptcy law and asset finance, while Giulia Battaglia has in-depth knowledge of structuring complex transactions and handling issues in the shipbuilding industry. Giada Caravello provides legal advice to companies in financial distress. The firm is also able to act in white collar litigation claims.

Practice head(s):

Antonio Tavella

Other key lawyers:

Giulia Battaglia; Giada Caravello; Giada Caravello


‘Prompt replies, shared vision and interdisciplinary team work.’

‘Chiomenti’s restructuring and insolvency department is an excellence on the market in terms of competencies. The market approach is led by very senior people involvement on the deals.’

‘Antonio Tavella and Giulia Battaglia are both super experts in the restructuring and insolvency framework, very proactive in the support to the clients, very skilled also on financial topics.’

‘Capacity to promptly identify changes affecting the deal structure/context and modify the services/support offered accordingly.’

‘Antonio Tavella has the ability to balance a hands-on approach and strategic view.’

‘Always on top on regulatory and law changes and quick to suggest to client the changes in its structure/deal/contract.’

‘Availability. Competences. Negotiation skills. Fair market fees.’

Key clients

Aptior Capital Master Fund Ltd

BlueBay Asset Management LLP

Cheyne European Strategic Value Credit Fund SCS SICAV-SIF

System 2 Master Fund Limited

Fintyre S.p.A.

De Angelis S.p.A.

Sperlari S.r.l.

Bateleur Capital, LLC

Solution Bank S.p.A.

QuattroR SGR S.p.A.

Springwater Capital LLC

RB Italy Holding S.r.l.

Morgan Stanley Bank International

F2i SGR S.p.A.

illimity Bank S.p.A.

Pasta Zara S.p.A.

Huawei Technologies Italia S.r.l.

Njord Partners LLP

Sansedoni Siena S.p.A.

Consorzio Latterie Sociali Mantovane Virgilio Società Agricola Cooperativa

Brooks Brothers Europe S.r.l. in liquidazione

Leroy Merlin Italia S.r.l.

Banca Finanziaria Internazionale S.p.A.

Chateau D’Ax S.p.A.

Work highlights

  • Advised Aptior Capital Master Fund Ltd, BlueBay Asset Management LLP, Cheyne European Strategic Value Credit Fund SCS SICAV-SIF and System 2 Master Fund Limited, in their capacity as bondholders of Moby, in relation to a complex transaction providing for their intervention in the composition with creditors proceedings of Moby and Compagnia Italiana di Navigazione.
  • Advised SWC Special Sits VIII SCA on the investment in the 91,5% of the share capital of Fintyre S.p.A. and its subsidiaries, in the context of the composition with creditors proceedings of Fintyre.
  • Advised Saipem., an Italian provider of engineering services to the oil and gas sector, in the context of a transaction aimed at carrying out a capital and financial strengthening.

Gianni & Origoni

Gianni & Origoni provides ‘high value’ advice on complex restructuring operations to major financial institutions and companies. The team is highly experienced in both in-court and out-of-court proceedings, particularly regarding distressed M&A transactions and troubled assets. Gabriella Covino’s expertise lies in assisting domestic and multinational clients with negotiating venture and shareholder agreements, while Luca Jeantet helps insolvent companies with debt restructuring and compositions with creditors. The department also includes a wealth of other acclaimed names, namely Antonio Auricchio and Francesco GianniGiuseppe De Simone and Paolo Gnignati are likewise noted as key members.

Practice head(s):

Gabriella Covino; Luca Jeantet


‘The legal team interacts with the other professionals involved also in the international context, enriching the operation with content and worth; it was decisive in finding innovative solutions that contributed to the resolution of the crisis.’

‘The legal team of Gianni & Origoni is made up of high-value professionals, also appreciated by their competitors. Specifically, the lawyer partners Gabriella Covino and Luca Jeantet, assisted by the lawyer Paola Vallino, were decisive for the success of the operation, thanks to their evident technical skills and their experience gained in the sector.’

‘Skills and approach problem solving are unique.’

‘The people are able to create strong relations.’

Key clients

Alberta Pacific Furniture



Concord Resources Limited

Dada Holding LLC

Fininven S.r.l.

Niche Fusina Rolled Products S.r.l.



Cerberus (Santarelli’s bankruptcy)

CIN S.p.A.

Conbipel S.p.A. under extraordinary administration

D’Amante S.p.A.

Fidia S.p.A.

Fintyre S.p.A.

Gruppo PSC S.p.A.

Gruppo PSC Partecipazioni


Inca Cosmetici S.p.A.

Ingegneria Italia S.p.A. under extraordinary administration

Italian Leather

Martor S.p.A.

Michele Bottiglieri Shipping

Moby S.p.A.

Pittarosso S.p.A.

Sugherificio Ganau


Tyre Retail S.p.A.

Work highlights

  • Assisted Gruppo PSC, a multinational company operating in the Electromechanical, Telecommunications, Railway and Naval sectors, in the composition with creditors procedure started before the competent Court of Lagonegro (PZ), pursuant to articles 160 and 186-bis of the Italian bankruptcy law.
  • Assisted Pittarosso, an Italian company operating more than 200 shops (shoe retailers), in its composition with creditor’s procedure (concordato preventivo) before the Court of Padua.
  • Assisted Michele Bottiglieri Shipping in the second phase of a restructuring plan under article 67 of the Italian Bankruptcy Law.

Molinari Agostinelli

The ‘technically outstandingMolinari Agostinelli team boasts expertise in distressed lending and M&A transactions. The department has experience in representing both debtors and creditors, allowing for informed, practical solutions to be given to companies and banks during corporate restructurings. Ugo Molinari is an expert in debt restructuring agreements, while Alessandro Fontana routinely assists national and international banks on structured finance transactions. The also firm draws on resources from other practice areas, including litigation and real estate, to further strengthen its ability advise clients in difficult situations. Riccardo Agostinelli brings added knowledge on insolvencies and refinancing to the team.

Practice head(s):

Ugo Molinari; Alessandro Fontana

Other key lawyers:

Riccardo Agostinelli; Marinella Ciaccio; Maria Milano; Beatrice Neri; Andrea Taurozzi; Giacomo Colombo; Claudio Zanda


‘Very good in managing difficult situation both from technical and relationship point of view. Fair pricing, fast in delivery and execution.’

‘Lawyers are, generally speaking, very focused and engaged on deal, technically outstanding and very good in negotiations for principals.’

Key clients


Banca Monte dei Paschi di Siena

Banco BPM

Intesa Sanpaolo

Aareal Bank


Illimity Bank

DeA Capital Alternative Funds

Gruppo Russotti

Tourist Ferry Boat

Castello SGR

Clessidra Restructuring Fund

Impresa Pizzarotti

Oxy Capital


Prelios Credit Solutions

Coima SGR

Work highlights

  • Advised Impresa Pizzarotti on the rescheduling of the group’s financial indebtedness.
  • Advised the lenders to Ferroli on the review of the debt restructuring agreement and relevant ancillary documents as amended in 2021.
  • Advising the pool of lenders to Trevi Finanziaria on the negotiations with the company for the rescheduling of its financial indebtedness pursuant to art. 67 of the Italian Insolvency Law.

Clifford Chance

Clifford Chance is reputed for its handling of high-profile Italian restructurings, distressed refinancing, and insolvency transactions. The practice offers strategic guidance on structuring corporate acquisitions, drawing on a wide interdisciplinary group that includes tax and employment lawyers. In the Rome office, Carlo Felice Giampaolino is an expert on corporate and bankruptcy markets, assisting financial institutions in major insolvency cases. The managing partner, Guiseppe De Palma, has in-depth experience in transactions involving leveraged and acquisition finance, while Fabio Guastadisegni and Paolo Sersale are also noted.

Practice head(s):

Charles Adams; Giuseppe De Palma; Carlo Felice Giampaolino; Fabio Guastadisegni; Ferdinando Poscio; Paolo Sersale

Other key lawyers:

Filippo Isacco; Alessandro Sciarra

Key clients


Codere Group


Intesa Sanpaolo

Kidiliz Group Italy

Mitsubishi Corporation


Work highlights

  • Assisted Permasteelisa a on a very complex transaction comprising the transfer from Permasteelisa and Metalsigma to a company of the Fincantieri Group of their quotas in Marine Project Solutions S.c.a.r.l..
  • Advising an Italian state-owned financial management company which specializes in maximizing value and facilitating the divestment of real estate assets by way of privatisation.
  • Advised the Codere Group, a leading player in the private gaming industry, on its restructuring by way of a new money offering and consent solicitation, the need for which arose from continuing COVID-related restrictions and closures which impacted materially on the group’s gaming and casino businesses.

DLA Piper

DLA Piper has expertise in assisting distressed organisations and managing complex restructuring transactions. Senior partner, Antonio Lombardo, has extensive experience in handling corporate lending structured finance and distressed M&A transactions, while Francesco De Gennaro heads up the corporate finance group, specialising in providing transactional assistance to lenders and investors, and bankruptcy procedures. Ugo Calò is knowledgeable of banking and infrastructure financing transactions, with Chiara Anceschi and Alberto Angeloni also noted as standout names.

Practice head(s):

Antonio Lombardo

Other key lawyers:

Francesco De Gennaro; Ugo Calò; Chiara Anceschi; Alberto Angeloni; Francesco Manzari; Pietro Paolo D’Ippolito


‘Solid team with a good access to the full DLA network.’

‘Highly professional and skilled to support at best.’

‘Extreme availability and out of the box thinking.’

Key clients

Intesa Sanpaolo


Casinò di Campione

Monte dei Paschi di Siena



Banco BPM

Solution Bank



Banca IFIS

UniCredit Leasing

Bain Capital

King Street


Cina Mercato

Investitori Green

MPS Leasing & Factoring

Work highlights

  • Assisted Casinò di Campione in the proposal for composition with creditors, approved by the Court of Como in June 2021.
  • Assisted Cina Mercato, the owner of an important shopping centre for wholesale trade located in Agrate Brianza, near Milan, in the restructuring of his financial debt.
  • Assisted the client in a complex transaction involving the purchase of receivables vis-à-vis from Solon, a company producing energy from photovoltaic sources undergoing a composition with creditors procedure in order to submit the first case of ‘competing proposal in the procedure of composition with creditor’ with assumption of the entire corporate asset.

Giovanardi Studio Legale

Giovanardi Studio Legale’s restructuring and insolvency team shows a ‘strong commitment’ to its clients, advising them on debt restructuring and Italian bankruptcy law. Carlo Alberto Giovanardi has in-depth expertise in assisting financial organisations with special situations and complex restructuring cases, while Linda Morellini specialises in insolvency matters and working closely with creditors. Cristiano Ruspi is knowledgeable of banking litigation and out-of-court settlements, and Marco Marinoni handles corporate transactions. Andrea Chiloiro and Kevin Olcese are also key names.

Practice head(s):

Carlo Alberto Giovanardi; Linda Morellini

Other key lawyers:

Cristiano Ruspi; Marco Marinoni; Andrea Chiloiro; Kevin Olcese


‘Strong network with all key actors in the market’.

‘Ability to combine commercial acumen & profound knowledge of bankruptcy law.’

‘Giovanardi law firm is #1 in restructuring business, both lender and borrower side, with an adequate fee level.’

‘Strong commitment to the deal, great relationship with lenders and investors.’

‘I have always interfaced with competent and qualified people, able to provide the best assistance in the contractual-legal field, especially in bank-company relationships.’

‘The people I have had the opportunity to relate to are kind and professionally trained. I had the pleasure of meeting with Carlo Alberto Giovanardi and Linda Morellini.’

Key clients

Boccadarno Village S.p.A.

Work highlights

    Legance - Avvocati Associati

    Legance – Avvocati Associati offers ‘very reliable’ advice to financial institutions and investment funds regarding distressed M&A transactions and debt restructuring agreements. The insolvency and restructuring team, through its constant interaction with the M&A and capital markets departments, provides extensive expertise on matters ranging from bankruptcy litigation to moratorium requests. Rome-based senior partner, Alberto Giampieri, has in-depth experience in assisting multinationals with divestitures and joint ventures. In the Milan office, Daniele Geronzi specialises in representing companies in extraordinary administration, and the team has been strengthened by the arrival of Filippo Chiodini in December 2022, bringing 15 years’ experience in domestic and cross-border restructuring transactions.

    Practice head(s):

    Alberto Giampieri; Giandomenico Ciaramella; Luca Autuori; Iacopo Fontana; Stefano Parlatore; Daniele Geronzi

    Other key lawyers:

    Mario Junior Mazzotta


    ‘The team is well known on the market and it already worked on many files for the client. They are in my opinion very reliable, professional, widely available at any time, expert of their matters (restructuring solutions and insolvency procedures, including litigations on same matters). The relationship with the client is ongoing with satisfaction and a good empathy, to my knowledge.’

    ‘I mention in particular Daniele Geronzi and the team are specialists in bankruptcy law and procedures. They are reliable, constantly available for any support and discussion, they always meet the deadlines.’


    Work highlights


      Linklaters’s restructuring and insolvency practice specialises in acquisition and leveraged finance transactions, advising financial sponsors, principal investors and lenders, both domestically and internationally. The team works closely with the banking and finance departments, ensuring that comprehensive advice is given regarding complex restructuring situations. Andrea Arosio possesses in-depth experience general lending transactions, both in Italy and abroad, while Francesco Faldi‘s expertise lies in rescheduling financial indebtedness and changing companies’ capital structures. Ettore Consalvi is an expert on global banking and NPL disposal transactions.

      Practice head(s):

      Francesco Faldi; Ettore Consalvi

      Other key lawyers:

      Andrea Arosio

      Key clients

      Biwa Fund Limited

      CQS (UK) LLP

      Bank of America Merrill Lynch

      Sculptor Capital Management

      Bank of America Europe Designated Activity Company

      BNP Paribas

      Crédit Agricole Corporate and Investment Bank

      Société Générale

      Blackstone Ireland Limited

      Investcorp Credit Management EU Limited

      Magnetar Financial (UK) LLP

      Banca Nazionale del Lavoro S.p.A.

      Work highlights

        Pedersoli Studio Legale

        Pedersoli Studio Legale’s restructuring and bankruptcy practice assists distressed companies in insolvency proceedings and corporate reorganisations. The firm’s extensive experience in banking, corporate finance and distressed M&A transactions enables it to guide investment funds and entities through debt restructuring procedures. Milan-based Maura Magioncalda has considerable experience in structured finance transactions, while in Turin, Alessandra Giovetti handles compositions and claw-back actions. Alessandra De Cantellis, Consuelo Citterio and Jacopo Macchia are also noted as key members.

        Practice head(s):

        Maura Magioncalda; Alessandra Giovetti

        Other key lawyers:

        Alessandra De Cantellis; Consuelo Citterio; Jacopo Macchia

        Key clients

        Intesa San Paolo


        BPER Banca

        Banco BPM

        Scarpe & Scarpe

        AmCo Asset Management

        BNL (BNP Paribas Group)

        Banca Monte dei Paschi di Siena

        Fontana Group

        Marenco Group

        Sitie Impianti Industriali


        DeA Capital Alternative Funds



        Work highlights

        • Assistance to BPER Banca in relation to the transfer to the close-ended alternative investment vehicle named Efesto Credit Fund focusing on acquisition and management of UTP (Unlikely to Pay) credits relating to the real estate sector.
        • Assistance to Intesa Sanpaolo, UniCredit, Banco BPM, Banca Monte dei Paschi di Siena, BNL, AMCO – Asset Management Company as Finance Parties in the context of a restructuring transaction of the financial indebtedness of the Trussardi Group.
        • Assistance to Scarpe & Scarpe, a company specialising in footwear products, leather goods and sportwear with around 1,700 employees and about 150 stores, in a complex procedure of composition with creditors in continuity of business pursuant to art. 186 bis of Bankruptcy Law in front of the Court of Turin, for the purpose of restructuring the financial indebtedness.

        ADVANT Nctm

        ADVANT Nctm offers ‘360-degree support’ in the various phases of business crises, insolvency procedures and distressed investments. The firm advises debtors in managing restructuring procedures, creditors in pre-insolvency scenarios, and investors interested in acquiring distressed assets. The head of the restructuring department, Fabio Marelli, specialises in bankruptcy litigation and debt positions. Paolo Montironi handles significant restructurings of publicly listed and private companies, while Gian Carlo Sessa is also noted.

        Practice head(s):

        Fabio Marelli

        Other key lawyers:

        Paolo Montironi; Gian Carlo Sessa; Davide Orsano


        ‘Capability to understand customer need. capabilty to offer a 360 degree support covering all different expertise.’

        Key clients

        Club House Italia S.p.A.


        Gpack S.p.A.

        Autostrada Regionale Cispadana S.p.A.

        Adveo Italia S.r.l.

        Delivery Mates S.r.l.

        Granato – Ceetrus Group – Cardelis

        Cogenio S.r.l.

        ESP Safety, Inc.

        Digitalplatforms S.r.l.

        Work highlights

        • Assisted Club House Italia, in relation to the composition with creditors procedure before the Court of Forlì, confirmed in September 2021.
        • Provided legal assistance to Investcorp in relation to its investment of EUR 7 million in a special purpose company that participated in the competitive procedure called by the Court of Mantua for the purchase of the branch of business owned by Corneliani S.r.l., a historic men’s clothing company.
        • Provided legal assistance to GPack S.p.A. in relation to the negotiation of a debt restructuring agreement with creditors under the protection of a filing before the Court of Milan.


        Ashurst provides comprehensive advice on debt renegotiation and bankruptcy proceedings. The team possesses in-depth knowledge of many different competencies, ranging from energy and infrastructure to fashion and food. The ‘proactive and creative’ Paolo Manganelli specialises in restructurings and corporate law, while Mario Lisanti covers acquisition finance and special situations. Annalisa Santini advises on structured finance transactions and bond issuances.

        Practice head(s):

        Paolo Manganelli

        Other key lawyers:

        Mario Lisanti; Annalisa Santini


        ‘Fundamental contribution in envisaging and assessing possible effects of legislative changes.’

        ‘Paolo Manganelli has a proactive and creative approach in resolving conflicts. Annalisa Santini has a strong capacity to reduce complexity in (over)complicated negotiations.’


        Key clients

        Amundi Asset Management



        Sila group

        WRM group

        Work highlights

        • Assisting a number of bondholders of Officine Maccaferri S.p.A. in the context of the concordato preventivo proceedings of the latter.
        • Assisting the challenger bank illimity in the super senior financing to Sicamb S.p.A., a company leader in aircraft ejection seats, in the context of a concordato preventivo procedure.
        • Assisted the WRM Group and Kipre Holding with the early completion and termination of the financial restructuring of the Kipre Group and the subsequent sale of King’s Group (leader in the production of prosciutto di San Daniele DOP) to the Rigamonti Group, leader in the production of bresaola della Valtellina IGP.

        Cleary Gottlieb Steen & Hamilton

        The Cleary Gottlieb Steen & Hamilton LLP team possesses ‘broad capabilities’, combining expertise on Italian insolvency law with experience of managing complex restructuring transactions. Carlo De Vito Piscicelli consistently assists debtors, banks, and creditors globally in out-of-court workouts and investments in distressed assets. Giuseppe Scassellati-Sforzolini handles public and private M&A and financial services regulation, while Francesco Iodice regularly advises clients on foreign investment review matters, both at an Italian and European level.

        Practice head(s):

        Giuseppe Scassellati-Sforzolini; Roberto Bonsignore; Carlo de Vito Piscicelli

        Other key lawyers:

        Francesco Iodice


        ‘Excellent team with broad capabilities.’

        ‘Roberto Bonsignore is a very seasoned practitioner, with first class technical skills.’

        ‘Carlo De Vito Piscicelli is a good lawyer, proficient on banking transactions.’

        Key clients

        Aigis Banca




        Golden Tree

        Goldman Sachs

        Neuberger Berman

        Sixth Street

        Credit Suisse

        Silver Point


        Work highlights

        • Assisted ArcelorMittal in the negotiation of an agreement with the state-owned investment company Invitalia, under which the parties established a public-private partnership for the development of the former ILVA steelworks.
        • Assisted Aigis Banca in all aspects relating to the default of certain notes issued in securitizations arranged by Greensill.


        Dentons’s insolvency team covers four separate segments: distressed M&A, corporate restructuring, litigation, and bankruptcy advisory. The group advises major clients, including UniCredit, within sectors ranging from real estate to energy. Cristian Fischetti’s expertise centres around complex distressed situations and debt restructuring, while Federico Sutti assists leading banks and clients with refinancing matters. Alessandro Fosco Fagotto specialises in transactions designed to preserve the going concern.

        Practice head(s):

        Cristian Fischetti

        Other key lawyers:

        Federico Sutti; Alessandro Fosco Fagotto


        ‘They are very accurate and have a problem-solving attitude.’

        ‘I appreciate the strong skills and the high quality of their job. In particular Alessandro Fosco Fagotto has a strong experience, a very strong knowledge and he is very pragmatic and is able to find a best solution in every situation.’

        ‘Highly professional. Deep knowledge of the industry, always available to run the extra mile.’

        ‘Federico Sutti / Alessandro Fosco Fagotto Federico and Alessandro are two unparalleled professionals. They are always available and willing to run the extra mile. Working with them is always great: they not just advise you, they act as though they have skin in the game.’

        ‘Dentons team, headed by Partner Federico Sutti, is recognised for capability to analyse quickly going straight to the point, helping my team focusing on main issues; great capability to negotiate and find solutions in special situations’.


        Key clients

        CPI Property Group

        Intesa Sanpaolo

        BPER Banca


        Banca Ifis

        illimity Bank


        Italia Wanbao – ACC S.r.l. (Wanbao Group)


        Alitalia Linee Aeree Italiane



        Work highlights

        • Assisting Alitalia Linee Aeree Italiane in extraordinary administration in the opposition to the statement of liabilities filed by the Italian Tax Authority, for approximately €1bn.
        • Assisting LU-VE and its controlled company SEST in the purchase of a company branch from Wanbao ACC in Extraordinary Administration aimed at saving 150 workplaces.
        • Assisting CPI Property Group in one of the most important restructurings in the Italian market involving Parsitalia and Eurnova.

        Hogan Lovells International LLP

        Hogan Lovells International LLP’s restructuring and insolvency team advises domestic and foreign clients in corporate reorganisations, debt restructurings and distressed M&A. The department is headed by Counsel Pierantonio Musso, who boasts 19 years of experience in bankruptcy and insolvency law. Filippo Andrea Chiaves specialises in contentious aspects of deals involving loans, securities, and distressed debt trading. Mauro Saccani was a new arrival in April 2023 from Latham & Watkins LLP.

        Practice head(s):

        Pierantonio Musso

        Other key lawyers:

        Filippo Chiaves; Mauro Saccani

        Key clients

        Generalfinance S.p.A.

        Immobiliare Mazzini S.r.l.

        Work highlights

        • Advising Generalfinance, an Italian financial intermediary, in the negotiation and execution of an EUR 133 million medium long-term revolving facility renewal and amendment agreement.
        • Advising Immobiliare Mazzini, in the name and on behalf of a pool of leading Italian banks and financial intermediaries, and a US investment fund, in the negotiation and execution of a debt restructuring agreement.
        • Advising Generalfinance, an Italian financial intermediary, in the launch of its first trade receivables securitisation programme, focusing on aspects related to Generalfinance’s core business and the coordination of the transaction with the latter’s funding structure.

        Latham & Watkins LLP

        Latham & Watkins LLP possesses both a strong debtor and creditor practice, assisting clients with every aspect of workouts and bankruptcies. The team is consistently involved in out-of-court and in-court restructuring deals, with Marcello Bragliani providing expertise in handling insolvency matters and financial indebtedness. Mauro Saccani left the firm in 2023.

        Practice head(s):

        Marcello Bragliani

        Key clients

        Imerys TALC Italy S.p.A. – Imerys S.A.

        Bain Capital Credit

        Banco BPM



        The Carlyle Group

        Giuseppe Bottiglieri Shipping Company S.p.A.

        Comdata Group

        Intesa Sanpaolo


        Morfini S.p.A.

        Tecnica Group

        UniCredit S.p.A.

        Osborne Clarke

        Osborne Clarke is reputed for assisting companies and their directors in insolvency procedures and corporate restructurings. The head of the restructuring team, Filippo Canepa, is an ‘outstanding expert’ in ensuring the preservation of business continuity, advising medium-sized companies in the manufacturing, energy, and automotive sectors. Federica Greggio specialises in all aspects of restructuring and debt finance, while Barbara Schiavo has expertise in negotiated settlements.

        Practice head(s):

        Filippo Canepa

        Other key lawyers:

        Federica Greggio; Andrea Pinto; Antonio Fugaldi; Barbara Schiavo; Maurizio Zonca; Laura Cipollone


        ‘We have been highly impressed by the high skill of the professional as well as their commitment and competence. They respond quickly to any kind of request regardless of time and festivities.’

        ‘Mr Antonio Fugaldi: efficiency in delivering legal product, finding solutions, giving advice.’

        ‘Grata team for insolvency deals, deep knowledge of the business with strong relationship with the other players.’

        ‘For insolvency deals they’re the best you can find in the Italian market.’

        ‘Fast answers, highly professional.’

        ‘Filippo Canepa is an outstanding expert in dealing with enterprise crises. Riccardo Roversi is an incomparable negotiator. Barbara Schiavo is the most reliable expert of law I ever met.’

        Key clients

        Cartiera di Momo S.p.A.

        Centauria S.r.l.

        Consorzio Agrario di Ravenna

        Costruzioni Meccaniche Brena Clemente & C. S.r.l.

        Gruppo Edicart S.r.l.

        HPE – Holding Partecipazioni Energetiche S.r.l.

        Officine Meccaniche Gino Nerviani S.r.l.

        Pasubio Sviluppo S.p.A.

        Serist S.r.l.

        The Organic Factory S.p.A.

        Banca Monte dei Paschi di Siena S.p.A.

        Banca Nazionale del Lavoro S.p.A.

        Banco BPM S.p.A.

        BNP Paribas Leasing Solutions S.p.A.

        ICCREA Banca Impresa S.p.A.

        Intesa Sanpaolo S.p.A

        UniCredit S.p.A.

        AMCO Asset Management Company S.p.A.

        Alba Leasing S.p.A.

        SG Leasing S.p.A.

        Work highlights

        • Assisted Holding Partecipazioni Energetiche, holding company focusing on the energy efficiency market through its subsidiaries, in filing an application for an arrangement with creditors under article 161, Section 6, of the Insolvency Law, before the Court of Milan.
        • Advised on restructuring the debt of The Organic Factory, one of the largest organic oilseed crushers in Europe which, through its group, also controls the entire production chain for organic oil.
        • Assisted Serist, a market leader in canteen services for schools, hospitals, the armed forces and private companies, with its request for the Court’s approval of a debt restructuring agreement according to article 182-bis Insolvency Law, entered into with the two main banks involved, as well as with over 165 of its suppliers.

        Studio Legale Delfino e Associati Willkie Farr & Gallagher LLP

        Studio Legale Delfino e Associati Willkie Farr & Gallagher LLP has established a strong reputation for assisting global-leading entities in bankruptcy proceedings and corporate restructurings. Bruno Cova’s ‘academic and practical insights’ aid the directors of distressed entities in avoiding personal liability, while Stanislao Chimenti has ‘great experience’ in litigation and out-of-court transactions. Counsels Juljan Puna and Carmen Pollifrone are highlighted as key, along with associate Francesca Renzi.

        Practice head(s):

        Bruno Cova; Stanislao Chimenti; Maurizio Cimetti

        Other key lawyers:

        Juljan Puna; Carmen Pollifrone; Francesca Renzi; Antonio Di Gaspare


        ‘The team is very prepared, collaborative and available for comparison.’

        ‘The firm has a strong background in turnaround operations and its teams are really capable in solving complex corporate law issues as such as in any kind of restructuring and insolvency practice.’

        ‘Stanislao Chimenti in particular never fails to prove his professional and human talents, his awareness of the crucial role he plays in his clients’ business. He is not only serious, reliable and skilled, but he is also always (holidays included) available for meetings, conference calls or just phone consultancies. Last but not least, he manages his team in an excellent way and his team work is always outstanding.’

        ‘We used the firm and team for a very specialized question, and We’re pleased with their ability to bring expertise to the table and add specific insolvency law input from both Italian and English law perspective to the mix as well. they have deep academic and practical insights and has a thorough understanding of matter referred.’

        ‘Bruno Cova, is easily approachable and due to his deep academic and practical insights and thorough understanding of our business, he could serve our needs at best.’

        ‘The firm is responsive and available; they go in-depth in the issues with a broad and complete approach. A firm of competent professionals, always available and with great preparation in the most diverse subjects and have a methodical approach.’

        ‘Stanislao Chimenti is always punctual and reliable. In general, all the partners are able to explain all the steps in simple terms, and to share decisions. Stanislao Chimenti has acquired such expertise in the sector also from a commercial point of view that manages to combine business needs with regulatory prerogatives.’

        ‘I have a perfect relationship with them, they have been always ready to consider the issue of the procedure that I represent.’

        Key clients

        Lecta S.A.’s Committee Of Noteholders

        Carlyle Global Credit Investment Management LLC

        Man GLG Limited

        Stellex Capital Holdings Luxembourg S.a.r.l.

        Numen Capital

        Società Italiana Condotte d’Acqua S.p.A. in A.S

        Preca Brummel S.p.A. in A.S.

        Galimberti S.p.A. in A.S.

        Stefanel S.p.A. In A.S.

        Blutec S.p.A. in A.S.

        Ingegneria S.p.A. in A.S.

        Caius Capital LLP

        P. Schoenfeld Asset Management LP

        IWG Plc

        Heerema Marine Contractors Nederland SE

        Tirrenia Navigazione S.p.A. in A.S.

        Siremar S.p.A. in A.S.

        Davidson Kempner European Partners

        Work highlights

        • Advising the international funds Carlyle Global Credit Investment Management LLC, Man GLG Limited and Stellex Capital Holdings Luxembourg on the restructuring of Officine Maccaferri.

        Studio Ubertazzi

        The ‘impressive’ Studio Ubertazzi team has experience of assisting medium and large companies under extraordinary administration or in debt restructuring agreements. The general counsel, Tommaso Ubertazzi, has an ‘entrepreneurial mentality’, enabling him to advise companies in business acquisitions and on issues regarding directors’ liability. Benedetta Ubertazzi co-heads the team, handling corporate reogranisations, as well as debt and arrangement recovery. Francesco Bonaccorso is also noted.

        Practice head(s):

        Tommaso Ubertazzi; Benedetta Ubertazzi

        Other key lawyers:

        Francesco Bonaccorso; Patrycja Szwed; Claudia De Cesare; Mara Pacchiana; Francesca Santone; Giovanni Crespi


        ‘Our firm was going down and the end was close: and then we started to be assisted by Studio Ubertazzi. The lawyers of Studio that I’m dealing with are very skilled and competent. They deliver on time, explain things well and are always available to clarify my doubts. Also, they bring great results. One might think these things should be normal and yet, from my experience I can say they are unique.’

        ‘Prof. T. Ubertazzi is a lawyer and professor in one. I believe this compilation renders him really good in what he does. That and his exceptional skills: his particular intuition and determination has led us through the darkest times for our company to the state where it is now: with perspectives for the future and business that is going well.’

        ‘Studio Ubertazzi assists several of my companies and we went through a lot with them. The lawyers of the Studio are particularly brilliant and efficient. I also appreciate that they do not exaggerate with the legal theory and are able to understand what my business needs. They helped me out tremendously with many matters and I am going to continue recommending them to all my entrepreneur-friends.’

        ‘I trust completely Tommaso Ubertazzi and that means a lot. In my opinion, he has really special skills for arriving exactly where he wants to. Knowledgeable, and confident, with a great understanding of business, he is perfect to guide companies.’

        ‘Studio Ubertazzi is a small law firm assisting the most important matters of our company. They are an extremely important resource of our law firm. I personally know the lawyers of the team and thanks to them I can sleep at night. They are very intuitive and perfectly understand our needs. They have assisted in several major restructuring of our group and they take care of all the disputes in which the company gets involved. Their methods and insights are absolutely unique and their services are unrivalled.’

        ‘I met many professionals in my career, but few are like Tommaso Ubertazzi. He is the Lawyer written with the big “L”. He helped us organize our company and defended us in extraordinary ways. He is extremely prepared and very confident and determined, the characteristics that put together, equal success.’

        ‘I’m the owner of the company assisted by Studio Ubertazzi, and I am highly satisfied with their services which I have benefited from for many years. I’ve seen them grow during the years but I’m still assisted by the same persons who are always available to clear my doubts. I’m afraid that without them I would have lost a lot of money to repair the disasters to which we were heading.’

        ‘Tommaso Ubertazzi definitely stands out when compared to other lawyers: his ways, his character, his knowledge and skills, everything makes him unique and extremely valuable for a company. He’s like a lion that you want to have on your side: he knows what he is going for and he gets there.’

        Work highlights

        • Assisted Inso in all the steps of the preparation for the sale of the business valued at € 1,5 billion and in the closing of the transaction with Fincantieri Infrastructure, including assistance in fulfilling all the conditions connected with the extraordinary administration procedure and/or contractual conditions for the sale, such as numerous negotiations with the clients (often governments) all over the world.

        White & Case (Europe) LLP

        White & Case (Europe) LLP’s expertise lies in handling complex restructurings and special situation investments across multiple jurisdictions. Giuseppe Barra Caracciolo specialises in lending through securitisation structures, while Iacopo Canino advises clients on leveraged finance. The ‘commercially savvyGianluca Fanti is an expert on distressed asset disposals, and Andrea Novarese is experienced in debt restructuring and project finance. Maria Cristina Storchi brings knowledge of private equity to the team.

        Practice head(s):

        Giuseppe Barra Caracciolo; Iacopo Canino; Bianca Caruso; Gianluca Fanti; Tiziana Germinario; Andrea Novarese; Francesco Scebba; Maria Cristina Storchi

        Other key lawyers:

        Bianca Caruso; Tiziana Germinario; Francesco Scebba


        ‘Gianluca Fanti is a top performer: experienced, balanced, commercially savvy.’

        ‘Fully Fledged capabilities. International perspective add value and ensure best practices are used.’

        ‘Andrea Novarese is our reference point in the restructuring market; strong capacity to advice clients on decisions take under uncertain conditions.’

        ‘Maria Cristina Storchi- undisputed quality in mixing restructuring and capital markets perspectives.’

        Key clients

        Alisarda – Air Italy

        Apeiron Investment Group

        Apollo Management International

        Banco BPM

        Banca Ifis

        Banca Monte dei Paschi di Siena S.p.A.

        Blackstone (formerly GSO Capital Partners)


        Cariparma (Credit Agricole)

        Carval Investors

        Cassa di Risparmio di Asti

        Compagnia Internazionale Tessuti



        Gruppo D’Alesio

        Hertz Global Holdings, Inc.


        Intesa Sanpaolo

        IRGEN RE


        Novalpina Capital


        Oak Hill

        Sound Point


        VGO Capital Partners

        York Capital Management Europe

        Work highlights

        • Advised Compagnia Internazionale Tessuti in connection with the reorganization of its corporate structure and the restructuring of its indebtedness for the purpose of overcoming its situation of financial distress.

        Allen & Overy - Studio Legale Associato

        Allen & Overy - Studio Legale Associato’s restructuring and insolvency team shows particular strength in out-of-court restructurings and national insolvency procedures. Counsel Juri Bettinelli has extensive experience of advising borrowers and lenders in debt restructurings and insolvency in-court proceedings. The department also provides ‘360° help’ to clients on distressed financing and reschedulings. Stefano Sennhauser is also noted as a key contact.

        Practice head(s):

        Stefano Sennhauser; Juri Bettinelli


        ‘360* help in creating value for clients. A&O is able to serve the client not only on specific legal issue, but is conducting a comprehensive assessment of the deal. This is and added value to help our investment firm in conducting a deal.’

        ‘A&O took into their shoulders the dealflow with good engagement with the counterparty and endless support until the deal close. They were also good in helping out during weekends and holidays, giving us additional competitive edge in the market.’

        Key clients


        Banco BPM

        BPER Banca

        Guber Banca

        IBLA Capital


        Intesa Sanpaolo


        Tozzi Sud

        Work highlights

        • Advising the pool of lenders (Italian and international banks) on the complex debt restructuring of Fintyre Group, the pan-European tyre distributor which was a portfolio company of Bain Capital.
        • Advised Tozzi Sud and its parent company in two compositions with creditors before the Court of Ravenna, handling both the day-by-day assistance and the judicial aspects of the proceedings (e.g., filing of petitions and briefs before the court, attendance of hearings).

        Bird & Bird

        Bird & Bird regularly advises financial creditors and debtor companies on turn-around plans and insolvency compositions. Team head, Alberto Salvadè, has in-depth knowledge of acquisitions of distressed assets and Italian bankruptcy law. ‘Very capable’ senior associates, Matteo Ceschin and Matteo Meroni, are experts in distressed M&A and debt restructuring transactions.

        Practice head(s):

        Alberto Salvadè

        Other key lawyers:

        Matteo Ceschin; Matteo Meroni


        ‘The team consists of a partner and extremely experienced associates. They actively devote themselves to the practices, without delegating to people with less professionalism.’

        ‘The lawyer Salvadè and the associates Meroni and Ceschin are very capable and competent professionals. The dialogue with them is very fluid as they assiduously follow the practice and know in depth the insolvency law.’

        Key clients

        Shiloh Industries Italia S.r.l.

        Work highlights

        • Advised Shiloh Industries Italia, the Italian subsidiary of a leading global supplier of light-weighting, noise and vibration solutions to the automotive, commercial vehicle and industrial segments, in the composition with creditors’ procedure in front of the Court of Aosta.

        Carnelutti Law Firm

        Carnelutti Law Firm has ‘deep knowledge’ of insolvency procedures and turnaround matters, both domestically and internationally. Giulia Quarato’s ‘high credibility’ allows her to support commercial and investment banks throughout extraordinary transactions and corporate restructurings, while Christian Patelmo has in-depth expertise on debt restructurings and bankruptcy litigation. Gianclaudio Fischetti is experienced in managing corporate crises and settling shareholder conflicts.

        Practice head(s):

        Luca Arnaboldi

        Other key lawyers:

        Giulia Quarato; Christian Patelmo; Gianclaudio Fischetti


        ‘Availability, skills, engagement.’

        ‘The biggest strength of the team, headed by Mr. Patelmo, is the very practicle approach to the problems that arise during the restructuring and insolvency procedures, with a particular comprehension of the business needs of the clients.’

        ‘Proactive approach and practical attitude.’

        Key clients

        MR Italia LL.C. / Irminio S.r.l.

        Le Camille S.à.r.l. en faillite

        AOT Energy Switzerland A.G.

        Federfarma.Co S.p.A. – CTF Group Soc. Coop. a r.l.

        Prelios SpA

        Deutsche Bank SpA

        Banco BPM SpA

        Banca Nazionale del lavoro SpA

        Banca Sviluppo SpA

        BCC Factoring SPA

        Clessidra Sgr Spa

        Crédit Agricole Spa

        Dea Capital SpA

        Iccrea Banca Spa

        Banca di Torre del Greco SpA

        Banco BPM SpA

        Stainless Steel Centre SpA

        Marina d’Arechi SpA

        Amco SpA and Neprix Spa (illimity group)

        Work highlights

        • Assisted MR Italian LL.C. and its Italian company Irminio S.r.l. in the debt restructuring procedure under Article 182-bis of the Italian Bankruptcy Law.
        • Assisted Banco BPM and the Financial Creditors of Rummo Spa in the process of negotiating and closing an agreement for the acceleration and early repayment of financial debt resulting from the restructuring agreement entered into in 2018.
        • Assisted Stainless Steel Centre SpA in filing a “concordato fallimentare”, which consists in a proposal for the purchase of all the assets and liabilities of a bankrupted company.

        Eversheds Sutherland Associazione Professionale

        Eversheds Sutherland Associazione Professionale specialises in insolvency litigation within industries ranging from finance to energy. The practice head, Renato Fiumalbi, is greatly experienced in representing domestic and international clients in cross-border disputes and arbitration proceedings. Simone Barnaba has ‘great client-management skills’, regularly handling complex restructurings in the oil and gas industry.

        Practice head(s):

        Renato Fiumalbi

        Other key lawyers:

        Simone Barnaba; Francesco Arangio; Deborah Borghi; Vincenzo Sarta; Marta Siracusa


        ‘Eversheds Sutherland’s Italian restructuring team is a top-flight local practice fully integrated into a global firm. It provides the best of both worlds and provides an invaluable access point for non-Italian clients into a jurisdiction that can seem very impenetrable.’

        ‘Simone Barnaba is particularly good. An excellent lawyer with great client-management skills (who speaks and writes flawless English).’

        ‘I can confirm that the law firm is characterized by an unusual ability to meet the needs of a company combining, in an efficient way, high expertise and proved experience with the quality of the advices and response speed, which is essential in such cases.’

        ‘I would like to suggest in the relevant field of competence, Simone Barnaba. He has showed a depth expertise and appropriateness of advice, with uncommon qualities of business acumen and industry knowledge.’


        Key clients

        Sagat S.p.A. – Sagat Handling S.p.A.


        Kuwait Petroleum

        Q8 Quaser S.r.l.

        Former Chairman of large Italian shipbuilding company (now in Bankruptcy)

        Specialist supplier of safety systems and advanced materials to the global aerospace and defense markets

        Marlew S.A.

        Work highlights

        • Advising and representing Italian and foreign subsidiaries of an oil & gas multinational company in several claw back actions brought by the extraordinary administration of the “new Alitalia” before Italian Courts.
        • Advising a multinational financial services company listed on the London Stock Exchange on the impact of the group’s restructuring and subsequent administration in the UK on the Italian subsidiaries and operations and related issues under Italian Law.
        • Representing a leading Italian bank in an appeal before the Supreme Court of Cassation, against a decision by the Court of Appeals ordering the bank to pay nearly 14 million euro of damages to an Italian company which purchased the claim originally brought against the bank by the Bankruptcy of another Italian company in connection with a number of alleged fraudulent transactions made through the bank accounts held by the bank.

        EY TAX & LAW ITALY

        EY TAX & LAW ITALY advises public and private companies, in crisis or temporary distress, on bankruptcy proceedings and corporate restructurings. Rome-based Francesco Marotta is an expert in saving capital whilst managing relations with the class of creditors and banks. Angelo Ciro del Duca has experience of drafting shareholders agreements, and Milan-based Marco Nazareno Mizzau has in-depth knowledge of Italian bankruptcy law.

        Practice head(s):

        Francesco Marotta

        Other key lawyers:

        Angelo Ciro del Duca; Marco Nazareno Mizzau; Angela Turchiano; Benedetta Cantatore; Federica Sidoti

        Key clients

        Compagnia Traporti Pubblici S.p.A.

        Giplast Group S.p.A.

        CAMA Mirandola Soc. Coop. a r.l.

        VALPA s.n.c.

        ATAC S.p.A. (Agenzia Trasporto Autoferrotranviario del Comune di Roma)

        Azienda Napoletana Mobilità S.p.A.

        Giustino Costruzioni S.p.A.

        CTP PETROLI S.r.l.

        RER s.p.a.

        Napoli Holding S.p.A.

        Gruppo Waste S.p.A.

        Exitone S.p.A.

        STI S.p.A.

        Edison Giocattoli S.r.l. in Liquidazione

        Energy Green City SpA

        Uvet Viaggi e Turismo and Blu Panorama Airlines SpA

        T.S.M. – Trattamenti Superficiali dei Metalli S.r.l.

        MYC S.r.l.

        Sittel S.p.A.

        Cherubini S.r.l.

        Consaltech S.r.l.

        J. G. Schrodel Gmbh

        Sequedge Italy S.r.l.

        Work highlights

        • Advised Exitone SpA in the concordato proceeding in front of the Court of Rome.
        • Advised Blu Panorama Airlines SpA in the concordato proceeding in front of the Court of Milan.
        • Advised Energy Green City SpA in the concordato proceeding in front of the Court of Milan.

        Gattai, Minoli, Partners

        The ’receptive’ Gattai, Minoli, Partners team assists creditors and debtors on financial pre-insolvency and insolvency restructurings. Gaetano Carrello specialises in representing Italian and international banks on debt restructurings, while fellow practice co-head, Sergio Fulco, aids distressed companies and banks in bankruptcy. Elena Calzavara is also noted as key.

        Practice head(s):

        Gaetano Carrello; Sergio Fulco

        Other key lawyers:

        Elena Calzavara


        ‘We engaged the firm to assist in relation to a new insolvency procedure, something that had not been tested and for which there was not precedent in Italy. This obviously make it very difficult for any law form to provide advice to any client. Despite that the firm was able to guide us through the new procedure and its implications and provided us with commercial solutions to solve our problem.’

        ‘Both Gaetano Carrello and Elena Calzavara responded promptly to our requests for advice. They both were frank and open about the obstacles we had in the face of a new procedure that didn’t have a precedent in Italian law. The advice we received was comprehensive and options were provided in relation to the course of action that needed following to enforce our rights. I would be very happy to contact Gaetano and Elena again in the future.’

        Key clients



        Intesa San Paolo

        Goldman Sachs

        Oaktree Opportunities Fund

        Banca MPS


        Carlyle Opportunities Fund


        Banco BPM


        CMI S.p.A.

        Work highlights

          Greenberg Traurig Santa Maria

          Greenberg Traurig Santa Maria’s restructuring and insolvency team uses a ‘proactive approach’ to assist clients in the life sciences and fintech sectors with out-of-court reorganisations and restructurings. Corrado Angelelli has in-depth experience of leverage finance and securitisations, while Mario Santa Maria handles complex insolvency matters. Associate Francesco Horvat is ‘very supportive’ in his attitude towards domestic and international companies.

          Practice head(s):

          Corrado Angelelli; Mario Santa Maria

          Other key lawyers:

          Francesco Horvat


          ‘The team is very well-prepared and offer always a quick and proactive approach.’

          ‘Francesco Horvat is always available and quick to respond to client requirements. He has both great theoretical knowledge and practical application. He was very supportive during the deal negotiation.’

          Key clients

          Bionics S.r.l.

          Bain Capital / Aquileia Capital Services S.r.l.

          Cerberus Capital Management /BCMGlobal

          Industrial Backery Line S.r.l.

          Banca Monte dei Paschi di Siena

          Work highlights

          • Assisted Bionics, part of the Ambulatory Health Care Services Industry, in proceedings against a construction company that had entered into an arrangement with creditors procedure.
          • Assisted Aquileia’s loan managers in managing relations with creditors, often in a distressed context, in drafting and reviewing agreements between the parties, restructuring plans and in reviewing proposals for composition with creditors.
          • In the context of the management of a portfolio of unlikely-to-pay credits (UTP), the team assists Link Asset Services’ loan managers in managing relations with creditors, often in a distressed context, in drafting and reviewing agreements between the parties, restructuring plans and in reviewing proposals for composition with creditors.

          K&L Gates

          The ’united, prepared, collaborativeK&L Gates team advises clients across the different stages of insolvency and pre-insolvency situations. The ‘outstandingPaolo Rusconi specialises in debt restructuring deals and distressed M&A transactions, while Fabrizio Dotti brings 25 years of experience in acquisition finance and transactional lending. Associates Daniela Proietti and Mattia Maggioni are also highlighted as key.

          Practice head(s):

          Paolo Rusconi; Fabrizio Dotti

          Other key lawyers:

          Andrea Campana; Daniela Proietti; Mattia Maggioni


          ‘A united, prepared, collaborative team.’

          ‘Promptness of responses, proactivity in the search for solutions.’

          ‘They are a competent team of lawyers, a goal-oriented team, very punctual in processing requests.’

          ‘A professional team, where cooperation, expertise and support are always provided.’

          ‘Very close to the client. Always available.’

          ‘Paolo Rusconi is an outstanding professional. He is always available to run the extra mile.’

          ‘The team is extremely prepared and committed. They provide the service almost 24/7. We had board meeting during the night and the followed us even if it was really out of business hours. They were always precise on giving indications how to handle situation, were doing a great job to negotiate with potential investors.’

          ‘Andrea Campana was the main contact. He was always available. Even in difficult situations with suppliers I could call him to dial-in in a call without any notice. It is really fast to collect the information he needs and provides the solution in a timely manner.’

          Key clients

          Aquileia Capital Services

          Banca Monte Dei Paschi di Siena S.p.A.


          KERMA SPV S.r.l. – Prelios Credit Servicing S.p.A.

          Banco BPM

          Asset Managament Company – AMCO S.p.A.

          Finalto S.p.A.

          S.E.I. S.p.A.

          Slim Fusina Rolling S.r.l.

          Work highlights

          • Assisted UniCredit in the restructuring of the financial indebtedness of Cina Mercato.
          • Assisted Slim Fusina Rolling Srl before the Court of Venice throughout the entire proceedings for the composition with its creditors (‘concordato preventivo’) to restructure around € 40 million of indebtedness and save around 300 jobs.
          • Assisted Aquileia Capital Service regarding the composition with creditors of Farvem Real Estate.

          LCA Studio Legale

          The ’customer oriented’ LCA Studio Legale restructuring and insolvency team specialises in out-of-court arrangements with creditors and court-approved insolvency procedures. Salvatore Sanzo is an expert on bankruptcy law, and Angela Petrosillo handles compositions with creditors and recovery plans. Diana Burroni serves as legal counsel to debtors and investors involved in corporate crisis, while Matteo Bazzani and Michele Petriello assist companies with insolvency and restructuring matters.

          Practice head(s):

          Salvatore Sanzo; Diana Burroni; Angela Petrosillo; Michele Petriello; Matteo Bazzani

          Other key lawyers:

          Michele Petriello


          ‘LCA is a really a good law firm with an excellent TEAM. They are always collaborative and customer oriented.’

          ‘Mr. Bazzani and the team are very skilled and professional. They are “open mind” and they are able to investigate a legal issue under different perspectives.’

          ‘The team is really strong in restructuring and has a great capability of solving complex cases.’

          ‘Salvatore Sanzo and Michele Petriello are key players, with great capability and solving problems approach.’

          ‘I think the strength of the LCA study lies in the ability to manage complex turnaround processes effectively and extremely quickly. This is thanks to a team of professionals of great competence and high standing, who support the client in every aspect of the process.’

          ‘Angela Petrosillo and Diana Burroni demonstrated an in-depth knowledge of legal matters but also a very concrete approach to solving problems, which made it possible to quickly and effectively adapt their intervention according to the complexity of the turnaround process. Salvatore Sanzo, who coordinates the team with competence, authority and balance, represents a reference figure not only for the client, but for all the stakeholders involved in the process.’

          ‘I found a very professional team, extremely committed. What makes them unique is the capacity to adapt in a very short time to different and very difficult situations and change of scenery. I worked on a distressed file where the percentage of finding a positive solution to the case was very difficult. The team was committed and very dedicated to the solution of the problem even in a moment in which everything seemed hopeless.’

          ‘A very close-knit team of professionals with considerable experience. They retain calm and objective judgment even in the most tense moments.’

          Key clients

          Blue Panorama S.p.A.

          Casinò de la Vallèe

          Energy Costruzioni S.r.l.

          Officine Meccaniche Giovanni Cerutti S.p.A.

          Olinda S.A.S.

          Porto Turistico Internazionale di Rapallo S.p.A.

          Roma Trevi S.p.A.

          Sofir Group

          Work highlights

          • Acted for port operator, PTIR, in its proposal for a business continuity arrangement following the client’s struggles in the wake of storms which completely destroyed Rapallo port.
          • Advised Leggiero Group on a debt restructuring arrangement for one of its subsidiaries, Roma Trevi, under the auspices of the Court of Milan and in bankruptcy issues relating to the purchase of a building in view of Rome’s famous Trevi Fountain, which had been planned as a luxury hotel.
          • Assisted Del Monte Italy S.p.A. as a creditor of Fratelli Santini S.p.A., which is in a more than €100 million pre-bankruptcy composition with creditors.

          Orrick, Herrington & Sutcliffe

          The Orrick, Herrington & Sutcliffe restructuring and insolvency department instructs major Italian companies on debt restructurings, turnaround plans and bankruptcy procedures. Special Counsel, Daniela Andretta, leads the team, boasting 20 years’ experience in bankruptcy-related M&A and distressed transactions. Senior associate Federico Perego is also noted, specialising in corporate reorganisations and insolvency.

          Practice head(s):

          Daniela Andreatta

          Other key lawyers:

          Federico Perego


          ‘The team’s strengths and key capabilities are high-level knowledge and accuracy. I recommend this team to anyone!’

          ‘Each team member is extremely knowledgeable, precise and punctual. Federico Perego stands out as very high-level profile!’

          ‘Very consistent in supporting us timely and efficiently in complex legal questions also short notice.’

          ‘My contact person in Orrick is Ms. Daniela Andreatta. She is a very qualified and an experienced lawyer that supported us with a very high professionality profile in high complex legal cases connected in particular with insolvency law.’

          Key clients

          Apollo Global Management

          Bank of America Merrill Lynch (client for 30+ years)

          D.E. Shaw (client for 20+ years)

          Prelios Credit Servicing s.p.a.

          Värde Partners Inc. (client for 10 years)


          Castlelake LP

          Crestline Europe LLP

          Dubag Group GmbH

          Engie Italia s.p.a.

          Ghella S.p.a.

          Italeaf S.p.a.

          Manitex International, Inc. (client for 6 years)

          One33 Investment House S.r.l.

          Peter Schoenfeld Asset Management

          Plangreen (managed by Fondo Italiano per l’Efficenza Energetica)

          Restar Real Estate S.r.l.

          SGA S.p.A.

          Società Italiana per le Imprese all’Estero – Simest S.p.A.

          Tifast S.p.a.

          Yanez SPV acting through Aurora Recovery Capital S.p.a.


          Illimity Bank

          Work highlights

          • Assisted and continues to assist AMCO S.p.A. in a multitude of debt restructuring deals, including some distressed debt assignments.
          • Assisted the client in the purchase of a portfolio of non-performing loans (NPLs) and unlisted trading privileges (UTPs) from three Italian banks.
          • Assisted the company in several debt restructuring deals, distressed debts assignments and in the management of lender’s liabilities issues under criminal and civil law perspectives.

          Studio Legale Cappelli RCCD

          Studio Legale Cappelli RCCD’s ‘excellent team’ advises Italian and foreign financial institutions and investment funds on distressed M&A transactions and restructuring indebtedness. Antonio Azzarà has extensive experience of assisting companies with cross-border turnaround transactions, while Luca Magrini aids clients from the shipping, hi-tech and financial sectors in special situations. Morena Bontorin brings expertise in banking and finance law.

          Practice head(s):

          Alberto Del Din; Paolo Calderaro

          Other key lawyers:

          Antonio Azzarà; Luca Magrini; Morena Bontorin; Anna Ferrari; Martino Liva; Francesco Miranda


          ‘Precision and scrupulousness in the work.’

          ‘Well aware about all the issues, skilled and effective all the time.’

          ‘Experienced, professional and calm, clear mindset.’

          ‘The team’s strengths and key capabilities are high-level knowledge and accuracy. I recommended this team to anyone!’

          ‘Each team member is extremely knowledgeable, precise and punctual.

          ‘Alberto Del Din is an absolute legend in the Italian market and has unparalleled ability in finding solutions when no one else sees them.’

          ‘Antonio Azzarà and Luca Magrini are proficient in complex restructuring matters.’

          ‘The Team has a deep knowledge of the subject and is very responsive and available to find tailor-made solutions for very complicate situations and negotiations. They perfectly understand Clients’ needs and timing.’

          Key clients

          Varde Partners Europe Ltd

          Pillarstone Italy S.p.A. (controlled by KKR)

          Davy Global Fund Management Limited (now IQ-EQ Management Limited) as management company of the funds named “FINAV” and “RSCT”

          Aperion (Apollo)


          CarVal Investors

          Aurora Recovery Capital

          Banca Finint S.p.A.

          Banca IFIS S.p.A

          Europa Investimenti S.p.A.

          Intesa Sanpaolo S.p.A.

          Unicredit S.p.A.

          Dea Capital Alternative Funds SGR S.p.A.

          Illimity Bank S.p.A.

          Illimity SGR S.p.A.

          Prelios Credit Servicing S.p.A.

          AMCO S.p.A.



          Work highlights

          • Assisted Davy Global Fund Limited, in its capacity as management company of the fund named FI.NAV, and DeA Capital Alternative Funds SGR.p.A., in its capacity as management company of the fund named Idea CCRII, in the context of an enforcement of their rights vis-à-vis the shipping company Michele Bottiglieri Armatore.