The Legal 500 > Europe, Middle East & Africa > Italy > Restructuring and insolvency

Assisting distressed companies, financial creditors and third-party investors, Chiomenti is highly rated for its experience in restructuring and turnaround transactions, as well as for its expertise in insolvency and pre-insolvency proceedings. Antonio Tavella heads the restructuring and insolvency business unit; Giulia Battaglia advised Banca Popolare di Milano, Banco Bilbao Vizcaya Argentaria, Mizuho Bank, Banca Ifis and Unione di Banche Italiane on the debt restructuring of Elettra Produzione and the quotaholder. Experienced senior associate Marco Amoruso left for Studio Legale Tributario in Association with Ernst & Young in March 2019.

Lombardi e Associati's team is 'competent, punctual with its responses and immediately understands problems that arise'. It advises on major transactions, including turnaround transactions and high-profile insolvencies. The practice assists the Extraordinary Commissioners of Alitalia - Società Aerea Italiana in extraordinary administration on an ongoing basis with bankruptcy law. Giuseppe Lombardi, Antonio Amoroso, PierDanilo Beltrami and Federico Vermicelli are the names to note; Massimo Fabiani is an experienced of counsel.

Clifford Chance advises on high-profile restructurings, distress refinancing and insolvency-related transactions. Carlo Felice Giampaolino handled a restructuring and insolvency proceedings for Rome’s municipal transport company Atac. The other recommended names are Italy managing partner Giuseppe De Palma and Italian litigation practice head Fabio Guastadisegni, along with Charles Adams, Ferdinando Poscio and counsel Francesca Cuzzocrea.

DLA Piper experienced an increase in distressed M&A deals and is known for real estate portfolio acquisitions in pre-insolvency situations; restructuring-related fund incorporation; assisting lenders and investors with shipping-related restructuring and special opportunities investments; and insolvency-related litigation. Antonio Lombardo assisted a pool of Italian banks with a €500m debt restructuring. Francesco De Gennaro, Ugo Calò, Luca Magrini and Federico Zucconi Galli Fonseca are also key contacts; Chiara Anceschi was hired from Freshfields Bruckhaus Deringer.

Acting for both debtors and creditors, Gianni, Origoni, Grippo, Cappelli & Partners fields specialist lawyers in complex restructuring operations; the team's experience includes out-of-court and in-court proceedings and it regularly works alongside the firm's corporate and M&A, banking and finance, litigation, labour, real estate and tax departments. Gabriella Covino and Luca Jeantet  advised Mossi Ghisolfi Group on admission to an arrangement with creditors procedure (Concordato Preventivo). Antonio Auricchio, Giuseppe De Simone and Paolo Gnignati are also highly rated practitioners.

Latham & Watkins LLP acts for lenders and borrowers on restructuring mandates, including distressed lending, out-of-court debt restructuring and in-court proceedings. The firm advised Sardinia-based Italian airline Alisarda on its debt rescheduling; the team also assisted Morfini, an Italian shipping company, with a restructuring agreement with several banks. Other key team members are local banking and finance chair Marcello Bragliani and counsels Mauro Saccani and Antonio Distefano.

Legance - Avvocati Associati focuses on corporate and debt restructuring matters and M&A transactions involving distressed assets, as well as insolvency proceedings and default management. Alberto Giampieri is well known for complex restructuring work and Luca Autuori advised Castello on the restructuring of Trentino Re Real Estate Fund's financial indebtedness. Also highly regarded are Giandomenico Ciaramella, Stefano Parlatore and Daniele Geronzi.

Molinari e Associati is 'a go-to firm for restructuring work in Italy; its lawyers have great experience and business acumen'. The practice is highly rated for private debt restructuring transactions and court-governed restructuring proceedings, as well as insolvency proceedings and compositions with creditors. Ugo Molinari is 'a star individual'; he led advice to 21 Italian and international banks on the further restructuring of the financial indebtedness of electricity and natural gas operator, Sorgenia; Alessandro Fontana is another well-respected adviser.

Dentons' 'work is execellent'. The practice comprises corporate and finance restructuring as well as day-to-day consultancy work, including litigation and enforcement of guarantees; it assisted real estate developer Impreme Group with a complex restructuring process involving distressed assets. Alessandro Fosco Fagotto, who 'negotiates the best solutions for clients', and Federico Sutti jointly head the restructuring and insolvency practice in Italy; Cristian Fischetti is an experienced managing counsel.

Gattai Minoli Agostinelli & Partners assists debtors and creditors with both domestic and cross-border in-court and out-of-court restructuring procedures. Riccardo Agostinelli and Sergio Fulco advised the lenders, which included Banco BPM and Intesa Sanpaolo, on the restructuring of Boccadarno Porto di Pisa under Italian bankruptcy law. Gaetano Carrello is also highly rated.

Giovanardi Pototschnig & Associati 'finds solutions'. The team assists with debt restructurings and creditor compositions, distressed company asset disposals, insolvency-related transactions, and restructuring-related litigation. Carlo Alberto Giovanardi advised Unicredit, Banco BPM and Banca Popolare di Sondrio on Rafomag and its subsidiary Alessandria 2000's debt restructuring. Linda Morellini and counsels Sara Piccardo, Laura Tutinelli  and Lorenzo Marcello Del Majno are also key contacts.

Pedersoli Studio Legale 'achieves effective solutions'. The team is noted for debt restructuring and bankruptcy transactions, by way of both out-of-court agreements and judicial procedures. It assisted several banks with the restructuring agreement of Risanamento's indebtedness. Debt restructuring head Maura Magioncalda 'has great technical expertise', Alessandra De Cantellis 'has deep knowledge of legal matters', Consuelo Citterio  is 'always available', and Alessandra Giovetti is bankruptcy department head.

Bird & Bird's recent experience includes advising Stefanel, an Italian-listed company, on its complex debt restructuring. Alberto Salvadè is highly regarded and Matteo Meroni is an experienced senior associate.

Gatti Pavesi Bianchi Studio Legale Associato's Luca Faustini is highly regarded for debt restructuring transactions and insolvency proceedings, both on the banking and company side.

Nctm Studio Legale assists with both in-court and out-of-court restructurings; the practice stands out for its expertise in real estate fund-related restructuring. Fabio Marelli, senior partner Paolo Montironi and Guido Fauda are experienced advisers.

Orrick, Herrington & Sutcliffe's 'skilled advisers provide workable solutions'. The practice covers investments in distressed assets, bankruptcy scenarios, bankruptcy-related litigation and debt restructuring transactions. Special counsel Daniela Andreatta heads the restructuring and insolvency group.

Pavia e Ansaldo's restructuring and insolvency department is experienced in advising on corporate and financial restructuring as well as pre-insolvency and insolvency litigation; Banca Akros is a client. Roberto Zanchi and Alberto Bianco are the principal advisers.