Firms To Watch: Restructuring and insolvency

Carnelutti Law Firm’s young practice focuses on all issues relating to in-court insolvency procedures, out-of-court workouts, debt restructuring agreements, and distressed M&A transactions.

Restructuring and insolvency in Italy

BonelliErede

With a team that can provide a full service, BonelliErede‘s restructuring and insolvency group stands out for its ‘decades of experience and an ability to innovate that is unique in the Italian panorama.’ Related actions are one of the main specialisms, especially those against directors and auditors, as well as recovery and proof of debts. Genoa-based Marco Arato heads the team and is also a member of the banks, bank loans, and shipping and transport focus teams. Vittorio Lupoli and managing associate Fabio Macrì are also key lawyers in Genoa. In Milan, Giuseppe Lombardi is ‘the greatest Italian expert in restructuring and insolvency’, while Paolo Oliviero specialises in structured finance, joint ventures, and acquisitions of NPL portfolios, among others.

Practice head(s):

Marco Arato

Testimonials

‘Constant commitment and availability, ability to resolve (to the satisfaction of all the parties involved) the obstacles that prevented the closing of negotiations, always offering the most effective and efficient solution. Giuseppe Lombardi is the greatest Italian expert in restructuring and insolvency.’

‘Professionalism and availability of the professionals who are part of the law firm, as well as the breadth of practices and the ability to support the client in various areas. The lawyers Paolo Oliviero and Gianpaolo Ciervo, together with their entire team, always assist clients with the utmost professionalism and diligence.’

‘Federico Vermicelli is more than an external consultant, he feels like a colleague with whom to discuss. He works in harmony and proactively with clients, proposing scenarios and alternative solutions, as well as outlining the pros and cons of each solution.’

‘The professionals of the BonelliErede are unique in the local panorama: they are the only studio able to offer multidisciplinary consultancy of excellent quality. Furthermore, the presence of the BonelliErede studio also outside Liguria (Milan, Rome, foreign offices) allows Ligurian companies to benefit from a network that no other local studio can offer.’

‘Vittorio Lupoli has thirty years of experience in the field of bankruptcy law and corporate law as well as a deep and solid knowledge of the practice of distressed M&A, which allows him to identify ad hoc solutions that also include extraordinary transactions. Managing associate Filippo Chiodini has decades of experience in the field of bankruptcy law and corporate law and has increasingly established himself as an emerging lawyer in this sector. Filippo, in particular, has developed significant expertise in debt restructuring that require extraordinary and distressed M&A transactions.’

‘The team has always shown great competence, expressing quality of work and a strong ability to interpret and anticipate the various needs, always showing themselves to be extremely flexible both in relation to times and to the requests of the various interlocutors.’

‘In general, the firm falls within the top 3 of Italian law firms; the main strengths, also compared to other firms, are the wide range of practices offered and the adequacy of the resources available to the different teams allocated to each operation.’

‘Strong technical depth and orientation to solving the customer’s problems in a non-conflictual way. Federico Vermicelli and Pierangelo Totaro are very strong not only in bankruptcy law but in all other typically relevant disciplines (M&A, IP, tax, litigation).’

Key clients

Acciaierie Venete

Ferroli

Gruppo Messina

ILVA in Amministrazione Straordinaria

Pessina Costruzioni

Piaggio Aero Industries

UniCredit

Webuild

Work highlights

  • Assisting Piaggio Aero Industries S.p.A. under extraordinary administration in 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.
  • Advised Bialetti in relation to the restructuring of its existing financial indebtedness and the obtainment of new financing through the approval of new business plan and financial manoeuvre and the execution of an art.182-bis Italian bankruptcy law restructuring agreement.
  • Advised Gruppo Messina and Ignazio Messina in the closing of the restructuring agreement executed by the group and its financial lenders.

Chiomenti

Chiomenti has a consolidated track record in restructuring and turn-around transactions, as well as in restructuring processes involving extraordinary corporate transactions. Additionally, through the integration with the firm’s litigation team, the department is able to act in criminal insolvency matters, including white collar litigation. The team is managed by Antonio Tavella and includes Giulia Battaglia, who are described as ‘two excellent professionals with complementary skills, forming an excellent duo.’ Battaglia has significant experience in the shipbuilding and healthcare industries. Senior associate Giada Caravello is ‘always available and effective.’

Practice head(s):

Antonio Tavella

Other key lawyers:

Giulia Battaglia; Giada Caravello

Testimonials

‘360-degrees customer service. Immediate response time on all essential issues for the initiation and execution of restructuring plans.’

‘Antonio Tavella: always available and effective. Giulia Battaglia: reference point on all financial issues. Senior associate Giada Chiaravello: always available and effective.’

‘Technical skills, rapid response and availability towards the customer (partners are always present in all calls).’

‘Antonio Tavella and Giulia Battaglia have very strong technical skills and are able to manage the customer in an excellent way. Always available, always present in the calls, very fast in giving answers or producing documents requested by the customer.’

‘Antonio Tavella: precise and punctual in exposing the legal problem and proactive in presenting possible solutions.’

‘Antonio Tavella and Giulia Battaglia are two excellent professionals with complementary skills. Moreover, they work well together, forming an excellent duo.’

‘Giulia Battaglia is creative, commercial and excellent in negotiations. Antonio Tavella has a great soft touch – both with clients and counterparties – and is very good technically.’

‘Giulia Battaglia is fantastic. She has very good sector knowledge and a very practical approach.’

Key clients

Brooks Brothers Europe S.r.l. in liquidazione

Springwater Capital LLC

Huawei Technologies Italia S.r.l.

Pasta Zara S.p.A.

Chateau D’Ax S.p.A.

Njord Partners LLP

QuattroR SGR S.p.A.

Consorzio Latterie Sociali Mantovane Virgilio Società Agricola Cooperativa

Banca Nazionale del Lavoro S.p.A.

RB Italy Holding S.r.l.

Sansedoni Siena S.p.A.

Cheyne European Strategic Value Credit Fund SCS SICAV – SIF

F2i SGR S.p.A.

Aspiag Service S.r.l.

Leroy Merlin Italia S.r.l.

Work highlights

  • Advising Brooks Brothers Europe S.r.l. in liquidazione as legal advisors in relation to its overall debt-restructuring transaction and in all related matters, including drafting and filing the relevant simplified concordato preventivo petition before the Court of Milan.
  • Advising F2i in partnership with Asterion in acquiring from Nuova Sorgenia Holding and MPS of 99.99 % of the share capital of Sorgenia S.p.A.
  • Advising Cheyne Capital in relation to a complex transaction providing for the purchase of the majority stake in the corporate capital of Irplast S.p.A. and the subscription of a super-senior bond in the context and upon homologation of a debt-restructuring agreement under article 182-bis of the Italian Bankruptcy Law.

Gianni & Origoni

Gianni & Origoni has ‘extreme competence’ in complex transactions and restructuring operations, advising both debtors and creditors in out-of-court and in-court proceedings. The team includes lawyers with notable market standing, including Turin-based Luca Jeantet and Gabriella Covino in the Rome office. The duo head the practice, which also includes recognised Antonio Auricchio. The department advises sizable Italian financial institutions and companies, as well as credit assignors.

Practice head(s):

Gabriella Covino; Luca Jeantet

Other key lawyers:

Antonio Auricchio

Testimonials

‘In addition to the technical skills that are certainly at the highest levels, in line and in some cases higher than the standards of the top legal firms, GOP has the ability to understand business logic. Luca Jeantet and his collaborators demonstrate an excellent ability to understand the business.’

‘Luca Jeantet and Paola Vallino are always available, truly 24 hours a day. They always keep calm even in extremely stressful situations, knowing how to manage the most critical moments. Luca Jeantet is very good at managing all the stakeholders in order to persuade and achieve the result.’

‘Gabriella Covino has a unique ability to lead and hold the negotiating table together. She is at the same time easy going but when necessary extremely firm as very few can be.’

‘There is an excellent balance between juniors and seniors and they draw in resources internally (including different areas) if and when required so that clients have access to any analysis that a complicated projects might need.’

‘They all take full ownership of the projects.’

Key clients

Astaldi S.p.A.

Moby S.p.A.

CIN S.p.A.

Toremar

IDeA CCR I

Inca Cosmetici S.p.A.

D’Amante S.p.A.

Ingegneria Italia S.p.A. under extraordinary administration

Conbipel S.p.A. under extraordinary administration

Martor S.p.A.

Fintyre S.p.A.

Sugherificio Ganau

Tyre Retail S.p.A.

Cerberus (Santarelli’s bankruptcy)

Work highlights

  • Assisting Astaldi Spa in structuring and drafting a composition with creditors (“concordato preventivo”) proposal, pursuant to Articles 160 et seq. of the Italian Insolvency Law.
  • Assisting G.A.M. S.p.A. and other companies of its group in structuring and drafting a composition with creditors (“concordato preventivo”) proposal on a going concern basis, pursuant to Articles 160 and 186-bis of the Italian Insolvency Law.
  • Assisting Moby S.p.A. in composition with creditors proceedings brought before the Court of Milan, which provides for the continuity of the company as a going concern.

Molinari Agostinelli

Molinari Agostinelli is involved in a significant number of major restructurings in Italy, providing banks, financial institutions and industrial groups with ‘top-of-the-line’ advice. Corporate restructurings are among the key specialisms of Ugo Molinari, who is described as ‘truly outstanding’. Alessandro Fontana, who was promoted to equity partner in June 2021, focuses on the banking and finance sectors and is known as a ‘great and very prepared professional’. The duo head the practice. The arrival of Riccardo Agostinelli and a team of three partners and three associates from Gattai, Minoli, Partners further boosted the department.

Practice head(s):

Ugo Molinari; Alessandro Fontana

Other key lawyers:

Marinella Ciaccio; Margherita Santoiemma; Riccardo Agostinelli

Testimonials

A great competence in the sector and a proactivity in the assistance to the client.’

‘Ugo Molinari makes the difference with his competence and negotiating skills, and is very well-supported by Marinella Ciaccio, who is very careful and accurate in the analysis of legal issues, as is Claudio Zanda.’

‘Top-tier firm in restructuring.’

‘The team includes two of the best restructuring experts in Italy.’

‘What makes Studio Molinari-Agostinelli unique is the rapidity of analysis and response, the very strong and pragmatic attitude, the ability to correctly read financial statements and complex financial documents.’

‘Special mention to Ugo Molinari, very well-prepared on the legal front and brilliant in interpreting financial issues. Mention also for Alessandro Fontana, also a great professional, very prepared and always available.’

‘Ugo Molinari is truly outstanding. He almost always follows the practices in first person. Gifted with great charisma. Excellent preparation.’

Key clients

Coop Alleanza 3.0

UniCredit

Banca Monte dei Paschi di Siena

Banco BPM

Intesa Sanpaolo

Aareal Bank

BNL

Illimity Bank

DeA Capital Alternative Funds

Gruppo Russotti

Solido Holding

Tourist Ferry Boat

Comdata Group

Valvitalia

Castello SGR

Clessidra Restructuring Fund

Green Arrow Capital

Work highlights

  • Advised Comdata in relation to the rationalization of its financial indebtedness, by means of a debt-to-equity swap and a total redefinition of the existing indebtedness terms.
  • Advised Lenders to Ferroli on the review of the debt restructuring agreement and relevant ancillary documents executed in 2015.
  • Advised Solido Property in relation to the restructuring of its financial indebtedness resulting from different facility agreements executed with several banks, whose receivables were subsequently purchased by two different financial investors through the execution of separate agreements implementing a recovery plan pursuant to art. 67, paragraph 3, lett. d), of the Italian Bankruptcy Law.

DLA Piper

Antonio Lombardo and Francesco De Gennaro are the key names at DLA Piper‘s restructuring and insolvency department. Corporate finance head Lombardo is highly experienced in acting for financial institutions in corporate lending structured finance, acquisition finance and other finance and restructuring matters; De Gennaro provides transactional assistance to lenders and investors, funds and hedge funds on financial and corporate restructurings, distressed M&A and assets acquisitions. Ugo Calò is noted. Luca Magrini is now with Studio Legale Cappelli RCCD.

Other key lawyers:

Giampiero Priori; Ugo Calò

Testimonials

‘Excellent team with capable lawyers offering services across the transactional and litigation areas of financial restructurings.’

‘Francesco De Gennaro is a very capable, strategic lawyer with strong negotiation skills and long-standing experience in restructuring transactions and bankruptcy proceedings. Alessandro Lanzi is a good litigation lawyer, with ad hoc bankruptcy expertise.’

‘Many resources available to customers and well-trained partners.’

‘Very prepared and highly commercial partners.’

‘Key strengths: very experienced, highly professional, 24-hour availability.’

‘Giampiero Priori: open-minded, attitude to reaching the target, multiple solutions to the same problem, hard worker.’

Key clients

Intesa Sanpaolo

Conbipel

Casinò di Campione

Monte dei Paschi di Siena

UniCredit

ICCREA

Banco BPM

Solution Bank

BNL

AMCO

Banca IFIS

UniCredit Leasing

Bain Capital

King Street

DeA Capital Alternative Funds

doValue

Alba Leasing

Banca Patavina

Work highlights

  • Assisted a leading Italian international bank in the reshaping of AccorInvest Group’s €4.5 billion debt, with the granting of €477 million of new financing and the rescheduling of € 1.2 billion of previous indebtedness.
  • Assisting Conbipel – as debtor – in a restructuring process in relation to which the debtor has been admitted to extraordinary administration pursuant to Legislative Decree no 270/1999.
  • Assisted Casinò di Campione in the proposal for composition with creditors (“concordato preventivo”), approved by the Court of Como in June 2021. This decision has given the go-ahead for the reopening of the Campione Casino, which has been closed for almost three years.

Giovanardi Studio Legale

Giovanardi Studio Legale is a highly appreciated independent firm with a successful track record in the restructuring and insolvency space, where it acts with ‘unique commitment’ and focusing on the preservation of business values for the benefit of all stakeholders. Carlo Alberto Giovanardi and Linda Morellini distinguish themselves for being ‘extremely knowledgeable’ and for their leading role in the department. Associate Andrea Chiloiro is highlighted.

Practice head(s):

Carlo Alberto Giovanardi; Linda Morellini

Other key lawyers:

Andrea Chiloiro; Federica Dipilato

Testimonials

‘Fantastic, capable and efficient team.’

‘Excellent and helpful professionals.’

‘The firm has a very direct approach that makes dialogue and confrontation immediately effective. Professionals are extremely knowledgeable. Each issue is addressed with the right skill and attention.’

‘Carlo Giovanardi is the reference partner: person and professional of great value, availability, flexibility, great balance and competence. Linda Morellini: always willingness to dialogue, with competence and ability to coordinate complex restructuring contexts.’

‘Linda Morellini: great preparation and ability to focus on problems. Andrea Chiloiro: excellent team building and preparation skills. Federica Dipilato: excellent preparation.’

‘Extremely competent and dedicated team, with strong relationships in the financial world useful for finding possible financial solutions in restructuring operations.’

‘Andrea Chiloiro and Federica Dipilato: unique commitment to the project and a strong determination in maintaining the position even in the face of different customer opinions.’

‘Giovanardi makes use of the longstanding professional experience of  Carlo Alberto Giovanardi and his undisputed qualities of organization, coordination and mediation necessary for the improvement and success of the corporate recovery plans. He is highly esteemed and represents a point of reference for many banking institutions.’

Key clients

Boccadarno Village S.p.A.

Legance - Avvocati Associati

Legance – Avvocati Associati‘s restructuring and insolvency practice is ‘well known in the market’ and particularly sough out by banks. The ‘reliable, professional’ team draws in expertise from the banking and finance and dispute resolution departments in particular, and comprises professionals acting from Rome, Milan, London and New York. The team includes Alberto Giampieri who is an expert in M&A public and private transaction;  Daniele Geronzi and counsel Francesca Colantoni, both of whom are specialists in insolvency procedures and restructuring and are described as ‘reliable professionals and constantly available.’

Practice head(s):

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

Other key lawyers:

Francesca Colantoni

Testimonials

‘The Legance team is now well known in the market and has already worked on many bank files. It is a reliable, professional team, widely available on request, and experienced in the field of expertise. Professionals have a friendly and smart approach that facilitates the relationship and contributes to the success of the objectives.’

‘Daniele Geronzi and Francesca Colantoni, who are specialized in insolvency procedures and restructuring, are reliable professionals, constantly available for support and discussions, and are on time with deadlines.’

Key clients

Banco BPM

Banca Nazionale del Lavoro

BNP Paribas

Bondholders Micoperi

CarVal

Castello Sgr

CNH INDUSTRIAL FINANCIAL SERVICES S.A. – Iveco

Credito Fondiario

Energia Italiana S.p.A. (Sorgenia S.p.A.)

Gabetti

Illimity

Intesa Sanpaolo

Koelliker S.p.A.

Moncada Energy Group S.r.l.

MPS – Monte dei Paschi di Siena S.p.A.

Prelios Sgr

Solution Bank

VEL Green

Work highlights

  • Assisting Koelliker group in relation to a complex transaction aimed at the definitive restructuring of the financial indebtedness of the group.
  • Assisting the debtors in relation to the restructuring of the financial indebtedness of the Perseveranza Group,pursuant to an agreement under Article 182-bis of the Italian Bankruptcy Law.
  • Assisting a pool of banks in the restructuring of the financial indebtedness of Leolandia S.p.A.

ADVANT Nctm

ADVANT Nctm‘s restructuring and turnaround team has notable strength in handling business crises, restructuring negotiations, insolvency procedures, distressed investment and special opportunities. Synergies between the bankruptcy law practice and the corporate affairs practice allows for cross-departmental assistance. The practice is led by Fabio Marelli, who stands out for his expertise in complex restructurings. Paolo Montironi is singled out for having acted for Investcorp and Equistone in the sale of N&W Global Vending to Lone Star.

Practice head(s):

Fabio Marelli

Other key lawyers:

Pietro Maria Tantalo; Paolo Montironi

Testimonials

‘Fabio Marelli is fantastic for availability, competence, relational ability.’

‘Fabio Marelli is truly a professional of extraordinary quality; his collaborators, including the younger ones, are also very good.’

‘Rigorous approach to bankruptcy law (Fabio Marelli). High negotiation and strategic skills (Pietro Maria Tantalo).’

‘Strengths: multidisciplinary, excellent business understanding, proactivity, excellent preparation.’

Key clients

Club House Italia S.p.A.

Investcorp

Gpack S.p.A.

Autostrada Regionale Cispadana S.p.A.

Adveo Italia S.r.l.

Delivery Mates S.r.l.

Misco Italy S.r.l.

Granato – Ceetrus Group – Cardelis

Preca Brummel S.p.A.

Griggio S.r.l.

Alma s.a.s.

Work highlights

  • Advised Poltrona Frau S.p.A. in the acquisition aimed at judicial restructuring of Cub House Italia S.p.A.
  • Advising Investcorp in the acquisition (along with the Italian Sovreign Fund for the safeguarding of the economy following the pandemic) of the business of Corneliani S.p.A.
  • Advised the family owners of Gpack S.p.A. in securing Court-approved debt restructuring agreements with creditors and with new investors (Oxy Capital S.p.A.)

Ashurst

Ashurst‘s restructuring and insolvency team had a busy year representing minority bondholders for insolvent companies and negotiating restructuring schemes. NPL and securitisation work is also a key focus at the firm, together with extraordinary operations, which are often managed by the leading duo Paolo Manganelli and Mario Lisanti. Counsel Annalisa Santini and senior associate Mario Orsenigo complete the team.

Practice head(s):

Paolo Manganelli; Mario Lisanti

Other key lawyers:

Annalisa Santini; Mario Orsenigo

Testimonials

‘Always available to support and create innovative solutions based on customer needs.’

‘Paolo Manganelli independently manages complex processes. He understands the commercial dynamics underlying the legal support, also creating a relationship of personal as well as professional esteem with the client.’

‘Very well-prepared, very keen on problem-solving.’

‘Paolo Manganelli has technical preparation and the ability to assist customers.’

Key clients

Amundi Asset Management

Bain Capital Credit

Bridgestone Europe

Davidson Kempne

Deutsche Bank

Fortress Investment Group

Illimity Bank

Lendlease

Mitsui & Co ltd

Muzinich & Co. SGR S.p.A.

Overgom S.r.l

WRM Group

Work highlights

  • Assisting Bridgestone in connection with the restructuring of the Italian entities of the Fintyre Group.
  • Advising Mitsui in connection with the termination of exclusive supply agreement in place with Maglital s.r.l. and in general, the commercial relationship with Maglital currently under concordato in bianco with going concern and connected threatened litigation.
  • Advising BHP Billiton in connection with ILVA extraordinary administration.

Cleary Gottlieb Steen & Hamilton

Cleary Gottlieb Steen & Hamilton is recognised for its strong expertise in local insolvency law as well as large, international restructuring transactions. The department is 'absolutely outstanding' and particularly renowned for having contributed to the drafting of the concordato preventivo law reforms in 2012, 2015 and 2019. Giuseppe Scassellati-Sforzolini is known for his involvement with ArcelorMittal/Ilva. Carlo de Vito Piscicelli is both Italian and US-qualified.

Other key lawyers:

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

Testimonials

‘Market-leading law firm capable of providing the full suite of services for complex financial restructurings, including corporate, finance, litigation and cross-border expertise. The overall quality of the team is absolutely outstanding.’

‘Ability to respond promptly to customer needs in a professional way and facilitating negotiation.’

‘High standing by the reference partner Carlo De Vito Piscicelli and associate Mattia Paglierini.’

Key clients

Aigis Banca

Sirti

ArcelorMittal

Pillarstone

Avenue Capital

BBVA

Golden Tree

Goldman Sachs

Neuberger Berman

TPG Sixth Street Partners

Work highlights

  • Assisted Pillarstone Italy as investment advisor to Finav in the debt restructuring of the Perseveranza group and Fertilia S.r.l.
  • 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.
  • Aassisted Aigis Banca in all aspects relating to the default of certain notes issued in securitizations arranged by Greensill.

Clifford Chance

Clifford Chance‘s restructuring and insolvency team exclusively focuses  on high-profile restructurings, distressed refinancing and insolvency transactions and is supported by the firm-wide international restructuring and insolvency group. Managing partner Giuseppe De Palma is a key name, together with litigation head Fabio Guastadisegni and corporate and M&A head Paolo Sersale. Counsel Filippo Isacco specialises in corporate restructuring transactions. In Rome, Carlo Felice Giampaolino stands out.

Practice head(s):

Giuseppe De Palma

Other key lawyers:

Fabio Guastadisegni; Paolo Sersale; Carlo Giampaolino; Ferdinando Poscio; Filippo Isacco

Key clients

Kidiliz Group

Citibank

Exprivia S.p.A.

Mubadala Investment Company PSJC

Permasteelisa

HSBC bank PLC

Mitsubishi Corporation

ATAC S.p.A.

Work highlights

  • Assisted the Kidiliz Group, a multinational player in the kidswear retail sector headquartered in France, in a very complex cross-border and pan-European restructuring, which led to the sale of a branch of its business to the Vincenzo Zucchi and the ID Valeurs Groups.
  • Assisting Citibank in its role as trustee of the bondholders of Moby S.p.A., a leading Italian shipping company, on the enforcement of their €300 million claim vis-à-vis Moby in the context of the composition with creditors (concordato preventivo) of Moby pending before the Court of Milan.
  • Advising Exprivia in relation to the turnaround of Italtel S.p.A. and ongoing discussions with financing banks.

Dentons

Dentons focuses its restructuring practice on four main areas: corporate and finance restructuring, distressed M&A, bankruptcy advisory work and litigation. Recent highlights include the admission of a Chinese public entity into the Italian Extraordinary Administration procedure, which was a first-of-its-kind event. Cristian Fischetti has been heading up the group since after his promotion to partner in March 2021. Formerly, the position was jointly held by managing partner Federico Sutti and banking and finance head Alessandro Fosco Fagotto, who are nonetheless active in the area.

Practice head(s):

Cristian Fischetti

Other key lawyers:

Federico Sutti; Alessandro Fosco Fagotto

Testimonials

‘Dentons has excellent technical skills in the restructuring field. Thanks to the contribution of its professionals, it certainly ranks among the top Italian providers for technical solutions and sensitivity, even in the most delicate operations.’

‘Cristian Fischetti is undoubtedly one of the most prepared professionals in the restructuring field at an Italian level.’

‘In-depth technical skills. Understanding the needs of the client. Ability to negotiate the best terms for the client.’

‘Cristian Fischetti: technical qualities in bankruptcy, proactivity, problem-solving mindset.’

‘Over the last few years, Dentons’ banking and restructuring team has proven to be one of the best on the market.’

‘What makes the firm unique is the preparation of its professionals. The strengths are the availability towards the customer and the professionalism, the use of technological tools that even during the pandemic have allowed the bank to always feel supported.’

‘Cristian Fischetti is always available and above all proactive in finding solutions even with very “rigid ” counterpart lawyers. Punctual in compliance with deadlines, which in bankruptcy law offices are always compressed and very challenging.’

‘Dentons represents a legal network offering expertise across a broad range of industries.’

Key clients

CPI Property Group

Irplast

Intesa Sanpaolo

BPER Banca

UniCredit

Amco – Asset Management Company

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

Industrial and Commercial Bank of China (ICBC)

Biokimica

Goldoni S.p.A / Arbos Group

KSM

Sicap S.p.A.

Hamburg Commercial Bank

Banca Ifis

Galotti

Aligros

Work highlights

  • Assisting CPI Property Group pursuant to art. 182 bis and 67 of Italian Bankruptcy Law.
  • Assisting Goldoni in relation to the complex composition with creditors procedure (“concordato preventivo”), approved by the Court of Modena on July, 1 2021.
  • Assisting Italia Wanbao – ACC in the admission to the Extraordinary Administration procedure of a Wanbao Group subsidiary.

Gatti Pavesi Bianchi Ludovici

Distressed businesses, financial restructuring profiles, insolvency and bankruptcy proceedings, including disputes and claw back actions all belong to Gatti Pavesi Bianchi Ludovici‘s specialisms. Practice head Luca Faustini is known for acting in major restructuring operations in the Italian market, and receives praise for his knowledge of pre-bankruptcy, bankruptcy and company law, as well as corporate reorganization management.

Practice head(s):

Luca Faustini

Testimonials

‘In addition to the competence and preparation of the team members, ability to manage complex situations.’

‘Luca Faustini is a serious, prepared professional, always careful to get the best results for his clients. Attentive to understand everyone’s point of view, able to mediate and bridge distances.’

‘Punctuality, precision, competence.’

‘Luca Faustini is a professional that you feel is at your side – fully taking care of your interests – on positions bordering on litigation. Great clarity and excellent communication skills.’

Key clients

Corneliani S.r.l.

Illimity Credit & Corporate Turnaround Fund

Banco BPM S.p.A

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

UniCredit S.p.A.

Intesa SanPaolo S.p.A.

Clessidra Restructuring Fund

Work highlights

  • Assistance to seven banks and leasing companies in the transfer of credits, short-term loan agreements and leasing agreements to reserved closed-end Italian alternative investment fund called “illimity Credit & Corporate Turnaroud Fund”, established and managed by illimity SGR S.p.A., one of the largest alternative investment fund whose main object is to invest in UTP credits.
  • Assisting Corneliani S.r.l. before the Court of Mantua to file the ‘blank’ petition of the pre – composition with creditors proceedings first, and then to obtain the admission for approval of the proceeding relating to the pre-bankruptcy composition with creditors.
  • Advising ALGOWATT – ITALEAF in relation to the subscription by algoWatt SpA and of its parent company Italeaf SpA, of the lenders of the companies as well as of the representative of the underwriters of the bond loan of a financial agreement implementing a certified recovery plan, relating to the debt exposure of the Companies, and aimed at rebalancing their financial exposure.

Hogan Lovells International LLP

Hogan Lovells International LLP assists on the full range of insolvency and restructuring matters, including debt and corporate restructurings. Practice head Ernesto Apuzzo is a key name for the assistance of financial institutions. Antonio Di Pasquale focuses on debt trading and distressed acquisitions. Filippo Andrea Chiaves coordinates a contentious insolvency team. Pierantonio Musso completes the team.

Practice head(s):

Ernesto Apuzzo

Testimonials

‘Excellent professionals, it is always a pleasure to work with them.’

‘Ernesto Apuzzo is one of the best professionals in the sector and with him it is always possible to identify the most appropriate solution with an open and constructive dialogue. Francesco Gallo is also great.’

‘Great competence in the matter. Young and dynamic team capable of adapting to the customer’s needs also on a technological level.’

‘Speed and dynamism. Pierantonio Musso is a point of reference.’

‘Pierantonio Musso always makes himself very available and manages to manage situations with a business and a fine juristic point of view at the same time. Ernesto Apuzzo is practical, which always helps to secure the deal.’

Key clients

Aeroports de Paris

Apeiron Management S.p.a.

Brainlab AG

Ediconsult Srl

Enercon Gmbh

Esso italiana Srl

Etihad

Generalfinance

Georgia pacific llc

Grancasa

Immobiliare mazzini

Intesa san paolo

Kock group

Kuwait petroleum

Lbi ehf (former landsbanki ìslands)

Maccaferri

Mitsubishi mhie

Molex group

Monte dei paschi di siena

Nespoli group

Osk shiptech a/s, osk projects (hk) ltd

Prelios credit servicing s.p.a.

Resideo

Sacyr

Unicredit

Vallesi

Vsl construction solutions pty

Aeroports de paris

Apeiron management s.p.a.

Brainlab ag

Ediconsult srl

Enercon gmbh

Esso italiana srl, exxonmobil

Etihad

Generalfinance

Georgia pacific llc

Grancasa

Immobiliare mazzini

Intesa san paolo

Kock group

Kuwait petroleum

Lbi ehf (former landsbanki ìslands)

Maccaferri

Mitsubishi mhie

Molex group

Monte dei paschi di siena

Nespoli group

Osk shiptech a/s, osk projects (hk) ltd

Prelios credit servicing s.p.a.

Resideo

Sacyr

Unicredit

Vallesi

Vsl construction solutions pty

 

Latham & Watkins LLP

Latham & Watkins LLP operates on complex restructurings, mostly assisting private equity and investment funds. Leveraged finance and bond transaction belong to practice head Marcello Bragliani‘s key areas. Counsel Mauro Saccani stands out for representing both lender and borrower side in domestic and cross-border debt restructuring proceedings.

Practice head(s):

Marcello Bragliani

Other key lawyers:

Mauro Saccani

Testimonials

‘Very engaging professional relationship. Ability to create strong and stable bonds with customers.’

‘Ability to investigate and analyse in detail even very complex projects.’

‘Competence, experience, promptness in feedback, customer focus.’

‘Mauro Saccani has always guaranteed a high and constant support in the management of complex deals; Marcello Bragliani is also excellent.’

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

Mediobanca

Morfini S.p.A.

MPS

Tecnica Group

UniCredit S.p.A.

Osborne Clarke

Osborne Clarke‘s restructuring and insolvency department has a double focus: on the one hand, group head Filippo Canepa specialises in restructuring and insolvency work for distressed companies and liquidators. His practice is complemented, on the other hand, by Federica Greggio‘s, Andrea Pinto‘s and Antonio Fugaldi‘s specialism in debt restructuring for lenders. The resulting practice concentrates on the mid-market, additionally offering restructuring and insolvency tax advice. Senior associate Maurizio Zonca is highlighted.

Practice head(s):

Filippo Canepa

Testimonials

‘The main quality, as well as an undoubted competence and experience, lies in the dedication and availability of the team, which is excellent.’

‘Maurizio Zonca demonstrates intelligence and competence in all circumstances.’

‘Competence and professionalism in the sector, excellent skills in drafting the texts of the agreements, availability and ability to negotiate and mediation, problem-solving mindset. Antonio Fugaldi is recommended.’

‘Highly professional team and quick feedback.’

‘The team is unique because it is made up of a set of professionals, which covers all the points of possible interest of a client, each with a specific specialization associated with a consistent experience in the subject of their own pertinence. The plurality of specialists also creates a synergistic interaction that allows the provision of high quality services.’

Key clients

UniCredit S.p.A.

Aresistemi S.r.l. and Arescosmo S.p.A.

Centauria S.r.l

Cartiera di Momo S.p.A.

Intesa Sanpaolo S.p.A

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

Rubinetterie Eurorama S.p.A.

Pasubio Sviluppo S.p.A.

Banca Nazionale del Lavoro S.p.A.

Banco Popolare Soc. Coop. (now Banco BPM S.p.A.)

Officine Meccaniche Gino Nerviani s.r.l.

The Organic Factory S.p.A.

BNP Paribas Leasing Solutions S.p.A

ICCREA Banca Impresa S.p.A.

Alba Leasing S.p.A

SG Leasing S.p.A.

AMCO S.p.A.

Work highlights

  • Advised Arescosmo S.p.A. and its subsidiary Aresistemi S.r.l. in connection with two separate but coordinated arrangements with creditors’ proceedings.
  • Advising Cartiera di Momo S.p.A. on an application to enter into the ‘arrangement-with-creditors’, which has also involved the challenge of how to maintain factory operations during negotiations.
  • Advised the financial creditors – a pool of banks including many of the largest institutions in Italy – in connection with the complex restructuring of the financial indebtedness of Valvosanitaria Bugatti S.p.A.

Pedersoli Studio Legale

Pedersoli Studio Legale‘s restructuring and bankruptcy team which is made up of ‘highly skilled and trained professionals’ in corporate, civil and commercial law. The deep interaction between the debt restructuring and bankruptcy departments, which are led by Maura Magioncalda in Milan and Alessandra Giovetti in Turin, respectively, results in a ‘close-knit’, quality practice. Magioncalda’s ‘professionalism and competence are combined with functional pragmatism’. Jacopo Macchia and Alessandra De Cantellis are also noted team members.

Practice head(s):

Maura Magioncalda; Alessandra Giovetti

Other key lawyers:

Consuelo Citterio; Jacopo Macchia; Alessandra De Cantellis

Testimonials

‘Ability to tackle problems with profound technical competence and extraordinary negotiation skills. The problem-solving ability is flanked by the effectiveness and speed of the execution phase, thanks to the close-knit team.’

‘Maura Magioncalda: professionalism and competence are combined with functional pragmatism to provide the best solutions for the cases that are submitted.’

‘Maura Magioncalda and Alessandra De Cantellis: professionalism, technical competence, punctuality and compliance with deadlines.’

‘Alessandra Giovetti leads a solid, capable and competent team. The bankruptcy law team is made up of highly skilled and trained professionals. Availability and attention to the customer’s needs, with timely interventions, and a strong aptitude for solving problems of a legal but also practical nature.’

‘Alessandra Giovetti, equity partner, has a consolidated experience in insolvency procedures (bankruptcies, composition with creditors, extraordinary administrations). Jacopo Macchia, junior partner, is a trained and competent professional.’

‘The bankruptcy law team of Pedersoli Studio Legale stands out for the competence and preparation of professionals as well as for the ability to offer constant and timely all-round assistance to the client.’

‘Alessandra Giovetti has a deep experience in insolvency and corporate matters and a superior capacity in solving complex legal issues. Jacopo Macchia is a reliable, serious and highly trained professional, capable of independently managing significant matters.’

Key clients

Intesa Sanpaolo

UniCredit

BPER Banca

Banco BPM

Yanez SPV

Green Campus

Scarpe & Scarpe

AmCo Asset Management

General Finance

Crédit Agricole Italia

illimity Bank

DeA Capital Alternative Funds

Work highlights

  • Assisting BPER Banca in relation to the contribution to project Cuvée, the innovative multi-originator platform to manage UTP credits relating to the real estate sector established by AMCO and the Prelios group and related to the fund named “Back2Bonis”, of a real estate credits portfolio for an amount of about EUR 52 million.
  • Assisting a syndicate of banks including BNL (BNP Paribas Group), UniCredit, Intesa Sanpaolo, Banco BPM and Banca Monte dei Paschi di Siena in the renegotiation of a EUR 100 million exposure of the Trussardi Group and negotiations with the controlling shareholder Quattro R fund, in the context of a restructuring plan pursuant to art. 67 of the Italian Bankruptcy law.
  • Assisting a syndicate of primary Italian financial institutions in the context of the restructuring of the financial indebtedness for an amount of around EUR 115 million of Gruppo Ceramiche Ricchetti, an industrial holding company active in the production of ceramic tiles for floor and wall applications, and in the negotiations with Fondo Quattro R managed by QuattroR SGR, its majority shareholder since the first restructuring of the indebtedness of the company in 2018.

Studio Legale Delfino e Associati Willkie Farr & Gallagher LLP

Studio Legale Delfino e Associati Willkie Farr & Gallagher LLP‘s Bruno Cova is highly regarded for handling restructuring and insolvency work for global private equity players and financial services, as well as in the engineering and construction sectors. Stanislao Chimenti, who specialises in the telecoms sector, is another key name.

Practice head(s):

Bruno Cova

Other key lawyers:

Stanislao Chimenti

Key clients

Lecta S.A.’s Committee Of Noteholders

Ad Hoc Group

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.

White & Case LLP Italy

White & Case LLP Italy‘s sizable financial restructuring and insolvency team is described as ‘very competent, structured and able to tackle complex projects very effectively.’ The department is part of the firm’s wider European restructuring and insolvency team and is therefore able to provide Italian, English, EU and US advice. Gianluca Fanti has ‘great skills and experience.’ Giuseppe Barra Caracciolo is a great professional: serious, prepared and capable of finding practical solutions.’ Maria Cristina Storchi provides ‘excellent service’. Iacopo Canino, Andrea Novarese and Francesco Scebba are also noted. Alessandro Nolet is now with Linklaters.

Practice head(s):

Iacopo Canino; Gianluca Fanti; Andrea Novarese; Maria Cristina Storchi; Giuseppe Barra Caracciolo; Francesco Scebba

Testimonials

‘Excellent service rendered by partner Maria Cristina Storchi.’

‘Strategic view of operations.’

‘Technical competence, combined with the ability to effectively support the customer’s decision-making.’

‘Number one in credit transfers, the team also has good expertise in restructuring. Great commitment and work capacity. Extremely attentive to regulatory updates and the related implications for creditors.’

‘Gianluca Fanti is an excellent professional, with great skills and experience.’

‘Very competent and structured team. Able to tackle complex projects very effectively.’

‘Giuseppe Barra Caracciolo is a great professional: serious, prepared and capable of finding practical solutions. Gianluca Fanti has a great commercial spirit.’

Key clients

Alisarda – Air Italy

Banco BPM

Banca Ifis

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

Blackstone (formerly GSO Capital Partners)

BPER

Cariparma (Credit Agricole)

Compagnia Internazionale Tessuti

Fingen

Gemmo

Gruppo D’Alesio

Hertz Global Holdings

Intesa Sanpaolo

Mediobanca

Novalpina Capital

Oaktree

Oak Hill

Sound Point

UniCredit

VGO Capital Partners

York Capital Management Europe

Work highlights

  • Representing Intesa Sanpaolo S.p.A. in connection with a €6 billion project launched by the Italian listed company Salini Impregilo S.p.A. aimed at strengthening the Italian sector of public works and construction, as a result of which, inter alia, Salini Impregilo S.p.A. will acquire a majority stake in Astaldi S.p.A., another Italian listed company in the context of its arrangement with creditors (concordato preventivo).
  • Represented Hertz Global Holdings, Inc. and, particularly, the Italian entities of the Hertz Group in connection with the filing of Chapter 11 proceedings in the US.
  • Represented York Capital Management Europe in connection with a restructuring transaction involving the acquisition of a €85 million and a €150 million non-performing mortgage loan portfolios secured by a combination of hotels and residential properties and the subsequent restructuring of the debtor’s indebtedness and syndication of part of the debt exposure with Illimity Bank.

Allen & Overy - Studio Legale Associato

Allen & Overy – Studio Legale Associato‘s restructuring team is best known for providing cross-practice advice on both English and Italian law relating to restructuring transactions and insolvency procedures. Counsel Juri Bettinelli heads the practice and is assisted by ‘prepared and available’ associate Bianca Lascialfari, who joined the team from BonelliErede in March 2021.

Practice head(s):

Juri Bettinelli

Other key lawyers:

Paolo Ghiglione; Massimo Greco; Stefano Sennhauser; Bianca Lascialfari

Testimonials

‘Capable to fully address procedures at an international level.’

‘Juri Bettinelli: experience and in-depth preparation.’

‘Continuous assistance on extremely different topics.’

‘Bianca Lascialfari: prepared and available.’

Key clients

Banco BPM

Tozzi Sud

Illimity/Neprix

Algebris

Julia Portfolio Solution

Intesa Sanpaolo

Work highlights

  • Advising a pool of leading Italian and international banks on the complex debt restructuring of Fintyre, the pan-European tyre distributor which is a portfolio company of Bain Capital.
  • Advising Tozzi Sud and its parent company Tozzi S.r.l in two pre-insolvency composition agreements with creditors (concordati preventivi) before the Court of Ravenna, handling both the day-by-day assistance and the judicial aspects of the proceedings.

Bird & Bird

Bird & Bird focuses on turn-around plans, debt restructurings, and pre-insolvency procedures, including, thanks to the firm’s global network, those with international elements. Practice head Alberto Salvadè demonstrates ‘a great mastery of law, competence and efficiency’; senior associate Matteo Meroni ‘shows great professionalism and strong dedication’.

Practice head(s):

Alberto Salvadè

Other key lawyers:

Matteo Meroni

Testimonials

‘Bird & Bird offers its clients more than just legal advice: through a deep knowledge of the business, specialization in different market sectors, excellence in customer service and internationalization, with more than 1000 legal advisors scattered around all over the world, the firm is one of the best known, most appreciated and renowned within the reference sector.’

‘Passion, professionalism, intuition, resourcefulness and constant renewal are the elements that have led to a rapid evolution of the firm .’

‘B&B stands out for the quality of the service and the ability to find legal solutions even in the most critical situations.’

‘Matteo Meroni and Alberto Salvadè: high professionalism, extreme precision, knowledge of specific law, sense of responsibility, 360° vision, advise also on collateral issues, negotiation skills during negotiations, ability to work in a team with other professionals.’

Key clients

Shiloh Industries Italia

Eversheds Sutherland Associazione Professionale

Eversheds Sutherland Associazione Professionale assists clients from the aerospace and defence, banks and financial services, construction and materials, energy, real estate, transportation, utilities sectors in all bankruptcy and insolvency related matters. In particular, the team is notably active in insolvency litigation, including liability actions against directors and auditors, among others. Renato Fiumalbi leads the department, which also includes key name Simone Barnaba.

Practice head(s):

Renato Fiumalbi

Other key lawyers:

Simone Barnaba

Testimonials

‘Eversheds is a firm with a particular and uncommon expertise in bankruptcy law. Its customer support in this area covers all possible aspects of the matter both in the preventive consultancy phase and thereafter.’

‘Simone Barnaba has an uncommon knowledge of bankruptcy law and applicable legislation, which allows him to provide immediate and timely advice.’

‘It is a dynamic team that, depending on the professional expertise required for a specific matter, is able to deploy different, well-trained and well-motivated resources.’

‘Simone Barnaba is a professional whose professional intelligence is matched only by the extreme accuracy that he daily deepens in the analysis and management of every single issue entrusted to him.’

Key clients

Eaton

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.

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

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 Alitalia SAI S.p.A. before Italian Courts seeking the repayment under Italian Bankruptcy Law of certain amounts paid by Alitalia for jet fuel supplies made at several Italian and European airports.
  • 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 the former Chairman of a large Italian shipbuilding company, declared bankrupt, in several legal actions brought by the bankruptcy receiver, including an action for breach of fiduciary duties brought against former directors, auditors and third parties seeking over 170 million euro in damages.

EY TAX & LAW ITALY

EY TAX & LAW ITALY provides 'exceptional quality of work' in the restructuring and insolvency field, with a particular emphasis on debt restructuring. Practice head Francesco Marotta has a strong track record advising public and private companies, corporations, financial institutions and corporate groups in crisis or temporary distress.

Practice head(s):

Francesco Marotta

Testimonials

‘Complete dedication to the client, always respects deadlines, exceptional quality of work, great ability to interact with the court.’

Key clients

Compagnia Traporti Pubblici S.p.A.

Giplast Group S.p.A.

EMAG Milano S.r.l.

EMAG SU S.r.l.

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.

Miotto Generale Petroli S.r.l. in Liquidazione

Edison Giocattoli S.r.l. in Liquidazione

Work highlights

  • Advised ATAC in the integration of financial participative instruments  as the core of the structure of the arrangement with creditors proceeding, with Euro 1,4 billion of debt exposure.
  • Advised Giustino Costruzioni S.p.A. in debt restructuring through an agreement with creditors which led to business continuity pursuant to art. 160 et seq. and 186 bis of Italian Bankruptcy Law.
  • Aadvised Compagnia Trasporti Pubblici S.p.A. in debt restructuring through an agreement with creditors which led to business continuity pursuant to art. 160 et seq. and 186 bis of Italian Bankruptcy Law.

Gattai, Minoli, Partners

Advising bank and financial institutions as well as corporate and financial sponsors, Gattai, Minoli, Partners specialises on complex matters in connection to financial pre-insolvency and insolvency restructurings. The team is led by Gaetano Carrello and Sergio Fulco and recently expanded through the hire of senior associate Elena Calzavara, who joined from Chiomenti. Riccardo Agostinelli left the firm in early 2021.

Practice head(s):

Gaetano Carrello; Sergio Fulco

Other key lawyers:

Elena Calzavara; Riccardo Sgro

Testimonials

‘High specialization in bankruptcy practice and high level of professionals involved. Very proactive team, attentive to customer needs and punctual in compliance with deadlines. High ability to relate to company management.’

‘Strong understanding of restructuring and litigation issues.’

‘Elena Calzavara and Gaetano Carrello are proactive consultants with a practical approach.’

‘The team led by Gaetano Carrello works with dedication and professionalism in all phases of the negotiation, of any legal procedures in progress, in the most efficient and effective way, matching the different needs of the counterparties involved.’

Key clients

Unicredit

Apollo

Intesa San Paolo

Goldman Sachs

Oaktree Opportunities Fund

Banca Illimity

Fintyre

Carlyle Opportunities Fund

Charterhouse Capital Partners LLP

Banco BPM

ILVA

CMI S.p.A.

Work highlights

  • Advised a consortium of banks in the very high profile restructuring of Moby group, one of the most interesting “concordato” cases in the Italian market with a value in excess of eur700 (total debt) and a complex “banks and bonds” structure.
  • Assisted Bain Capital and Fintyre Group in the high profile restructuring of Fintyre group, a eur 400mln “concordato” recently admitted by the Court of Milan which will feature a full restructuring of a bond (held by GSO)/ssRCF structure and of trade debt held by the biggest tyres producers (Michelin, Pirelli and GoodYear among others) new money investment by a Springwater Capital.
  • Assisted Carlyle Special Opportunities Fund in the eur 200mln special opportunity investment in the ProGest group, one of the first all Italian PIK financing with governance rights and a multi debtor strategy.

Greenberg Traurig Santa Maria

Mario Santa Maria and Corrado Angelelli head Greenberg Traurig Santa Maria‘s restructuring and insolvency department. The group is frequently present in the NPL scene and in the real estate sector, it has a long track record in big restructuring proceedings, and recently stood out for acting in a numbero of Article 67 bankruptcies. Senior associate Francesco Horvat  is highlighted.

Practice head(s):

Corrado Angelelli; Mario Santa Maria

Other key lawyers:

Francesco Horvat

Testimonials

‘Skills, speed, availability, solutions.’

‘Francesco Horvat: depth of analysis on various issues and related legal solutions. Very helpful and knowledgeable, he creates solutions in complex situations.’

‘Comprehensive 360-degree approach that allows the client to identify the best legal strategy in terms of timing and returns.’

Key clients

Banca Monte dei Paschi di Siena

Bionics S.r.l.

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

Cerberus Capital Management /Link Asset Services

Illimity Bank

Guber Banca

Work highlights

  • Representing Banca Monte dei Paschi di Siena in financial matters with insolvency aspects, such as the granting of a syndicated loan of 300 million euros, the obtaining of super priority of the loans granted, and the renegotiation of various financial contracts.
  • Assisting Illimity Bank in several transactions, securitizations and, with reference to the unlikely-to-pay credits (UTP), 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.
  • Assisting Guber Banca S.p.A. as special servicer, in the context of a EUR179,541,000 multitranche securitization of an NPL portfolio originated by 38 banks, whose senior notes are rated and backed-up by the Italian State Guarantee on non-performing exposures.

K&L Gates

K&L Gates shows 'technical preparation, availability and professionalism’ in the restructuring and insolvency sector. The team leverages the expertise of its lawyers from various departments and from the firm-wide international network to act in pre-bankruptcy and debt restructuring agreements, which belong to practice head Paolo Rusconi's key specialisms, among other matters. Fabrizio Dotti stands out.

Practice head(s):

Paolo Rusconi

Other key lawyers:

Fabrizio Dotti

Testimonials

‘Dedication to the customer and technical preparation.’

‘Availability, professionalism.’

Key clients

Antonio Rettagliata S.r.l

Aquileia Capital Services

Edra Costruzioni Soc. Coop.

Pool of Banks: Banca Monte Dei Paschi di Siena S.p.A. (MPS), UBI, UniCredit, Prelios, Banco BPM, Banco Desio

UniCredit S.p.A.

Immobiliare Mita S.r.l

Work highlights

  • Assisted a pool of banks negotiating the terms and conditions of the restructuring, and started drafting the debt restructuring agreement involving Metalsigma Tunesi S.p.A. and Banca Monte Dei Paschi di Siena S.p.A. (MPS), UBI, UniCredit, Prelios, Banco BPM and Banco Desio.
  • Assisted Aquileia Capital Services in the acquisition from the AdMajora group of 90% of the shares of the S&PI Fund.
  • Assisting Eagle SPV S.r.l. in the restructuring agreement with La Kasa.

LCA Studio Legale

LCA Studio Legale‘s restructuring and insolvency lawyers are highly praised for their work, spanning from turnaround plans to implementation of insolvency procedures and debt renegotiations. The team is ‘superbly’ led by Salvatore Sanzo and also includes ‘outstanding’ Diana Burroni and Angela Petrosillo, who is described as ‘a most helpful expert’.

Practice head(s):

Salvatore Sanzo

Other key lawyers:

Diana Burroni; Angela Petrosillo; Michele Petriello

Testimonials

‘Innovative approach, diligent, quick, excellent strategist, excellent client relationship, deep understanding of the matters at hand, and teamwork. They are very helpful and proactive in finding solutions. Angela Petrosillo is the most helpful expert. She is innovative and really understand the topics. She is very honest on what and how things can be achieved. Very helpful and flexible. She is quick and active on practical solutions to the challenges.’

‘Competence, availability, attention to detail and, as mentioned, the ability to connect issues even outside one’s own specialization are the main characteristics that we appreciated in the collaboration with the lawyer. Salvatore Sanzo and Diana Burroni are outstanding.’

‘LCA’s team is very well-structured and composed of experienced practitioners who regularly assist debtors, investors and/or are appointed by insolvency procedures. It is a sizeable team, and they are capable of handling very complex matters. Diana Burroni and Angela Petrosillo play an important role within the team, which is superbly led by Salvatore Sanzo.’

‘Salvatore Sanzo understands the dynamics of every restructuring case in detail; he is very practical and pragmatic in finding and tailoring the right restructuring tool based on the peculiarities of each case.’

‘Multiple skills, including interdisciplinary ones, gathered in extremely effective work teams; continuous and immediate availability in the management of times and deadlines.’

‘Great preparation and updating with the additional willingness to share knowledge and to examine issues from different points of view, even unusual ones.’

Key clients

Sofir Group

Bizzi & Partners S.p.A.

Roma Trevi S.p.A.

Investimenti Marittimi S.p.A.

Casinò de la Vallèe (Casinò di Saint Vincent)

Rizzo Bottiglieri De Carlini S.p.A.

Italplan S.p.A.

IGV GROUP S.p.A.

Cantarelli Group

Area 62 S.r.l. (owner of “Tombolini” brand)

Suissegas S.p.A.

ITEM Capomulini S.p.A.

Fondazione Centro San Raffaele del Monte Tabor

Ernest S.p.A.

Officine Meccaniche Giovanni Cerutti S.p.A.

Gpack S.p.A.

GDDKiA – Division of the Treasury of the Government of Poland

Work highlights

  • Assisted Bizzi&Partners S.p.A. in the negotiations with Porto Turistico Internazionale di Rapallo S.p.A. and the Municipality of Rapallo, which entered into multiple agreements for the rebuilding of the port of Rapallo destroyed in 2018 because of a coastal storm, in order to enhance the value of the area that surrounds the port and for commercial purposes.
  • Assisted Roma Trevi S.p.A. in the composition procedure (“concordato preventivo”) before the Court of Milan and in bankruptcy, civil law and corporate law matters related to the acquisition of a building located in the historic centre of Rome, with the aim to build a luxury hotel.

Orrick, Herrington & Sutcliffe

Large-scale debt restructurings feature prominently in Orrick, Herrington & Sutcliffe‘s offering portfolio. Local and international clients turn to special counsel Daniela Andreatta‘s restructuring and insolvency team, which is appreciated for having ‘the strength of a large international firm and the speed of response and flexibility of a boutique.’ Associate Federico Perego is described as ‘an extremely competent and skilled negotiator’.

Practice head(s):

Daniela Andreatta

Other key lawyers:

Federico Perego

Testimonials

‘Technical skills and in-depth knowledge of the subject. Continuous updating on legislative changes. Flexibility in adapting solutions to the needs of individual projects. Availability and dedication.’

‘Daniela Andreatta is very prepared, always ready to look for solutions and take charge of the client’s requests.’

‘Daniela Andreatta and her team are characterized by the great professionalism and competence they bring to every deal (always looking for the best solutions). Transversal skills and the ability to analyse problems from different points of view are particularly appreciated.’

‘Daniela Andreatta: very approachable, committed, service oriented. Especially for cross-border transactions, highly recommended given the fluency in German, Italian and English.’

‘Daniela Andreatta’s team has the strength of a large international firm and the speed of response and flexibility of a boutique.’

‘Daniela Andreatta’s approach is solution driven and not professorial, abstract, theoretical. She has a practical sense that allows her to face and overcome any problem’.

‘High level of communication, strong spirit of collaboration, great attention to providing the customer with a service tailored to specific needs, extreme flexibility in defining the lines of assignment.’

Federico Perego is an extremely competent and skilled negotiator, capable of putting order in complicated tables and making up for inactivity and dilatory behaviour’.

 

Key clients

Apollo Global Management

Värde Partners Inc.

D.E. Shaw

Crestline Europe LLP

Manitex International, Inc.

One33 Investment House S.r.l.

Peter Schoenfeld Asset Management

Restar Real Estate S.r.l.

SGA S.p.A.

Prelios Credit Servicing s.p.a.

Dubag Group GmbH

Bank of America Merrill Lynch

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

Ghella S.p.a.

Italeaf S.p.a.

Sugherificio Ganau S.p.a.

Tifast S.p.a.

Castlelake LP

Tirreno Power s.p.a.

Work highlights

  • Assisted Tirreno Power s.p.a.in planning its exit from the €1.2billion debt restructuring agreement signed in 2015 with the banks, advising the management on making the relevant strategic decisions.
  • Acted for Axopower S.p.A. in the structuring and negotiation with the lenders of an approximately €40 million in-court restructuring agreement (concordato preventivo).
  • Assisting Andriani in taking over Nove Alpi, a distressed pasta manufacturer undergoing in-court administration (concordato preventivo).

Studio Ubertazzi

Studio Ubertazzi is a Milanese boutique firm assisting medium and large companies. Tommaso Ubertazzi, who mainly advises on debt restructurings, reorganisation agreements and insolvencies, is widely appreciated for both his ‘academic standing and commercial mindset.‘ The combination of the two ‘allows him to analyse and solve problems at 360 degrees.’ The team grew in June 2021 with the addition of three of counsels, who joined from Studio Legale Basso Di Manna Ritegno.

Practice head(s):

Luigi Carlo Ubertazzi; Tommaso Ubertazzi; Benedetta Ubertazzi

Testimonials

‘Care and attention for the client to the point that the client’s problems become problems for the firm. Tommaso Ubertazzi – his full confidence in the academic and business environment makes him a complete professional. Great intuitions and pragmatism.’

‘Tommaso Ubertazzi is well-known for his practice and his natural entrepreneurial talent, which makes him a very valuable professional.’

‘The combination of Tommaso Ubertazzi’s academic standing and commercial mindset allows him to analyse and solve problems at 360 degrees.’

‘The professionals are very close-knit and attentive to the needs of the entrepreneur.’

‘Great ability to respond in adequate times with respect to the complexity of the question. Deep knowledge of the law and the dynamics of the judicial procedure. Eclectic knowledge of corporate law.’

‘Extraordinary professionalism.’

‘Tommaso Ubertazzi is an excellent professor and lawyer. It is in particular his personal skills that make him an irreplaceable lawyer. He has the ability to immediately identify the heart of the matter, before any other person can perceive it. This is possible thanks to his precious intuitive skills and his great entrepreneurial qualities.’

Work highlights

  • Assisted Inso Sistemi per le Infrastrutture Sociali S.p.A. in a.s. 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 s.p.a., 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.