Restructuring and insolvency in Italy

Studio Legale Avv. G. Iannaccone e Associati


BonelliErede's 'highly professional' restructuring and insolvency team is experienced in domestic and cross-border insolvencies, workouts and corporate restructurings. It also advises on contentious matters, such as derivative actions against directors and auditors, and the recovery and proof of debt. Widely respected Genoa managing partner Marco Arato heads up the team, which includes litigation and arbitration specialist Giuseppe LombardiVittorio Lupoli and Paolo Oliviero. Also key to the group are Marco Passalacqua and Elisabetta Varni, of counsel PierDanilo Beltrami, and managing associates Filippo ChiodiniLucio Guttilla and Fabio Macrì.

Practice head(s):

Marco Arato

Other key lawyers:

Giuseppe Lombardi; Vittorio Lupoli; Paolo Oliviero; Marco Passalacqua; Elisabetta Varni; PierDanilo Beltrami; Filippo Chiodini; Lucio Guttilla; Fabio Macrì


Great competence, both in terms of law and jurisprudence, flexibility when finding solutions, and promptness in providing answers. The team is also extremely professional, with great negotiating skills and speedy execution.

Highly professional and flexible when dealing with issues that involve the laws of other European countries.

A highly structured group of professionals with proven ability. Their skills are such that all problems raised are answered and they have very extensive experience in the restructuring sector.

Exceptional competence in bankruptcy matters that is also widely recognised by other law firms in the sector. The practice also has great relations with the banking world, and practical and operational experience.

‘The firm always makes available teams that have consolidated experience.

Marco Arato and managing associate Filippo Chiodini characterise the excellence of the firm in this area.

All its people are extremely well prepared and always take time to understand the thorniest of issues. A feature that is truly particular to the firm’s culture is that the lawyers are always part of the team rather than consultants outside the team. I was able to appreciate Vittorio Lupoli and managing associates Filippo Chiodini, Lucio Guttilla and Fabio Macrì, all people who, regardless of the level of seniority, showed the same characteristics of availability and team spirit that led to success.

I worked with: Vittorio Lupoli and managing associate Lucio Guttilla. I have established an excellent, collaborative relationship with these professionals, with whom I am very satisfied.

Key clients

Acciaierie Venete




Gruppo Industriale Maccaferri

Gruppo Messina

Ilva in Amministrazione Straordinaria

Pessina Costruzioni

Piaggio Aero Industries

Salini Impregilo (now Webuild)


Work highlights

  • Advised Piaggio Aero Industries S.p.A. under extraordinary administration (“amministrazione straordinaria”) on extraordinary receivership proceedings.
  • Advised Salini Impregilo (now Webuild) on structuring and defining an investment in Astaldi, which related to its arrangement with creditors.
  • Advised Gruppo Industriale Maccaferri on the restructuring of the indebtedness of the group’s companies.


Chiomenti's 'available and professional' restructuring and insolvency unit has substantial experience of restructuring and turnaround transactions, including cross-border and multijurisdictional matters. The practice also fields specialists in insolvency and pre-insolvency proceedings. Its expertise spans multiple sectors, such as food and beverage, fashion, real estate, manufacturing, transportation and retail. The team is jointly led by 'extraordinarily helpful' partner Antonio TavellaGiulia Battaglia has significant experience of debt restructurings in the shipbuilding and healthcare sectors. Giada Caravello is an 'effective' senior associate.

Practice head(s):

Antonio Tavella

Other key lawyers:

Giulia Battaglia; Giada Caravello


Great for the speed of its reactions.

Available and professional, and provides innovative solutions.

Professional and competent, with exhaustive analysis of potential scenarios. The client’s interest always comes first.

I found the team to be very knowledgeable in bankruptcy law and business crisis procedures. The firm is always able to produce documents quickly.

‘Antonio Tavella is rated for his professionalism, flexibility, availability and smart solutions.

‘Antonio Tavella is extraordinarily helpful and effective.

‘Giulia Battaglia is always one step ahead of counterparts, while Antonio Tavella has the ability to propose practical solutions that are always weighted with risks.

Senior associate Giada Caravello is exceptionally effective, punctual and communicative.

Key clients

Pasta Zara S.p.A.

Intesa Sanpaolo 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.

Tekfor Global Holdings Limited

RB Italy Holding S.r.l.

Enzo degli Angiuoni S.p.A

Oxem – Oxon Energia Mezzana S.p.A.

Sansedoni Siena S.p.A.

KKR Credit Advisors (EMEA) LLP

Ferrarini S.p.A.

Work highlights

  • Advised Pasta Zara on its petition for admission to a pre-insolvency workout agreement with creditors.
  • AdvisedTekfor Global Holdings Limited on the sale of the corporate capital of the Italian subsidiary of the Tekfor Group (Tekfor S.p.A.) to Donges GmbH, a Mutares Group company.
  • Advised Intesa Sanpaolo on an Unlikely to Pay partnership in Italy with Prelios.

Clifford Chance

Leveraging a broad interdisciplinary group, Clifford Chance's 'professional and skilled' R&I practice acts on high-profile Italian restructurings, distressed refinancing and insolvencies. The experienced team includes Italian and cross-border banking specialist Charles Adams and Italy managing partner (and banking and finance expert) Giuseppe De PalmaCarlo Felice Giampaolino acts for financial institutions and corporates in major insolvency cases. Italian litigation head Fabio Guastadisegni and corporate and M&A head Paolo Sersale are also recommended. Filippo Isacco is an experienced counsel.

Practice head(s):

Charles Adams; Giuseppe De Palma; Fabio Guastadisegni; Paolo Sersale

Other key lawyers:

Ferdinando Poscio; Filippo Isacco


Their punctuality and competence are strong distinguishing points.

Carlo Felice Giampaolino is very well prepared and helpful.

The team is very professional and skilled.

Key clients


Banco BPM

BNP Paribas

Citibank N.A.

Exprivia S.p.A.

IC Ictas

Mitsubishi Corporation

Mubadala Investment Company PSJC


Work highlights

  • Acted for Rome’s municipal transport company, ATAC, in restructuring and insolvency proceedings.
  • Advised BNP Paribas, as super senior revolving credit facility lender to Waste Italia, in relation to both a debt restructuring that involved a group of senior noteholders and a composition with creditors proceedings.
  • Assisted a pool of banks with a financial transaction to support Ansaldo Energia’s 2020-2025 business plan.

DLA Piper

DLA Piper's dedicated Italy group acts on restructuring and insolvency matters at both national and international levels. It recently experienced a significant increase in distressed M&A, as well as the disposal and acquisition of large credit portfolios. Corporate finance head Antonio Lombardo is recommended for significant restructurings, while Francesco De Gennaro focuses on restructuring and special opportunities investments. Ugo Calò is a debt restructuring transaction expert. Experienced partners Chiara Anceschi and Luca Magrini are also notable individuals.

Practice head(s):

Antonio Lombardo; Francesco De Gennaro

Other key lawyers:

Ugo Calò; Chiara Anceschi; Luca Magrini 


Great competence and high degrees of commitment, with the ability to find solutions during negotiations.

They have a very large team that provides advice on every aspect of banking, finance, distressed assets and restructuring. Their strength is to provide feedback on everything very quickly without neglecting the most important technical aspects. Furthermore, their assistance during the transactional phase of signing, closing and post-closing is the best on the market.

Luca Magrini is appreciated for his commitment and balance during negotiations. The genius of Francesco De Gennaro and competence of Antonio (Nino) Lombardo are also appreciated.

Ugo Calò’s best qualities are competence, professionalism and 360-degree coverage of clients’ needs.

Ugo Calò has years of experience, and pays great attention both to clients’ requests and achieving results.

Key clients


Rizzani de Eccher


Dea Capital



Intesa Sanpaolo

Marina di Stabia



Work highlights

  • Advised Prelios S.p.A. on the sale of a large Unlikely To Pay (both corporate and real estate) portfolio.
  • Assisted Norma (and its financial adviser Pillarstone), as investor, on the approximately €1bn financial restructuring of Fallimento Rizzo Bottiglieri De Carlini Armatori.
  • Assisted a large number of leading domestic and international banking groups on the approximately €445m debt restructuring of Sofinter, an Italian company that operates in the steam and power generation sector, and its group companies.

Gianni & Origoni

Gianni & Origoni's team acts for debtors and creditors on complex restructuring operations and it also has substantial experience of both out-of-court and in-court proceedings. In Rome, Antonio Auricchio regularly advises financial institutions and companies on leading insolvency cases. Gabriella Covino advises companies on pre-bankruptcy issues, as well as restructuring and turnaround matters. Also key to the wider practice are highly experienced partners Francesco GianniGiuseppe De Simone and Padua-based Paolo GnignatiLuca Jeantet is the Turin office's restructuring and insolvency expert.

Practice head(s):

Gabriella Covino; Luca Jeantet

Other key lawyers:

Antonio Auricchio; Francesco Gianni; Paolo Gnignati; Giuseppe De Simone


The lawyers have a remarkable ability to adapt to complicated situations and instil trust in the client.

The ability to integrate professional skills with human and relationship skills is the strength of this team; this makes it unique when compared to other firms.

Their professional fees, in consideration of the quality of the service rendered, proved to be extremely competitive.

The professionals of this firm have very high professional skills and knowledge, as well as pragmatism, availability and timeliness – not comparable to other law firms.

Great availability, prepared professionals and problem-solving skills.

The team acts both as your partner and legal adviser – it gives you the confidence that the lawyers have your cases at heart and are fully committed.

Antonio Auricchio proved not only to be absolutely prepared but also very available. I appreciated his experience, depth of analysis and ability to identify suitable solutions in complex contexts.

Luca Jeantet’s competence is undoubted; he also has unparalleled availability.

Key clients


Astaldi S.p.A.

Moby S.p.A.




Mossi & Ghisolfi Group

D’Amante S.p.A.

Sound Point Capital Management UK LLP

STG Group

Martor S.p.A.

Damac Properties

Sugherificio Ganau

Work highlights

  • Acted for the commissioners of Alitalia, who are handling Alitalia’s extraordinary administration.
  • Assisted Astaldi with structuring and drafting a composition with creditors proposal.
  • Assisted ArcelorMittal with its investment in Ilva, which involved restructuring negotiations with the extraordinary commissioners.

Giovanardi Studio Legale

Giovanardi Pototschnig & Associati is now known as Giovanardi Studio Legale, following the departure in 2020 of former name partner Paolo Pototschnig. The practice assists banks and financial institutions with debt restructurings, creditor compositions, distressed M&A, insolvency-sensitive transactions and disputes. Carlo Alberto Giovanardi is a special situations and restructuring specialist, Linda Morellini focuses on insolvencies and Cristiano Ruspi assists with recovery and restructuring transactions. Sara PiccardoLaura Tutinelli and Lorenzo Marcello del Majno are experienced counsels.

Practice head(s):

Carlo Alberto Giovanardi; Linda Morellini; Cristiano Ruspi

Other key lawyers:

Sara Piccardo; Laura Tutinelli; Lorenzo Marcello del Majno; Andrea Chiloiro; Elena Squintani; Cesare Severini


Presence, proactivity and technical capacity.

In-depth skills in bankruptcy law and the guarantee of high-level, legal assistance throughout the entire gamut of this sector.

Competence, experience, speed of execution, availability, simplification and focus on results.

Flexible team with the ability to tackle complex issues quickly.

Extreme competence combined with a very friendly approach to clients.

Clear and transparent approach to client relations, with the feeling of a true partnership during transactions.

Carlo Alberto Giovanardi is a very serious and reliable partner – you can count on him at any time and he provides you with clear guidance.

Linda Morellini is a highly prepared professional, who is always efficient and helpful.

Key clients

UBI S.p.a. Bank

Alzaia Immobiliare Srl

Intesa SanPaolo S.p.a.

Unicredit S.p.a.

Banca Popolare di Milano S.p.a.

MPS Capital Services S.p.a.

Vita Società Ediotriale S.p.A.

Work highlights

  • Advised the financial creditors of companies (belonging to the Fenice Group) on a transaction involving the enhancement of certain assets, following a debt restructuring agreement.
  • Advised UBI Banca S.p.A. on the negotiation of a settlement agreement between UBI Banca, Intesa Sanpaolo, UniCredit and debtor Carlo Tassara, which involved the completion of the remaining part of a former liquidation plan.
  • Acted for the creditor banks on negotiating, closing and executing a debt restructuring agreement with Gruppo Immobiliare Morini.

Legance - Avvocati Associati

Legance - Avvocati Associati's banking and finance and dispute resolution lawyers are the cornerstones of the firm's restructuring and insolvency practice. Alberto Giampieri has a highly active restructuring practice, as does Giandomenico Ciaramella, who advises corporates, investment banks and global financial institutions. Stefano Parlatore has longstanding experience in insolvency disputes. Also highly regarded is litigator Daniele Geronzi, who was recently active in bankruptcy, insolvency and restructuring matters. Luca Autuori is another key name.

Practice head(s):

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

Other key lawyers:

Iacopo Fontana

Key clients

Banco BPM

Bondholders Astaldi


BNP Paribas

CNH Industrial Financial Services S.A. – Iveco

Cementir Group

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

Intesa Sanpaolo

Koelliker S.p.A.

Maschio Gaspardo S.p.A.

Moncada Energy Group S.r.l.

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


Work highlights

  • Assisted the Total Group with litigation against the extraordinary administration of Alitalia Linee Aeree Italiane.
  • Advised the Koelliker group on its complex financial indebtedness restructuring.
  • Assisted Banca Nazionale del Lavoro S.p.A. (BNL) with various proceedings against Ferrovie del Sud Est e Servizi Automobilistici, which was recently admitted to the composition with creditors procedure.


Linklaters' Italy practice is recommended for its experience in high-profile restructuring work. Leading the firm’s Italian restructuring and insolvency practice, Francesco Faldi is highly rated for major R&I deals, including securitisations and sales of non-performing loan (NPL) portfolios. Also key to the group is Milan managing partner Andrea Arosio, who regularly acts for financial sponsors, principal investors, lenders and borrowers. Ettore Consalvi is knowledgeable about non-performing loans (NPLs), distressed M&A, and insolvency and turnaround proceedings.

Practice head(s):

Francesco Faldi 

Other key lawyers:

Andrea Arosio; Ettore Consalvi

Molinari Agostinelli

Active on both the debtor and creditor sides, Molinari Agostinelli is 'focused on delivering solutions' and it is consistently involved in large, complex and headline restructurings in Italy. Practice chair Ugo Molinari is a highly rated and longstanding restructuring and insolvency specialist, while Alessandro Fontana advises national and international banks on the management of complex debt restructurings. Other notable partner-level contacts are Marinella Ciaccio and Margherita Santoiemma. In 2020, Giacomo Colombo, who is experienced in R&I matters, was promoted to senior associate. Riccardo Agostinelli was a new arrival in mid-2021.

Practice head(s):

Ugo Molinari; Marinella Ciaccio; Margherita Santoiemma; Alessandro Fontana

Other key lawyers:

Giacomo Colombo


Very proactive, professional care from a firm that is focused on delivering solutions.

Attention to detail, execution skills and innovative proposals.

Available, competent and empathetic.

Great preparation and expertise from these professionals; they are attentive to the client’s interests, have superb negotiating skills, and provide continuous supervision of all aspects that are inherent to the deal.

Exceptional attention to detail, superb knowledge of bankruptcy law, resilience, and strong negotiating skills.

Ugo Molinari is very much appreciated for his competence and ability to achieve strong results.

Key clients

Coop Alleanza 3.0


Banca Monte dei Paschi di Siena

Banco BPM

Intesa Sanpaolo

Aareal Bank


Illimity Bank

DeA Capital Alternative Funds

Gruppo Russotti

Solido Holding

Tourist Ferry Boat


Fenice Holding

Work highlights

  • Advised Coop Alleanza 3.0 on its industrial and business reorganisation, as well as financial indebtedness fine tuning.
  • Advised a consortium of banks, as lenders to Trevi Finanziaria, on the restructuring of the financial indebtedness of the group.
  • Advised certain Italian banks on negotiations with Vulcano, which owns one of the largest shopping malls in Italy, involving the reorganisation of its financial indebtedness.


ADVANT Nctm has a strong track record in all types of restructurings in the Italian market, including both in-court and out-of-court restructurings. Complex restructuring specialist Fabio Marelli heads up the restructuring and turnaround department. Senior partner Paolo Montironi handles significant restructurings of publicly listed and private companies. Guido Fauda's practice includes restructurings and turnarounds.

Practice head(s):

Fabio Marelli

Other key lawyers:

Paolo Montironi; Guido Fauda; Davide Orsano

Key clients

Club House Italia S.r.l.

Gpack S.p.A.


Tecnomeccanica S.p.A.

Your Voice S.p.A.

Bayview Italia S.r.l.

Sahco Hesslein Italia S.p.A.

San Severo S.r.l.

Delivery Mates Italia S.r.l.

Adveo Italia S.r.l.

Work highlights

  • Advised ARAL, which is in charge of the waste management and disposal services for several municipalities, on structuring a composition with creditors plan.
  • Assisted Club House Italia S.r.l. with a composition with creditors procedure before the Court of Forlì.
  • Assisted Gpack with a composition with creditors filing before the Court of Milan.


Ashurst's 'highly skilled' Italy team is regularly instructed in restructurings, and insolvency and pre-insolvency transactions, both at domestic and cross-border level. Paolo Manganelli is highly focused on restructuring and insolvency work. Mario Lisanti's broad practice includes special situations and debt restructuring transactions. Further support is provided by counsel Annalisa Santini and senior associate Mario Orsenigo.

Practice head(s):

Paolo Manganelli; Mario Lisanti

Other key lawyers:

Annalisa Santini; Mario Orsenigo


The team is always present for its clients’ needs, approaching problems with a critical spirit, and offering solutions in line with the client’s business and corporate mentality.

Competence and availability.

The whole team is young, yet highly skilled.

Paolo Manganelli is an excellent professional who has a technical and constructive approach.

Paolo Manganelli adopts a structured and critical approach to bankruptcy matters; he also knows how to create a relationship of trust and empathy, which adds value to his professional contribution.

Paolo Manganelli is a skilled insolvency lawyer, who is hardworking, leverages well on his internal resources, and is very responsive and willing to go the extra mile.

Counsel Annalisa Santini is very helpful and responsive; she also ensures prompt and detailed communication with counterparts.

Senior associate Mario Orsenigo is always available to discuss topics when asked (even without a formal engagement).

Key clients

WRM Group


BHP Billiton

Mitsui & Co. Ltd


UBI Banca S.p.A



Bain Capital Credit


Work highlights

  • Advised WRM Group on an investment of approximately €40m and the filing of a debt restructuring agreement, which aimed to support the Kipre Group’s recovery.
  • Assisted Bridgestone with the restructuring of the Fintyre Group’s Italian entities.
  • Advised Unicredit and other lenders on the Microgame restructuring.

Cleary Gottlieb Steen & Hamilton

Cleary Gottlieb Steen & Hamilton's restructuring expertise includes bankruptcy, M&A, tax, finance and litigation specialisms. Giuseppe Scassellati-Sforzolini is particularly experienced in regulated sectors such as financial services, energy, media, telecoms and airlines. The practices of Roberto Bonsignore and Carlo de Vito Piscicelli (who works in the Milan and London offices) also cover restructuring situations.

Other key lawyers:

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


The practice is among the market leaders – the depth of analysis, track record, quality of team and overall vision are excellent.

The partners have great standing and credibility.

Roberto Bonsignore is among the best lawyers in Italy for competence, personality, communication skills and standing.

Carlo de Vito Piscicelli is a technically excellent lawyer.

Key clients



Avenue Capital


Golden Tree

Goldman Sachs

Neuberger Berman

TPG Sixth Street Partners

Work highlights

  • Acted for ArcelorMittal in litigation with Italian steelmaking group, Ilva, and the ensuing renegotiation of its €4.2bn acquisition of Ilva’s assets, which followed Ilva’s extraordinary administration procedure.
  • Advised affiliates of Pillarstone, as secured lender, on the restructuring of the debt of the Perseveranza di Navigazione group, through court-ratified debt restructuring agreements.
  • Advised Ferrovie dello Stato Italiane on its participation in a competing bid process, which was launched by the extraordinary commissioners of Alitalia and Alitalia Cityliner (both under extraordinary administration), for the acquisition of business units.


Dentons' Italy managing partner Federico Sutti and banking and finance head Alessandro Fosco Fagotto co-head the restructuring, insolvency and bankruptcy practice. The team's experience includes corporate and finance restructuring, distressed M&A, debt recovery claims and admittance into insolvency proceedings. Cristian Fischetti, who was recently promoted to the partnership, 'focuses on results' and advises on distressed situations and debt restructurings.

Practice head(s):

Federico Sutti; Alessandro Fosco Fagotto

Other key lawyers:

Cristian Fischetti


In-depth knowledge of bankruptcy matters, combined with corporate and commercial law, and problem-solving skills.

Its approach, characterised by great flexibility and the ability to manage multi-jurisdictional problems constitutes a significant plus for clients.

Technical skills and 360-degree support for our structure.

Availability and continuous interaction with the partner who directly follows the project.

Attentive to clients and high levels of legal competence.

The professionals stand out for their extreme preparation, problem-solving skills, availability and constant client support.

The team directed by Alessandro Fosco Fagotto, who is personally committed to promptly resolving critical issues, has deep, accurate knowledge of this subject area.

‘Managing counsel Cristian Fischetti has excellent interpersonal skills with both clients and counterparts; he is also punctual, rigorous in his professional work, has in-depth knowledge of the law, and focuses on results.

Key clients

CPI Property Group


Intesa Sanpaolo

BPER Banca


Amco – Asset Management Company

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

Industrial and Commercial Bank of China (ICBC)


Goldoni S.p.A

Arbos Group S.p.A.

Work highlights

  • Assisted Czech entrepreneur Radovan Vitek, a major shareholder in CPI Property Group, with the Parnasi Group’s turnaround.
  • Assisted Italia Wanbao – ACC with the admission to the Extraordinary Administration procedure of a Wanbao Group subsidiary.
  • Assisted with a restructuring transaction involving all the Biokimica Group companies, which included the negotiation of five different debt restructuring agreements.

Gattai, Minoli, Partners

Focused on both debtor and creditor matters, Gattai, Minoli, Partners' practice has a significant track record in financial pre-insolvency and insolvency restructurings. Gaetano Carrello's practice covers restructuring scenarios. Sergio Fulco is noted for his insolvency expertise. Lorenzo Vernetti also has debt restructuring experience. Riccardo Agostinelli  left the firm in 2021.

Practice head(s):

Gaetano Carrello; Sergio Fulco

Other key lawyers:

Andrea Taurozzi; Lorenzo Vernetti; Marco Leonardi; Matteo Mengoni; Riccardo Sgrò


High-level technical skills and trusted by credit institutions.

Key clients



Intesa San Paolo

Goldman Sachs

King Street

Banca Illimity


Roberto Cavalli S.p.A

Charterhouse Capital Partners LLP

Banco BPM

Perini Navi S.p.A.

Gold Plast S.p.A.

CMI S.p.A.


Work highlights

  • Assisted UniCredit, Intesa SanPaolo, BancoBPM, MPS, Ubi and Goldman Sachs International with the debt restructuring of Moby and CIN.
  • Assisted Ilva S.p.A. in Amministrazione Straordinaria with opposition proceedings to the statement of liabilities.
  • Assisted Fintyre Group with the debt restructuring of the Fintyre Group.

Hogan Lovells International LLP

Hogan Lovells International LLP's team regularly assists with pre-insolvency, insolvency and restructuring situations, including turnaround issues, and debt and corporate restructurings. Ernesto Apuzzo has longstanding experience in debt restructurings and turnaround transactions. Antonio Di Pasquale's broad practice includes solvent and insolvent restructurings, while Filippo Andrea Chiaves specialises in contentious insolvency. Pierantonio Musso is an experienced counsel.

Practice head(s):

Ernesto Apuzzo

Other key lawyers:

Antonio Di Pasquale; Filippo Andrea Chiaves; Pierantonio Musso; Alessandra Dima; Francesco Gallo


The firm provides a 360-degree consultancy service in all sectors and manages complex negotiations with the counterpart in an excellent way.

The technical legal knowledge of all the professionals is highly appreciated, as well as the competence in insolvency matters.

The professionals are all very prepared and competent, and always manage promptly to satisfy every request.

Attentive to clients’ needs and always available during complex transactions to provide excellent advice. Even the junior collaborators, unlike at other firms, are very prepared and provide very careful advice.

A leading international firm, with a well-positioned team in the restructuring field.

Ernesto Apuzzo and counsel Pierantonio Musso are both very experienced and focused on the success of the operation and they always propose innovative solutions.

Key clients


Intesa Sanpaolo

Monte dei Paschi di Siena




Kuwait Petroleum



Molex Group

Georgia-Pacific LLC

Kock Group

VSL Construction Solutions (Pty)

Prelios Credit Servicing S.p.A.

Apeiron Management S.p.A.

Work highlights

  • Assisted Cooley LLP with negotiations with the legal advisers of Piaggio Aero Industries, which concerned a settlement agreement.
  • Assisted Resideo with the recovery of tooling and machinery, which was held by a former Italian business partner and supplier that had gone into receivership.
  • Assisted Apeiron Management with a transaction involving the purchase (through a securitisation vehicle) of the receivables of an Italian contractor company, following a composition with creditors procedure.

Latham & Watkins LLP

Latham & Watkins LLP acts for lenders and borrowers on a wide range of restructuring mandates, including distressed lending, out-of-court debt restructurings and in-court proceedings. Marcello Bragliani, who recently advised on a high-profile distressed investment, is local banking and finance chair. Counsel Mauro Saccani assists with domestic and cross-border debt restructurings.

Practice head(s):

Marcello Bragliani; Mauro Saccani


The internationality of the firm, as well as being a strong point, represents an excellent basis for managing cross-border negotiations.

Great experience on the Italian market, with flexibility and precision in its support of clients.’

Professionalism and attention to clients’ needs, with great experience and flexibility in managing the various requests.

The close synergy and collaboration with fellow advisers (financial and industrial) making up the team of consultants qualify the firm’s performances as among the best on the market.

Marcello Bragliani and counsel Mauro Saccani have always distinguished themselves through the added value and professionalism they display.

Particular applause and heartfelt recognition goes without doubt to Mauro Saccani, who was able successfully and prudently to manage our company’s delicate situation; he demonstrated great professionalism, absolute competence and maximum dedication.

Mauro Saccani is appreciated for his punctuality and ability to anticipate events.

Mauro Saccani stands out for his competence and willingness (at any time) to solve complex transactions. He strives to find solutions that meet the needs of different counterparties.

Key clients

Alisarda – Air Italy

Bain Capital Credit

Banco BPM

CPL Concordia

Gruppo D’Alesio

Gruppo Gemmo

Intesa Sanpaolo


Morfini S.p.A.


Tecnica Group

UniCredit S.p.A.

Work highlights

  • Acted for Bain Capital Credit on a distressed investment in Giuseppe Bottiglieri Shipping Company.
  • Assisted a group of lenders, including IntesaSanpaolo (also acting as a shareholder in Focus), BPER and Banca Monte dei Paschi di Siena, on the debt restructuring and corporate reorganisation of the Focus Investments Group.
  • Advised on a corporate reorganisation, and accession to a Chapter 11 procedure under US law, of several Imerys Group companies, including Imerys Talc Italy.

Osborne Clarke

Osborne Clarke, which has a mixed bank and company-side practice, distinguishes itself through its mid-market expertise, Team head Filippo Canepa focuses on restructuring and insolvency work for distressed companies and liquidators. Federica GreggioAndrea Pinto and recently promoted partner Antonio Fugaldi advise on debt restructurings for lenders, including several of Italy’s main clearing banks. Barbara Schiavo and Maurizio Zonca are key senior associates.

Practice head(s):

Filippo Canepa

Other key lawyers:

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


Great competence and punctual availability.

The firm has a very high level of professionalism and is able to operate remotely in the interest of the client 365 days a year and almost 24 hours a day.

The expertise in bankruptcy law and the partners’ experience make it a unique ally in this area.

Maximum availability, promptness and precision in the answers, high levels of technical competence, and competitive fees in relation to the number of hours worked.

Competence, professionalism and availability of professionals.

In-depth knowledge of the subject and consolidated experience.

Filippo Canepa has experience and great availability.

Senior associate Maurizio Zonca is a qualified, rigorous professional with a strategic vision.

Key clients

UniCredit S.p.A.

Banca Popolare dell’Alto Adige S.p.A.

Intesa Sanpaolo S.p.A

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

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

Banca CR Firenze S.p.A.

Freccia Rossa Shopping Centre S.r.l

Tricenter S.r.l. con socio unico

Unieco Società Cooperativa in L.C.A. (Compulsory Liquidation)

The Organic Factory S.p.A

Gruppo Mangano S.r.l

Il Faro, Società cooperativa in liquidazione

Spotlight S.r.l

Giemme S.r.l.

Pasubio Sviluppo S.p.A

Sunagri Società Agricola a.r.l

Work highlights

  • Advised the owner of the Freccia Rossa shopping centre in Brescia on the restructuring of its €95m-plus debt.
  • Assisted Tricenter, which owns Bari’s Bariblù shopping centre, with the complex rescheduling of its €70m debt.
  • Acting for Pasubio Sviluppo, a real estate company, on an application for an arrangement with creditors.

Pedersoli Studio Legale

Pedersoli Studio Legale's integrated debt restructuring and bankruptcy team acts on out-of-court agreements and judicial procedures. Debt restructuring head Maura Magioncalda acts on large, complex restructuring mandates, while bankruptcy department head Alessandra Giovetti assists with insolvency proceedings, corporate crises and reorganisations, compositions, liabilities and clawback actions. Alessandra De Cantellis and Consuelo Citterio are also key partners.

Practice head(s):

Maura Magioncalda; Alessandra Giovetti

Other key lawyers:

Alessandra De Cantellis; Consuelo Citterio; Jacopo Macchia


The Pedersoli firm is characterised by competence, technique, negotiating skills, absolute dedication to the client’s interests, speed, and incisiveness of execution.

All skills are exercised with balance and a sense of proportion, without the unnecessary aggression that sometimes distinguishes other major law firms.

The team is an integral part of our daily operations and it covers bankruptcy law and other collateral issues with great competence and effective internal co-ordination.

Effectiveness and speedy legal assistance are constantly provided by the Pedersoli firm.

I always find availability and attention to the client’s needs, with timely interventions and a strong aptitude for solving problems of a legal but also practical nature.

Maura Magioncalda’s balance and competence, negotiating skills and wide professional network distinguish her.

Maura Magioncalda and Alessandra De Cantellis support us with great professionalism by making their network available and assisting us in all our activities with great flexibility.

Alessandra Giovetti leads a solid, capable and competent team that is made up of highly skilled and trained professionals in corporate, civil and commercial law.

Key clients

Intesa Sanpaolo

Clessidra SGR


UBI Banca

Banca Monte dei Paschi di Siena

BPER Banca

Crédit Agricole Cariparma

Banco BPM

Banca Nazionale del Lavoro

Work highlights

  • Assisted Intesa Sanpaolo with the debt restructuring of holding company Carlo Tassara.
  • Assisted several financial institutions (including Intesa Sanpaolo, Banco BPM and UniCredit among others), and the agent banks, with the renegotiation of the indebtedness of Monrif, Poligrafici Editoriale, Poligrafici Printing and Monrif Group subsidiaries.
  • Assisted Clessidra SGR, through Clessidra Restructuring Fund, with an agreement to acquire a stake in the share capital of Sisma.

White & Case LLP Italy

White & Case LLP Italy's restructuring and insolvency practice advises on high-end, complex corporate and financial restructurings, special situations and distressed matters that are frequently multijurisdictional. The team fields several experienced partners, including Iacopo CaninoGianluca FantiAndrea Novarese and Maria Cristina StorchiGiuseppe Barra Caracciolo, Francesco Scebba and Alessandro Nolet are also recommended.

Practice head(s):

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

Other key lawyers:

Tiziana Germinario


Efficient and very responsive team.’

Ability to offer complete and exhaustive coverage on insolvency-related turnaround transactions.

High levels of competence from a team that is extremely available.

Among their strengths are the direct involvement of senior partners Andrea Novarese and Maria Cristina Storchi, and the resources they can mobilise through their vast international network.

Gianluca Fanti is a scrupulous professional, who is very present and proposes solid solutions. He also stands out for his excellent negotiation qualities.’

Key clients

Alisarda – Air Italy

Banco BPM


Cariparma (Credit Agricole)

Compagnia Internazionale Tessuti


Gruppo D’Alesio

GSO Capital Partners

Hertz Global Holdings, Inc

Intesa Sanpaolo



Novalpina Capital


Oak Hill

Sound Point


Work highlights

  • Advised Intesa Sanpaolo on a public works and construction sector project launched by Salini Impregilo (SI), further to which SI will acquire a majority stake in Astaldi (admitted to a composition with creditors procedure).
  • Acted for UniCredit, and other financial creditors, on the restructuring of Gruppo Messina, a shipping company that provides regular line services from the Mediterranean to Africa, the Middle East, and the Indian subcontinent.
  • Acted for Intesa Sanpaolo, and other financial creditors, on the restructuring of Sirti, which specialises in the design, construction and maintenance of large telecoms networks.

Allen & Overy - Studio Legale Associato

Allen & Overy - Studio Legale Associato's practice is led by counsel Juri Bettinelli, who is experienced in restructuring transactions, and both in-court and out-of-court proceedings. Elsewhere, the team's expertise also includes workouts, insolvency procedures, debt restructuring, distressed financing and refinancing.

Practice head(s):

Juri Bettinelli

Other key lawyers:

Stefano Sennhauser; Paolo Ghiglione; Massimo Greco; Paolo Nastasi; Pietro Scarfone


The A&O Italian restructuring team keeps up to date, and is very proactive in tracking changes to legislation and market trends. For law firms, local knowledge is key in order to design and plan for a restructuring deal.

Its strengths are quick responses, and the ability to focus on priority issues with in-depth analysis and all-round support.

Good strength in depth in the team, with commercially-minded and technically adept lawyers.

Counsel Juri Bettinelli is my key point of contact – he is a reliable professional I can always reach in order to ask for advice.

Juri Bettinelli is an extremely helpful and technically excellent lawyer.

Key clients


Banco BPM

Intesa Sanpaolo

Aurora Recovery Capital

Work highlights

  • Advised LawDebenture, as representative of the noteholders and trustee of two US law-regulated bonds that were issued by Italian construction company, Cooperativa Muratori & Cementisti C.M.C. Di Ravenna, in relation to its pre-insolvency proceeding.
  • Advised a pool of lenders (Italian and international banks) on the complex debt restructuring of a pan-European tyre distributor, which is the portfolio company of an international investment group.
  • Advised Costruzioni Giuseppe Montagna (and its subsidiaries) on reviewing and negotiating new terms and conditions for an agreement reached with creditors.

Bird & Bird

Bird & Bird's international restructuring and insolvency group is experienced in turnaround plans, debt restructuring, pre-insolvency procedures and insolvency compositions, debt trading, and cross-border insolvencies and restructuring. Alberto Salvadè's broad practice includes turnarounds and restructurings. Senior associate Matteo Meroni is also recommended.

Practice head(s):

Alberto Salvadè

Other key lawyers:

Matteo Meroni

Eversheds Sutherland Associazione Professionale

Eversheds Sutherland Associazione Professionale is highly active in insolvency-related litigation, including complex liability actions against insolvent companies' directors and auditors, and clawback actions. Renato Fiumalbi is the head of the Italian litigation, arbitration and insolvency practice. Simone Barnaba is also a key partner.

Practice head(s):

Renato Fiumalbi

Other key lawyers:

Simone Barnaba; Deborah Borghi; Vincenzo Sarta


The team has the ability to cover the various issues inherent to bankruptcy law with great punctuality and speed, and the chance to interface with a key partner on a daily basis constitutes a significant plus when compared to other large law firms.

Their intervention can be decisive in certain risk situations.

Simone Barnaba deserves particular mention.

Key clients


Q8 Quaser S.r.l.

Kuwait Petroleum

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

Kuwait Petroleum Italia S.p.A.

Kuwait Petroleum

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

Marlew S.A.

Former chairman of large Italian shipbuilding company (now in bankruptcy)

Kuwait Petroleum Italia S.p.A.

Work highlights

  • Advised Kuwait Petroleum Italia (and foreign subsidiaries), as key suppliers, on the extraordinary administration of Alitalia.
  • Acted for Q8 Quaser, as key supplier and creditor, in connection with the restructuring of ATAC, Rome’s municipal transport company.
  • Acted for a former chairman of a large Italian shipbuilding company (declared insolvent) in several legal actions, which were brought by the receiver.

EY Law

EY Law's 'effective' restructuring and insolvency team has longstanding experience of assisting public and private companies with crisis situations. Francesco Marotta advises on debt restructuring operations involving the transport, infrastructure, manufacturing and construction sectors.

Practice head(s):

Francesco Marotta

Other key lawyers:

Massimiliano Vento


Its strengths are its competence in this sector and the ability to offer services that have legal value but also address clients’ needs.

The EY team optimised the strengths of the client company and brand, bringing it out of a very difficult moment and saving it from bankruptcy.

Francesco Marotta has a unique vision and the ability always to see opportunities, with incredible lateral thinking and professional relationships at the highest level. He is also a great mediator and very convincing.

The team, managed by Francesco Marotta, proved to be extremely competent and effective in managing the arrangement with creditors.

Key clients

Azienda Napoletana Mobilità S.p.A.

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

Trevi Holding SE

Giustino Costruzioni S.p.A.

DEMA – Design Manufactoring S.p.A.

Oikia S.r.l.

Gruppo Waste Italia S.p.A.

Fondazione Parco Tecnologico Padano

Amalattea S.p.A.

Parco Tecnologico Padano S.r.l.

Giplast Group S.p.A.

Holding Civitavecchia Servizi S.r.l.

Ippocrate S.r.l. in Liquidazione

Ristorante Savini S.r.l.

Gruppo Zeppieri Costruzioni S.r.l.

Miotto Generale Petroli S.r.l. in liquidazione

ALER Milano – Azienda Lombarda Edilizia Residenziale


Work highlights

  • Advised Azienda Napoletana Mobilità S.p.A. (ANM) on a debt restructuring, through an agreement with creditors proceeding.
  • Advised ATAC on the integration of financial instruments, which related to an arrangement with creditors proceeding.
  • Advised Giustino Costruzioni on the debt restructuring of its debt exposure, through an agreement with creditors proceeding.

Gatti Pavesi Bianchi Ludovici

Gatti Pavesi Bianchi Ludovici's expertise covers distressed businesses, financial restructurings, insolvency and bankruptcy proceedings and clawback actions. Clients of the firm include banks, funds and other financial institutions, Luca Faustini regularly advises on financings and corporate reorganisations, as well as bankruptcy litigation. Counsel Annalisa Asaro is a debt restructuring expert.

Practice head(s):

Luca Faustini

Other key lawyers:

Annalisa Asaro

Work highlights

  • Advised a pool of financial institutions in relation to the restructuring of the financial indebtedness of Terni Energia and Softeco Sismat.
  • Acted for FSI Investimenti on the implementation of the capital strengthening and restructuring of Trevi – Finanziaria.
  • Assisted a pool of banks with a financial agreement involving the reorganisation of Consorsi Agrari d’Italia’s financial structure.

Greenberg Traurig Santa Maria

Greenberg Traurig Santa Maria has developed substantial expertise in handling business crises in the banking, pharmaceutical, automotive and retail sectors. Mario Santa Maria and finance head Corrado Angelelli (who joined from Freshfields Bruckhaus Deringer in 2019) are active in high-profile restructuring and insolvency mandates.

Practice head(s):

Corrado Angelelli; Mario Santa Maria

Other key lawyers:

Francesco Horvat


Has the ability to propose the best legal solutions.

The ability to analyse and speed of execution are two strengths of this law firm. It has great competence, combined with courtesy and availability.

Its technical skills lie in the execution of deals and availability, with depth of analysis of the issues – it is also a one-stop-shop for subjects other than bankruptcy law.

Great for clarity on exposure issues and precise in relation to solutions.

A compact and proactive team that is valuable for both soft and hard skills.

Key clients

Banca Monte dei Paschi di Siena

Bionics S.r.l.

Val s.r.l. in Liquidazione

Bain Capital

Aquileia Capital Services S.r.l.


Link Asset Services


Work highlights

  • Assists Banca Monte Paschi di Siena with insolvency-related financial matters.
  • Acted for Bionics against a construction company that had entered into an arrangement with creditors procedure.
  • Assists Aquileia’s loan managers with managing relations with creditors, including restructuring plans and reviewing proposals for composition with creditors.

K&L Gates

K&L Gates’ 'supportive' team is experienced in insolvency and pre-insolvency situations, including pre-bankruptcy and debt restructuring agreements, and out-of-court debt restructuring plans. Paolo Rusconi specialises in debt restructuring deals and distressed M&A. Fabrizio Dotti's practice includes debt restructurings and insolvencies.

Practice head(s):

Paolo Rusconi

Other key lawyers:

Fabrizio Dotti; Andrea Campana


Supportive and available.

Its strengths are deep knowledge of bankruptcy law and an indispensable international network.

Paolo Rusconi is a highly prepared professional who is always efficient and helpful.

Key clients

Prelios SGR

Aquileia Capital Services S.r.l.


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

Banco BPM

Industrie Saleri Italo S.p.A.

Montagna Holding S.r.l.

Alluflon S.p.A.

Antonio Rettagliata S.r.l.

Area Lamaro S.p.A.

Work highlights

  • Assisted Antonio Rettagliata S.r.l. with an out-of-court debt restructuring plan.
  • Assisted BCC Milano, Banco BPM, Banco Desio, BCC Binasco and Banca Popolare di Bergamo with the negotiation of an out-of-court debt restructuring plan involving Tecnocasa.
  • Assisted Montagna Holding with a debt restructuring agreement with creditors.

LCA Studio Legale

LCA Studio Legale's expertise ranges from turnaround plans and insolvencies, to assisting with debt renegotiations and insolvency-related business and asset acquisitions. Salvatore Sanzo is a restructuring and bankruptcy expert, Diana Burroni is a corporate crises specialist, and Angela Petrosillo predominantly acts for debtors and investors.

Practice head(s):

Salvatore Sanzo; Diana Burroni; Angela Petrosillo

Other key lawyers:

Daniele Nataloni; Michele Petriello


Flexibility and adaptability to clients’ needs and the particularities of the deal.

A well-assorted team with transversal skills that touch most business crisis contexts.

Availability and attention to the client at all stages are among its main strengths.

Clearly stands out from other law firms that deal with restructuring and insolvency.

The partners have experience at national level and in relation to very important matters, both in terms of size and technical difficulty.’

Salvatore Sanzo has longterm experience in bankruptcy law, and always finds the most suitable solutions.

‘Salvatore Sanzo knows how to assert clients’ needs during the most delicate phases.

Diana Burroni pursues goals with perseverance.

Key clients

Investimenti Marittimi S.p.A.

Casinò de la Vallèe (Casinò di Saint Vincent)

Rizzo Bottiglieri De Carlini S.p.A.

Italplan S.p.A.


Cantarelli Group

Area 62 s.r.l.

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.

Work highlights

  • Assisted with a petition filed for the admission to the arrangement with creditors procedure, including  negotiations with employees, litigation and the approval of financial statements.
  • Assisted Rizzo Bottiglieri De Carlini’s bankruptcy receivers with oppositions against a statement of liabilities and the evaluation of a potential claim for damages against former directors and auditors.
  • Acting for the court-appointed liquidator in relation to Cooperativa Costruzioni’s compulsory liquidation procedure.

Orrick, Herrington & Sutcliffe

Orrick, Herrington & Sutcliffe advises creditors, debtors and investors on complex restructuring and insolvency matters. Its team's experience includes assisting investment managers and investment funds with distressed asset and company acquisitions. Special counsel Daniela Andreatta has longstanding bankruptcy, restructuring and distressed transactions experience.

Practice head(s):

Daniela Andreatta

Other key lawyers:

Federico Perego


A very efficient team that has great international coverage for cross-border operations and wide availability of resources.

The team is always represented by senior figures, very committed to deals and always up to date on sector regulations.

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.

Studio Ubertazzi

Boutique firm Studio Ubertazzi consistently acts for medium-sized and large companies on both in-court and out-of-court restructuring and insolvency matters. Name partner Tommaso Ubertazzi, who 'stands out' and is 'full of knowledge and ideas', advises on debt restructurings and reorganisation agreements, as well as insolvencies.

Practice head(s):

Tommaso Ubertazzi


Studio Ubertazzi is an exceptional firm.

The team is very skilled and eager to help; its lawyers are also highly prepared.

‘What makes this practice unique is definitely its creativity which, together with very strong theoretical preparation, makes them vividly stand out.

Ability to listen and analyse, they really know how to take charge of a problem, and the quality answers are always punctual and precise.

The firm’s services are complete and timely, and the degree of in-depth analysis is formidable.

Tommaso Ubertazzi is full of knowledge and ideas, very direct, and at the same time clearly very smart. Clients trust him.

Tommaso Ubertazzi stands out when compared to other lawyers that I know.

Tommaso Ubertazzi is a unique professional, who is meticulous, punctual and tireless.

Work highlights

  • Assisted Inso Sistemi per le Infrastrutture Sociali with its business sale, which followed its admission to extraordinary administration.