Restructuring and insolvency in Italy


BonelliErede was recently integrated with Italian independent law firm, Lombardi e Associati, bringing insolvency expert Giuseppe Lombardi and corporate restructuring specialist Federico Vermicelli to its restructuring and insolvency focus team. The practice is experienced in domestic and cross-border insolvencies, workouts and large corporate restructurings. Genoa-based Marco Arato's practice includes advising directors, banks and debtor companies on debt restructuring; Marco Passalacqua is known for in- and out-of-court assistance in proceedings involving bankruptcy and insolvency and debt restructuring; and Paolo Oliviero specialises in restructuring loans and distressed assets. At managing associate level, Lucio Guttilla specialises in corporate law and restructuring and insolvency law, and Fabio Macrì focuses on debt restructuring and bankruptcy law.

Practice head(s):

Marco Arato


The team is appreciated for the great ease with which it gets in tune not only with the issues that represent client’s problem, but also with the client who, in situations of this nature, is often not very clear and needs not only to be advised, but also accompanied. Then the mastery of these lawyers’ subject matters appears immediately clear – they always manage to simplify complicated situations – and the strong reputation that the BonelliErede teams enjoy with the banks.

They have very competent and well-structured teams, their partners are present and great at connecting with clients. They are also trustworthy and available when needed.

Giuseppe Lombardi is one of the most reputable lawyers in Italy, who is able to deal with consensual as well as litigation matters.

Federico Vermicelli and his team of collaborators are appreciated for their speed in understanding complex situations and problems, the speed of execution and total availability. Compared to the competition, one characteristic is the predisposition to put clients at ease and ensure that they can always fully understand the various aspects of files, even if they are complex.

Federico Vermicelli has good know-how in restructuring.

Key clients

Salini Impregilo

Delta Airlines

Gruppo Messina and Ignazio Messina


Piaggio Aero Industries

Gruppo Maccaferri

Pessina Costruzioni

Cuki Cofresco


Work highlights

  • Assisted Servicedent with the restructuring of its indebtedness within a pre-bankruptcy composition with creditors’ proceedings.
  • Acted for Ferroli, which produces and sells heating systems, on the renegotiation of its restructuring agreement with lenders.
  • Advised Rivieracqua on the restructuring of its indebtedness within the context of a pre-bankruptcy composition with creditors’ proceedings.

Giovanardi Studio Legale

Giovanardi Studio Legale is a medium-sized firm that regularly assists banks and financial institutions with complex distress and special situations; these involve out-of-court and in-court debt restructurings and compositions with creditors, M&A and asset disposals, insolvency-sensitive deals, and related disputes. Carlo Alberto Giovanardi advises Italian and foreign investment banks on special situations and complex restructurings, Linda Morellini is a corporate insolvency specialist and Paolo Pototschnig is a highly respected litigator. At counsel level, Laura Tutinelli is a debt restructuring and insolvency specialist, and Sara Piccardo in Genoa is experienced in distressed and special situations.


The team is noted for its markedly proactive approach to inter-bank negotiations; it constantly searches for innovative legal solutions, even to the most complex problems.

Carlo Alberto Giovanardi is an outstanding and highly respected expert in the field of restructuring and insolvency. He handles all aspects of bankruptcy law, and has deep knowledge of the banking system, which combination makes his advice unique and exceptionally valuable when it comes to handling complex and sensitive situations.

Carlo Alberto Giovanardi and Linda Morellini are extremely attentive to clients’ businesses and always find the most legally appropriate solutions.

Linda Morellini and her close collaborators fully serve clients’ needs; Morellini takes an active part in the finalisation of complex deals, leaving both the banks and companies involved satisfied.

Key clients

UBI Bank

Alzaia Immobiliare

Intesa SanPaolo


Banca Popolare di Milano

MPS Capital Services

Work highlights

  • Assisted Mantero with the refinancing of a new business plan.
  • Advised Mediocredito Italiano on the debt restructuring of Italian real estate company, Quadrifoglio Piacenza.
  • Acted for the financial creditors of Marina di Stabia (MdS) on its reorganisation plan, which aims to revive the tourist port of Castellamare di Stabia, which is managed by MdS.


Chiomenti has substantial experience of restructuring and turnaround transactions, as well as of insolvency and pre-insolvency proceedings. Leveraging the firm’s skill range, the team works across various departments, including finance, corporate law, tax, labour law and litigation. It also stands out for its insolvency crime expertise. Clients include distressed companies and financial creditors, as well as third-party investors. Antonio Tavella and Giulia Battaglia specialise in debt restructuring, bankruptcy law and insolvency proceedings. Recently promoted senior associate Giada Caravello advises companies in financial distress and debt restructuring.

Practice head(s):

Antonio Tavella


The team is competent and commercially minded. It is also adaptable to different situations as well as the client’s mentality.

The practice is available and has specific competences and flexibility when addressing clients’ needs.

Key clients

Pasta Zara

Intesa Sanpaolo

Preca Brummel


Chateau D’Ax


Njord Partners

QuattroR SGR

Consorzio Latterie Sociali Mantovane Virgilio Società Agricola Cooperativa


Work highlights

  • Advised Intesa Sanpaolo on a master agreement with Intrum Justitia, which provides for the disposal of an Italian portfolio of bad loans.
  • Acted for Pasta Zara on the drafting and filing of the petition for admission to a pre-insolvency workout agreement with creditors.
  • Advised Consorzio Latterie Sociali Mantovane Virgilio Società Agricola Cooperativa, and its subsidiaries, on an approximately €130m debt restructuring transaction.

Clifford Chance

Clifford Chance's restructuring and insolvency group works on some of the highest profile Italian restructurings, distressed refinancing and insolvency transactions. It is also able to leverage a wide interdisciplinary group, including tax and employment lawyers. Charles Adams' experience includes advising borrowers, senior creditors and co-ordinating committees on significant debt restructurings; Giuseppe De Palma assists distressed investors when taking positions in distressed assets; and Carlo Felice Giampaolino and Fabio Guastadisegni are insolvency litigation specialists. Paolo Sersale is experienced in corporate restructurings and distressed M&A.


It is an international firm that is able to meet the most challenging needs of multinational companies.

The firm has strong track record and expertise, combined with an international network that is a key advantage in cross-border situations.

The team is incredibly effective and can draw upon the expertise of insolvency experts such as Carlo Giampaolino and Fabio Guastadisegni for more contentious matters. The main strengths of the team are knowledge of debt instruments and the dynamics of creditor classes; a commercial approach supported by strong legal analysis; and ability to deliver in all circumstances, from consensual restructurings to more contentious ones, including through the effective use of litigation. This is on top of the usual Clifford Chance approach and focus on the client’s needs and objectives.

The firm is characterised by quality, professionalism and rapid response times.

Giuseppe De Palma combines significant debt experience across a number of products, with strong knowledge of restructuring legal proceedings.

Giuseppe De Palma is a key senior figure. He can combine great strategic advice with strong negotiation skills supported by very solid and creative legal analysis.

Fabio Guastadisegni is a great litigator in the insolvency field.’

Charles Adams provides valuable insights into complex international situations, especially with a UK or US angle. He is supported by a team of excellent professionals.

Paolo Sersale is appreciated for his unquestionable competence in commercial law and negotiating skills.

Key clients





Mubadala Investment Company PSJC

Strata Manufacturing PJSC

Work highlights

  • Advised an international bank on the drafting of a complex debt restructuring agreement with Trevi Finanziaria Industriale and its subsidiaries.
  • Represented Rome’s municipal transport company Atac in restructuring and insolvency proceedings.
  • Acted for BNP Paribas (Milan Branch) in a composition with creditors proceeding commenced by Waste Italia, which is active in the waste disposal market.

DLA Piper

DLA Piper was recently active in large distressed M&A transactions, as well as the disposal and acquisition of large credit portfolios. It is particularly rated for large real estate portfolio acquisitions in pre-insolvency situations and has a specialised shipping sector team that advises on restructuring and special opportunities investments. Antonio Lombardo is involved in high-profile Italian restructurings, and Francesco De Gennaro is a restructuring and special opportunities investment specialist. Luca Magrini focuses on acquisitions of distressed assets.


The practice has the ability to work in a team and communicate well with counterparts.

Luca Magrini is a great connoisseur of bankruptcy law and is always personally involved.

Key clients


Boscolo Group


Dea Capital






Deutsche Bank

Work highlights

  • Advised a large number of domestic and international banking groups on the approximately €445m debt restructuring of Sofinter, which designs and constructs industrial and utility boilers, and its group companies.
  • Acted for a large pool of banks (formed by 37 financial institutions), as creditors of CPL Concordia Group (CPL), on CPL’s restructuring plan.
  • Assisted shipping sector company, Navigazione Montanari, with the structuring of a complex debt restructuring.

Gianni & Origoni

In relation to going concern scenarios and distressed corporate M&A, Gianni & Origoni was one of the first law firms in Italy to represent parties in court proceedings in compositions with creditors. The practice regularly advises on complex restructurings, which also include out-of-court proceedings. Gabriella Covino has developed significant restructuring experience, and Antonio Auricchio has advised financial institutions and companies on several leading insolvency cases. Turin-based Luca Jeantet advises on restructuring and turnaround matters.

Practice head(s):

Gabriella Covino; Luca Jeantet


The team has high levels of competence and professionalism, with strong results orientation and authoritative multidisciplinary support.

It has great ability, availability, flexibility competence and professionalism.’

Great competence and versatility when dealing with complicated situations.

GOP is able to ensure very high levels of professionalism, together with unique availability and humility.

Luca Jeantet always makes a difference.

Key clients



Bonifaci Group


Giuseppe BottiglieriShipping


Isoldi Holding

Mossi & Ghisolfi Group

Orsi Service

Sound Point Capital Management UK

STG Group

Work highlights

  • Acted for the Mossi & Ghisolfi Group in the filing, before the Court of Alessandria, of eight simultaneous applications for admission to a creditor procedure arrangement.
  • Assisted Astaldi, an Italian construction company, with a composition with creditors proposal.
  • Advised Alitalia’s commissioners on Alitalia’s extraordinary administration, which was put under special administration in 2017 after workers rejected a rescue plan.

Legance - Avvocati Associati

Legance - Avvocati Associati's interdisciplinary group comprises lawyers from the firm's banking and finance, litigation, corporate finance, tax, labour, and shipping and aviation teams. The firm's highly rated banking practice makes it a strong choice for lender-led restructuring work, while the corporate finance practice assists borrowers with distressed M&A transactions. The firm is also active in restructuring and insolvency-related disputes. Alberto GiampieriGiandomenico Ciaramella and Luca Autuori advise on sophisticated restructurings. Stefano Parlatore is active on the litigation side, and aviation sector specialist Daniele Geronzi acts in extraordinary administration and bankruptcy procedures.


The Legance restructuring and insolvency department is unique for the extent of its competence range, the engagement and effort, and the deep involvement it puts into the files reviewed and followed. In short, it gives clients constant and daily support on legal matters and even on technical and financial issues linked to them, in order to provide 360° management and support on particularly complex files.’

Daniele Geronzi is one of the best partners around in the context of restructuring files. His big effort and continual availability for the client’s needs are much appreciated. It makes the client feel supported all the time on every single aspect of the file.

Key clients

Aurora Recovery Capital

Banco BPM


BNP Paribas

Cementir Group

Energia Italiana

Intesa Sanpaolo


Maschio Gaspardo

Moncada Energy Group

Provincia Lombardo Veneta dell’Ordine Ospedaliero San Giovanni di Dio Fatebenefratelli

Work highlights

  • Assisted a pool of banks and funds, including Credito Fondiario, Intesa Sanpaolo, Gruppo Banco BPM, Creval, Cariparma, Carispezia and Mediocredito Italiano, with the restructuring of the financial indebtedness of the Redilco Group’s real estate companies.
  • Assisted Banca Nazionale del Lavoro, as financial creditor, with a composition with creditors’ proceeding, which was filed by Cooperativa Muratori & Cementisti C.M.C. di Ravenna Soc. Coop.
  • Acted for the Comitato Bondholders Astaldi on Astaldi’s application for a composition agreement procedure.


Linklaters is widely respected for its assistance with large and complex restructurings. Francesco Faldi advises on major restructuring and insolvency deals, focusing on the securitisation and sales of NPL portfolios; and Milan managing partner Andrea Arosio acts on high-profile restructuring transactions. Ettore Consalvi  has extensive experience of insolvency and turnaround proceedings, debtor-in-possession financing and distressed M&A activity.

Molinari e Associati

Molinari e Associati advises banks and debtors on debt restructuring transactions, as well as handling court-governed restructuring proceedings. The practice is particularly well known for insolvency proceedings and compositions with creditors. It also draws on resources from the firm's litigation and real estate groups. Ugo Molinari is a widely respected restructuring and insolvency expert, and Alessandro Fontana and Marinella Ciaccio assist with the management of complex debt restructurings. Molinari, Fontana and Ciaccio recently advised Gruppo Grancasa, a department store business, on its financial indebtedness requalification.


Ugo Molinari’s experience in the restructuring sector and his negotiating skills are his absolute strengths.

It has experience, a strong focus on the critical issues of restructuring projects and credibility with the banking class.

The team is great for restructuring. It has a strong reputation for its focus on in and out-of-court restructurings, and the team is composed of high-level professionals who have an undisputed ability to manage multi-parties and lenders.

Ugo Molinari adds value to any deal he is on.

Key clients

Coop Alleanza 3.0


Banca Monte dei Paschi di Siena

Banco BPM

Intesa Sanpaolo

Aareal Bank


York Capital Management Europe (UK) Advisors

DeA Capital Alternative Funds

Gruppo Russotti

Gruppo Grancasa

Solido Holding



UBI Banca

Tourist Ferry Boat

Work highlights

  • Advised Banco BPM, as creditor, on the bankruptcy of Porta Vittoria, the owner of a large real estate complex in Milan.
  • Acted for a major Italian bank on the restructuring of the financial indebtedness of Parsitalia, an Italian real estate developer.
  • Advised over 20 banks on the restructuring of the financial indebtedness of Trevi Finanziaria.


Ashurst acts for banks, investors, trustees and asset managers on the Italian, UK or US law aspects of domestic and cross-border restructuring, insolvency and pre-insolvency transactions. The team has specialist knowledge of the real estate and construction, shipping, energy and infrastructure, automotive and fashion sectors. Paolo Manganelli has extensive knowledge of Italian bankruptcy law, and corporate restructurings, and Mario Lisanti is experienced in special situations and debt restructuring transactions.

Practice head(s):

Paolo Manganelli; Mario Lisanti


The lawyers have outstanding competence, with a complete service spanning project financing, tax, debt restructuring and M&A.

It is very experienced with outstanding competence in deal structuring, execution and negotiation.

It has strong cross-sector capabilities (restructuring, finance, EU law) and is keen to invest in the relationship with clients.

Paolo Manganelli is hardworking, strong technically, has good commercial instinct and is not afraid to take a view when asked. He is quick to answer, always finds time for questions and meetings, and is sharp at understanding the commercial rationale behind issues.

Key clients

Amundi Asset Management

Bain Capital Credit


BHP Billiton

BNY Mellon

Davidson Kempner European Partners

Deutsche Bank

Fortress Investment Group



Liberty House

Mitsui & Co


Taconic Capital


US Bank


Work highlights

  • Acted for BHP Billiton on Ilva’s extraordinary administration, including the recovery of claims.
  • Advised UniCredit Bank (Milan Branch), UniCredit, IKB Deutsche Industriebank (Milan Branch) and UBI Banca on restructuring the indebtedness of Microgame, which is owned by two private equity firms.
  • Assisted Overgom with its reorganisation through a composition with creditors procedure.

Cleary Gottlieb Steen & Hamilton

Cleary Gottlieb Steen & Hamilton's restructuring practice includes assistance with M&A deals, bankruptcy, capital markets, tax, finance and dispute resolution. Widely respected for his handling of complex international scenarios, Carlo de Vito Piscicelli advises debtors and bank and non-bank creditors on restructuring situations, including in-court restructuring, out-of-court workouts, and investments in non-performing and other distressed assets. Roberto Bonsignore is an M&A and restructuring specialist.


An outstanding practice with a team of top-class lawyers who are capable of delivering top-notch advice with a multi-jurisdictional angle. They are excellent at explaining complex legal issues in a clear manner and have a lot of gravitas at the negotiating table.

Roberto Bonsignore is an all-round lawyer, with the ability to simplify complex issue and get straight to the crucial points.

Carlo De Vito Piscicelli is a great finance lawyer, who is capable of offering advice both under Italian and New York laws. He has great knowledge of the international leveraged finance and restructuring markets and is able to take and defend strong positions.

Key clients

Pillarstone Italy


Pillarstone Italy

Avenue Capital


Golden Tree

Goldman Sachs

Neuberger Berman

TPG Special Situations

Work highlights

  • Acted for Ferrovie dello Stato Italiane on a competitive bid for the acquisition of business units of Alitalia and Alitalia Cityliner (both under extraordinary administration).
  • Advised Pillarstone Italy on the restructuring of Perseveranza’s debt.
  • Advised ArcelorMittal on the €4.2bn acquisition of assets of Italian steelmaking group Ilva, further to the latter’s extraordinary administration.


Dentons regularly advises financial institutions and large borrowers on high- profile matters. The team's activities centre around corporate and finance restructuring as well as day-to-day consultancy, including assistance with litigation and the enforcement of guarantees. Federico Sutti has strong relationships with several major banks; and Alessandro Fosco Fagotto focuses on transactions that preserve going concerns, as well as financings granted to distressed companies. Managing counsel Cristian Fischetti is experienced in distressed situations and debt restructuring.


It has the ability to combine the institutional nature of a leading international firm with flexibility in customer relations, entrepreneurial spirit and problem- solving skills.

This a well-organised, thorough and swift team that is to the point and does not engage in time wasting of any kind.

Excellent internal coordination of the teams and punctual management of the restructuring, giving professional support to the banks involved in the deal.’

Punctual and professional and able to reach a shared vision with the client.

Federico Sutti’s professionalism, ability to solve problems, competence and good social skills are appreciated.

Alessandro Fosco Fagotto has excellent knowledge of banking matters and an excellent capacity to negotiate and find the best solution for banks. He is very smart, precise, pragmatic and friendly, and he has a constructive approach and is able to keep calm during very difficult negotiations. He always find solutions in complex situations.

Managing counsel Cristian Fischetti is a brilliant lawyer who impresses with his accuracy and punctuality.

Cristian Fischetti is outstanding throughout the entire process.

Key clients

Hypothekebank Frankfurt


Intesa Sanpaolo

Monte dei Paschi di Siena



Real Estate Strategie Immobiliari


Impreme Group





Manuli Stetch

Gruppo Santoni Costruzioni



Industrial and Commercial Bank of China

Work highlights

  • Assisted the Biokimica Group with a restructuring transaction, which involved the negotiation of five different debt restructuring agreements.
  • Advised a pool of 26 banks and financial institutions on the restructuring of Pasta Zara group’s financial debt.
  • Advised Intesa Sanpaolo, UniCredit, MPS and BNL on the restructuring of protection packaging company, Manuli Stretch.

Gattai Minoli Agostinelli & Partners

Gattai Minoli Agostinelli & Partners has a strong track record in financial pre-insolvency and insolvency restructurings that includes in-court and out-of-court restructurings at domestic and cross-border levels. Riccardo Agostinelli is a restructuring and distressed lending expert, and Gaetano Carrello assists with complex restructurings. Litigator Sergio Fulco acts for distressed companies and banks in bankruptcy proceedings, compositions with creditors and restructuring plans.

Key clients


Apollo Capital Partners

Intesa Sanpaolo


King Street


Roberto Cavalli


Mossi & Ghisolfi Creditors Committee

Illimity Bank

Work highlights

  • Acted for Roberto Cavalli in a composition with creditors procedure.
  • Acted for Galimberti in its composition with creditors proceeding.
  • Assisted King Street, a special situations funds, with the acquisition of super senior notes that were issued by construction company, Astaldi.

Hogan Lovells International LLP

Hogan Lovells International LLP's scope of work covers pre-insolvency, insolvency and restructuring situations, including turnaround issues and debt and corporate restructuring. Ernesto Apuzzo is noted for complex restructuring, financial and corporate turnarounds; Antonio Di Pasquale advises on debt trading and distressed acquisitions; and contentious insolvency advice is co-ordinated by Filippo Andrea Chiaves. Counsel Pierantonio Musso is experienced in deals involving distressed situations.

Practice head(s):

Ernesto Apuzzo


The Hogan Lovells team manages effectively, with dynamism and high degrees of accuracy. All involved professionals provide for a deep and qualified understanding of both the relevant legal and economic terms of deals. In particular, the team displays an excellent attitude during negotiations, as well as a clear comprehension of the business purposes of the client. In addition, the team as a whole is a close-knit group of professionals who co-operate harmoniously among themselves.

The firm has an outstanding practice and remarkable experience, which makes it reliable and trustworthy. It is able to offer a complete and satisfying service. In comparison to other law firms, Hogan Lovells is outstanding in terms of fast response times, proactivity and prompt decision making.

Hogan Lovells demonstrates remarkable attention to clients’ needs. It distinguishes itself in its instant interventions and continuous dialogue with companies, which provide for an effective analysis of the deal and quick solution of any obstacle or critical element.

Ernesto Apuzzo and counsel Pierantonio Musso are excellent professionals in terms of management of the entire operation.

Counsel Pierantonio Musso works with profound dedication and proactivity, and has an exceptional ability to investigate critically all the aspects of contractual documentation.

Key clients


Intesa Sanpaolo

Monte dei Paschi di Siena

Banco BPM

Sound Point Capital Management

Work highlights

  • Advised Etihad on the sale of 80% of a stake owned in Mille Miglia to Alitalia (in extraordinary administration).
  • Acted for Sèleco, an Italian manufacturer of consumer electronics, on the restructuring of its indebtedness.
  • Assisted a pool of banks, including Banco BPM, Intesa Sanpaolo, UBI Banca, Banca MPS, Cariparma, BNP Paribas Leasing Group, Banca Popolare di Sondrio, Banca Centropadana and BCC Borghetto, with the rescheduling of the indebtedness of Gruppo Arcobaleno, which operates in the  real estate sector.

Latham & Watkins LLP

Latham & Watkins LLP is frequently involved in a steady stream of prominent restructuring mandates, including distressed lending, out-of-court debt restructuring and in-court proceedings. Local chair of the banking and finance department, Marcello Bragliani, recently advised on distressed investments. At counsel level, Mauro Saccani is a debt restructuring expert and Antonio Distefano is a key name on the litigation side.


The L&W team performs very well. Its people show capabilities and competences in managing distressed M&A in restructuring situations.

Proven knowledge of local law and an excellent understanding of the borrower’s situation makes the difference. The associates and senior associates also act as high-worth professionals in developing and implementing solutions.

Key clients

Alisarda – Air Italy

Bain Capital Credit

Banco BPM

CPL Concordia

Gruppo D’Alesio

Gruppo Gemmo

Intesa Sanpaolo




Tecnica Group


Work highlights

  • Advised Morfini on its corporate reorganisation, which involved a restructuring agreement.
  • Acted for Bain Capital Credit on a distressed investment in Giuseppe Bottiglieri Shipping Company.
  • Advised a pool of banks on a shipowning group’s restructuring agreement.

Nctm Studio Legale

Nctm Studio Legale has a solid track record in handling restructurings for debtors and lenders, including in-court and out-of-court restructurings. The practice stands out for its experience in matters involving real estate funds. Fabio Marelli is noted for complex restructurings and senior partner Paolo Montironi  handles high-profile restructurings of publicly listed and private companies. Guido Fauda is experienced in turnaround operations and insolvencies.

Practice head(s):

Fabio Marelli


The team delivers a complete view of issues that is not limited to insolvency but makes clients immediately aware of all potential issues surrounding a restructuring project, giving companies full confidence that the entire process will be managed properly. In addition it is flexible in defining alternatives based on different paths that can be chosen during project deployment.

It is amazing how NCTM gets full knowledge of projects and manages to be able to define the correct procedure.’

Fabio Marelli’s expertise is vast and he is very responsive.’

Paolo Montironi is an extremely experienced lawyer, whose eminence is undisputed. He is always reachable and provides sharp advice.

Key clients

European Organization for Astronomical Research in the Southern Hemisphere


Liberty Mutual Insurance Europe

Raetia SGR

Adveo Italia




Eurobusiness 99


San Severo

Sahco Hesslein Italia

Work highlights

  • Advised Aral, which is in charge of the waste management and disposal services for several municipalities, on a composition with creditors plan.
  • Acted for Raetia SGR on the debt restructuring of three closed-end real estate funds that are in liquidation.
  • Acted for European Organization for Astronomical Research in the Southern Hemisphere in the judicial restructuring procedure of construction company, Astaldi.

Osborne Clarke

Osborne Clarke has a significant mid-market restructuring and insolvency focus, which mostly involves acting for companies with indebtedness of between €5m and €100m. The team also assists with related tax aspects. Filippo Canepa is noted for restructuring and insolvency work for distressed companies and liquidators. Federica Greggio, who relocated to Milan following the closure of the firm's Padua office, and Andrea Pinto have developed a complementary debt restructuring practice for lenders. The practice also acts in insolvency procedures and disputes.

Practice head(s):

Filippo Canepa


Clients appreciate the very high levels of professionalism and availability, as well its great ability at solving problems. The whole team involved is always up to date and works with great harmony, with undoubtedly positive results.

It is a hands-on team with a unique approach to restructuring, through deep knowledge of clients’ businesses. This approach helps to solve problems, as each restructuring needs to be tailor made to the specific business and market where the companies operate.

The team is extremely specialised and excels in terms of flexibility.

It is quick to understand the key issues and has a great attitude to problem solving.

Competence, solidity and timeliness are qualities that characterise Federica Greggio, who has an effective and efficient pragmatic approach, through analysing and resolving the salient points without losing herself in minor aspects.

Filippo Canepa’s level of preparation is out of the ordinary and he has great strategic vision. He has the ability to manage core problems and arrive at the solution.

Filippo Canepa has unique and outstanding professional skills that clients do not find in other professionals. He understands numbers and financial reportings, which are key to success in restructuring scenarios. He is also always independent of all the stakeholders of the restructuring process, has an outstanding ability to analyse choices and pick the best solution, and has an amazing knowledge of the restructuring laws.

Key clients


Banca Popolare dell’Alto Adige

Intesa Sanpaolo

Banca Monte dei Paschi di Siena

Carlo Tassara

Banca CR Firenze

SGA società per la gestione di attività

Impresa di Costruzioni Ing. Oreste Bossi & Figli

MedioCredito Italiano

Selmabipiemme Leasing

Credit Agricole Friuladria

Banca Mediocredito del Friuli Venezia Giulia

ICCREA BancaImpresa

Work highlights

  • Acted for knitwear producer, Giemme, in a complex debt restructuring matter, which included the sale of its stake in a Serbian company.
  • Advised steel company, Carlo Tassara, on the restructuring of the substantial debt of its subsidiary, Metalcam.
  • Acted for the liquidators of Unieco Società Cooperativa, which is active in the construction and engineering services sector, on its compulsory liquidation.

Pedersoli Studio Legale

Pedersoli Studio Legale's debt restructuring and bankruptcy practice is active in out-of-court agreements and judicial procedures. The group works closely with financial and industrial advisers on debt restructuring agreements to overcome business crises, as well as dealing with banks’ bad debt portfolios. Maura Magioncalda advises on large and complex restructuring mandates, and Alessandra Giovetti is experienced in insolvency proceedings, corporate crises and reorganisations, compositions and claw-back actions.


Pedersoli Studio Legale has an outstanding quality of service among many different practices. The restructuring team is top level for its ability to provide tailored services, even to small-medium businesses. Each client counts as the best client and gets top-quality attention.

The insolvency department is excellent, offering practical advice backed up by huge experience, ensuring all matters are handled promptly and appropriately. The high standard of work, as well as the commitment to serve clients’ needs, result in the insolvency team being always available and capable of finding the best solution. The experience and ability of working with other teams of the same firm ensure very comprehensive assistance.

It has strong experience and knowledge of financial and legal aspects.

It is particularly appreciated for the availability and professionalism of Maura Magioncalda.

Maura Magioncalda is generally recognised as one of the most remarkable lawyers within this practice. Clients strongly benefit from her expertise in complex restructuring operations with both banks and companies. Her availability and engagement, as well as her efforts always to find solutions that match different stakeholders, are the qualities that are valued most.

Alessandra Giovetti is recommended for her deep knowledge of the area and her outstanding problem-solving ability, which allows her to provide highly clear advice on technically and legally challenging issues. Moreover, she is always available and highly responsive and assembles a team of very capable, accurate, practical and focused lawyers, who are able to assist the client in every step and at every level.’

Key clients

Intesa Sanpaolo


Banco BPM

Crédit Agricole-Cariparma


Work highlights

  • Advised Intesa Sanpaolo on the definition and subsequent implementation of agreements for the acquisition of certain assets, liabilities and legal relationships, which was in relation to Banca Popolare di Vicenza and Veneto Banca’s compulsory administrative liquidation.
  • Advised the banks, including Banca MPS, Bper Banca, Banco BPM, Crèdit Agricole-Cariparma and UniCredit on the restructuring of the global indebtedness of Gruppo Ceramiche Ricchetti, an Italian ceramics company.
  • Advised Intesa Sanpaolo, UniCredit, Banco BPM, Banca Popolare di Milano, Banca Monte dei Paschi di Siena and Banco di Napoli on the restructuring agreement of the existing indebtedness of Risanamento, a real estate property company, and its subsidiaries Milano Santa Giulia, MSG Residenze and Ri. Rental.

Allen & Overy - Studio Legale Associato

Allen & Overy - Studio Legale Associato advises on the English and the Italian legal aspects of domestic and international restructuring transactions and insolvency procedures. Typical work includes workouts, insolvency procedures, debt restructuring, distressed financing and reschedulings, and out-of-court restructurings. Counsel Juri Bettinelli is experienced in restructuring transactions and out-court proceedings, as well as in insolvency in-court proceedings.


The team is excellent. All negotiation phases are handled with great professionalism and balance.

The practice stands out for its tailor-made approach and the work conducted by the lawyers is of a high standing.’

Juri Bettinelli stands out for his high technical capabilities in the field of restructuring and insolvency, as well as a deep knowledge of the market.

The professional in charge, Juri Bettinelli, is very attentive, professional and balanced, demonstrating strong qualities both on the technical and legal side. At relationship level, he actively contributes to the success of an operation.

Key clients


Costruzioni Giuseppe Montagna

Vroon Group


Banco BPM

Work highlights

  • Advised the Vroon Group, a Dutch shipping company, on the Italian aspects of its restructuring.
  • Acted for Costruzioni Giuseppe Montagna, and its subsidiaries, on a pre-insolvency agreement.
  • Advised Comart on filing a petition with the Court of Ravenna for admission to a pre-insolvency composition agreement.

Bird & Bird

Bird & Bird's key areas include turnaround plans, debt restructuring agreements, pre-insolvency procedures with creditors, insolvency compositions with creditors, debt trading, and cross-border insolvencies and restructurings. Alberto Salvadè handles recovery plans as well as composition with creditors proceedings.

Practice head(s):

Alberto Salvadè


Bird & Bird is a firm that comprises young, serious, motivated and highly trained professionals with an excellent price-performance ratio compared to other law firms.

The different departments are able to interact on different legal issues and the firm’s international focus allows for the intervention of lawyers even outside national borders.

They are precise, attentive to clients’ needs and able to recommend the best strategies from a legal point of view. They obtain good results to clients’ satisfaction.

The main qualities of Bird & Bird’s professionals, especially Alberto Salvadè, are seriousness, profound knowledge of legal matters, availability, balance during negotiations and common sense.

Key clients

Lugo Immobiliare

Work highlights

  • Advised Lugo Immobiliare, which is active in the energy and real estate sectors, (and its subsidiaries) on the negotiation of a restructuring agreement with lenders.

Gatti Pavesi Bianchi Ludovici

Gatti Pavesi Bianchi Ludovici's expertise covers distressed businesses, financial re-structuring profiles and insolvency and bankruptcy proceedings. Practice head Luca Faustini mostly advises on ​​financing and corporate reorganisation transactions. His recent experience includes advising a pool of financial institutions on restructuring the financial indebtedness of Terni Energia and Softeco Sismat.

Practice head(s):

Luca Faustini

Key clients

Confederazione Nazionale Artigiani Modena

Banca Monte dei Paschi di Siena


Intesa SanPaolo

Banca IMI

Work highlights

  • Advised a pool of banks, including UniCredit Bank, Succesursale di Milano, Banca Monte dei Paschi di Siena, Banca Nazionale del Lavoro, Banco BPM, Intesa Sanpaolo, BPER Banca, Crèdit Agricole Italia and UniCredit, on Landi Renzo and Lovato’s indebtedness.
  • Assisted Draco (in liquidation) with the restructuring of its existing indebtedness with financing institutions and third-party creditors.
  • Advised a pool of banks, including Banca Monte dei Paschi di Siena, Banca Nazionale del Lavoro, Intesa SanPaolo, UniCredit and Banca IMI, on Tas-Tecnologia Avanzata dei Sistemi’s indebtedness.

K&L Gates

K&L Gates hired debt restructuring and distressed M&A specialist Paolo Rusconi from Studio Legale RCCD in 2019. The practice covers insolvency and pre-insolvency situations, including pre-bankruptcy and debt restructuring agreements, as well as out-of-court debt restructuring plans.

Practice head(s):

Paolo Rusconi


K&L Gates stands out, compared to other firms operating in the same sector, for the preparation of its professionals and for their ability to put their knowledge to innovative solutions, especially within complex operations.

Paolo Rusconi is specialised not only in restructuring operations, but also in banking and corporate law. His high professionalism has been fundamental to the success of some important operations.

Key clients

Banco di Desio e della Brianza

Credito Valtellinese

Intesa Sanpaolo

UBI Banca

Banca Popolare di Milano

Banco BPM


Antonio Rettagliata


BCC Milano

Banco Desio

BCC Binasco

Banca Popolare di Bergamo


Gruppo Saigi

Aquileia Capital Services


Montagna Holding

Work highlights

  • Assisted Antonio Rettagliata with an out-of-court debt restructuring plan.
  • Advised Allulfon on an out-of court-debt restructuring plan entered into with its financial creditors.​
  • Advised Aedilitia on the negotiation of a debt restructuring agreement with Banca Carige.

LCA Studio Legale

Significantly strengthening its restructuring departments, LCA Studio Legale merged with SeAS Sanzo e Associati Studio Legale in 2018, which brought in bankruptcy law litigator Salvatore Sanzo, corporate crises expert Diana Burroni, and Angela Petrosillo, who mostly works with debtors or investors. The practice's scope of work covers turnaround plans, insolvency procedures, debt renegotiation, and insolvency-related business and asset acquisitions.


The firm has a team of highly qualified people who are able to intervene quickly on extremely complex issues.

The team’s skills, and the people that make up the team, guarantee the resolution of very complex issues quickly, with extremely positive results.

The professional preparation demonstrated has no equal, when compared to other firms dealing with the same subject. The mix of high competence present in the firm allows clients to have a complete and professional offering. The promptness of concrete answers enables companies to save themselves from failure.

From the the first interview with the firm’s professionals, clients appreciate the great professionalism and competence in bankruptcy matters. The speed of legal analysis of the problems allows the adoption of important measures that can really make the difference between the survival of the company in crisis or its closure. Other firms, with high-sounding names and political connections at national level, do not show the same preparation and readiness of LCA to resolve legal problems that are so delicate as to involve hundreds of employees at risk in the workplace.

Salvatore Sanzo is an outstanding professional with extensive knowledge and experience in restructuring and insolvency issues. He consistently demonstrates his professional competence, providing accurate and pragmatic advice even on the most complex matters. His passion and approach make his assistance even more valuable.

Key clients



Casinò de la Vallèe




Fondazione Centro San Raffaele del Monte Tabor




Work highlights

  • Acted for Selta in an arrangement with creditors procedure, as well as the subsequent bankruptcy procedure.
  • Assisted Frenocar with an arrangement with creditors procedure.
  • Assisted Casinò de la Vallée with the admission to a creditor procedure arrangement.

Orrick, Herrington & Sutcliffe

Orrick, Herrington & Sutcliffe has a strong track record in debt restructuring and distressed asset acquisitions. The team has particular knowledge of restructuring tools and Italian bankruptcy law. Special counsel and team leader Daniela Andreatta has considerable experience of handling large-scale, complex restructuring matters. Senior associate Federico Perego assists with corporate reorganisations, out-of-court restructurings, and insolvencies and liquidations.

Practice head(s):

Daniela Andreatta


Orrick puts experienced professionals in at all stages of deals.’

Senior associate Federico Perego is always solid in his advice and he has a determined approach that aims to complete the instruction.

Simmons & Simmons

Simmons & Simmons advises on all aspects of corporate restructuring, recovery and insolvency work, with particular experience in highly specialised sectors. Its workload includes out-of-court or court-driven restructurings, and insolvency and reorganisation procedures. Davide D’Affronto assists lenders and private equity-invested companies with debt restructuring.

Practice head(s):

Davide D’Affronto

Key clients

Intesa SanPaolo


Crédit Agricole Cariparma

Banco BPM

Banca Popolare di Sondrio

Citigroup Global Markets


Work highlights

  • Assisted the lenders, Intesa SanPaolo, UniCredit, Crédit Agricole Cariparma, Banco BPM and Banca Popolare di Sondrio, with the negotiation and execution of a restructuring agreement involving Tei Energy.

Studio Ubertazzi

Studio Ubertazzi acts for medium-sized and large companies on restructuring and in insolvency procedures. Tommaso Ubertazzi is a specialist in debt restructuring and reorganisation agreements and insolvency procedures. He recently advised on the issues surrounding a client's extraordinary administration procedure.

Practice head(s):

Tommaso Ubertazzi


The team is professional, competent and available.

The team is terrific and truly great at saving companies in crisis.

The lawyers truly understand how companies work, what they need and which legal steps can help. In insolvency, they are particularly effective; they have unconventional methods based not only on experience but also on a creative and practical approach.

Tommaso Ubertazzi is one of the best lawyers around. He is very intelligent, fast and effective. And most importantly, his ways work – he knows exactly what needs to be done and he does not hesitate to do it.

Tommaso Ubertazzi is a very professional lawyer who has a very direct and young style. He is more than a lawyer; he is also a guide who seems to be the only one who knows the way, not to mention his exceptional knowledge of law and intuition.

White & Case LLP Italy

As a result of its presence across Europe, as well as across the wider EMEA region, Asia Pacific and the Americas, White & Case LLP Italy executes complex restructuring and special situation investments with multi-jurisdictional elements. In 2019, it hired Andrea Novarese and Maria Cristina Storchi, who have strong relationships with key Italian financial institutions, from Latham & Watkins LLP. Iacopo Canino regularly works on Italian financial restructurings, and Gianluca Fanti's experience includes distressed assets disposals and acquisitions, and debt restructuring.


Probably a smaller team on the restructuring and insolvency side; however it makes up for its size with a very positive and commercial attitude and excellent availability.

Gianluca Fanti has extensive industry knowledge, is strongly commercial and has great negotiation skills.

Key clients

Banco BPM



CPL Concordia

Gruppo D’Alesio

Gruppo Gemmo

Intesa Sanpaolo





Oak Hill

Sound Point


Work highlights

  • Advised a consortium of major Italian banks on the debt restructuring of Cossi Costruzioni, an Italian construction company.
  • Acted for UniCredit on the negotiation of a standstill agreement and corporate financing agreement, which provided for a moratorium on financial indebtedness for the Risanamento group companies until March 2023.
  • Advised a consortium of 21 major Italian banks on the €140m debt restructuring of Maschio Gaspardo, an Italian company that produces agricultural equipment.