Firms To Watch: Restructuring and insolvency

Led by Alessandro Riccioni and Carlo Cicala, boutique firm Cicala Riccioni & Partners assists distressed companies in refinancings, restructurings, liquidations and insolvency proceedings.

Restructuring and insolvency in Italy


BonelliErede assists the full range of interested parties in contentious and non-contentious insolvency matters, including distressed creditors, insolvent companies, liquidators, administrators and trustees. The firm’s expertise in EU law makes it adept at handling issues arising out of insolvency in the region. Key areas of insolvency practice at the firm include liquidation, administration, derivative actions, emerging insolvency and corporate restructuring. The practice is led by Marco Arato, who specialises in the transfer of equity stakes and companies, debt restructuring and insolvency-related M&A. Giuseppe Lombardi is recognised for his dispute resolution work focusing on insolvency. In December 2022, Gianpaolo Ciervo was promoted to partner.

Practice head(s):

Marco Arato

Other key lawyers:

Giuseppe Lombardi; Fabio Macrì; Marco Passalacqua; Pietro Fogari; Gianpaolo Ciervo


‘Marco Arato is an outstanding restructuring and insolvency lawyer. He has tremendous expertise in those fields and manages with subtility all the hurdles you can encounter in special situations.’

‘One of the best teams in Italy. Unique knowledge of the restructuring and insolvency legal world.’

‘Very capable in soft and hard skills to solve any relevant issues and finding solutions.’

‘The BonelliErede restructuring and insolvency team is outstanding; the best the Italian market can offer.

‘Marco Passalacqua is an exceptional lawyer. His knowledge of Italian insolvency law is second to none. He has a great experience in complex restructuring procedures and an excellent problem-solving attitude.’

‘Pietro Fogari is outstanding.’

‘Gianpaolo Ciervo stands out for his incredible knowledge of restructuring law and corporate law. He has a high level of commitment. In every negotiation, he is always right.’

‘BonelliErede is at the forefront in the field of restructuring under Italian law and insolvency matters with international elements; the R&I practice is unique as it combines strong doctrinal competence with the ability to apply it to the insolvency arena.’

Key clients

Acciaierie Venete

Base Group

DeA Capital Alternative Funds SGR



Piaggio Aero Industries


Strada dei Parchi

Tessitura Monti

Work highlights

  • Provided assistance to Lufthansa in the acquisition of a stake in the Italian airline company ITA Airways.
  • Assisted in the extraordinary receivership proceedings of Tessitura Monti including, inter alia, assistance in the sale of (i) the business complexes of the company and (ii) the shareholdings held by the companies in its foreign subsidiaries.
  • Assisted Strada dei Parchi in relation to its composition with creditors procedure.


Chiomenti maintains a strong insolvency and restructuring practice and is a popular choice among major national and international banks. Its department is responsive to the ever-changing field of restructuring and insolvency, advising on the central aspects of insolvency law, including arranged agreements, distressed M&A, lending transactions and non-performing loans (NPLs). Antonio Tavella heads the practice and routinely advises major domestic and foreign clients on the purchase of receivables, debt restructurings, litigation and distressed acquisitions. Giulia Battaglia is a notable member of the team, specialising in assisting debtors, banks and investors in complex transactions. Giada Caravello is a managing associate with a focus on debt restructurings and assistance to companies in financial distress.

Practice head(s):

Antonio Tavella

Other key lawyers:

Giulia Battaglia; Giada Caravello


‘An outstanding and holistic approach providing guidance on the various options a company in distress has while choosing its way out of a crisis.’

‘Antonio Tavella is an outstanding professional, with exceptional dedication.’

‘Giada Caravella is an exceptional partner, able to cover all restructuring issues.’

‘Chiomenti is a leading firm in Italy’.

‘Chiomenti’s professionals are an incredible team, very flexible and well-coordinated. Furthermore, Chiomenti offers 360° legal assistance to the client, providing legal assistance also in the context of the various connected areas of the market.’

‘Antonio Tavella is an incredible professional and is a super skilled expert in the restructuring and insolvency sector. He always does a great job in the context of transactions and he can read the room before the other parties involved and intervene to facilitate the process.’

Key clients

Montini S.p.A.

Interporto Sud Europa S.p.A.

Cassa Depositi e Prestiti S.p.A.

Mediterranea di Navigazione S.p.A.

Aptior Capital Master Fund Ltd

BlueBay Asset Management LLP

Cheyne European Strategic Value Credit Fund SCS SICAV-SIF

System 2 Master Fund Limited

Fintyre S.p.A.

De Angelis S.p.A.

Sperlari S.r.l.

Solution Bank S.p.A.

Trussardi S.p.A.

Springwater Capital LLC

RB Italy Holding S.r.l.

Morgan Stanley Bank International

illimity Bank S.p.A.

Njord Partners LLP

Sansedoni Siena S.p.A.

Consorzio Latterie Sociali Mantovane Virgilio Società Agricola Cooperativa

Brooks Brothers Europe S.r.l.

Bricoman S.p.A.

Siac S.p.A.

Taconic Capital

SC Lowy

Work highlights

  • Advising Aptior Capital Master Fund, BlueBay Asset Management, Cheyne European Strategic Value Credit Fund SCS SICAV-SIF and System 2 Master Fund, in their capacity as bondholders of Moby, on their intervention in the composition with creditors proceedings (concordato preventivo).
  • Advising Trussardi and its fully-owned subsidiary T.R.S. Evolution in relation to their respective restructuring processes under the negotiated crisis composition tool.
  • Advising Pini Group in relation to the acquisition of the Italian company Ferrarini in the context of the composition with creditors proceedings (concordato preventivo) of Ferrarini.

Gianni & Origoni

Gianni & Origoni is well equipped to assist clients with in-court and out-of-court transactions and proceedings, including complex restructurings. The firm draws expertise from its multidisciplinary practice to cover any issue that may arise in the course of a deal, whether related to M&A, finance, litigation, labour or real estate. The restructuring department is led by Gabriella Covino, whose practice covers private M&A and joint ventures, and Luca Jeantet, who regularly advises financial institutions on restructuring and turnaround matters. Antonio Auricchio is a noted member of the department and specialises in litigation and arbitration alongside bankruptcy law.

Practice head(s):

Gabriella Covino; Luca Jeantet

Other key lawyers:

Antonio Auricchio


‘This practice excels in complex litigation, often achieving favourable outcomes that are unparalleled in the industry.’

‘Super flexible and client oriented.’

‘Able to apply the law to a commercial situation.’

‘The insolvency and restructuring team work well together and language is not an issue.’

‘The practice, co-headed by Antonio Auricchio, is truly unique in its multifaceted strengths and innovative approach. What sets this team apart is its unwavering commitment to excellence and its deep understanding of the intricacies of the law.’

‘The lawyers in this practice, including Antonio Auricchio, are exceptional in many ways. They stand out due to their extensive legal knowledge, unmatched dedication to their clients, and a deep sense of ethics.’

 ‘Antonio Auricchio is renowned for his strategic thinking and ability to navigate even the most complex legal challenges. His commitment to excellence and client satisfaction is unparalleled.’

Key clients

Alberta Pacific Furniture

Alpitel S.p.A.

Bricofer Group S.p.A.

CA.DIS S.r.l.


Concord Resources Limited

Dada Holding LLC

Fininven S.r.l.

Greybull Capital LLP

Immobiliare 211 S.r.l.

Kairos s.r.l.



CIN S.p.A.

Conbipel S.p.A.

Fidia S.p.A.

Gruppo PSC S.p.A.

Ingegneria Italia S.p.A.

Moby S.p.A.

Pittarosso S.p.A.

Star 7

Stellantis N.V.

Sugherificio Ganau


Worldwide Hotel Link S.r.l.

Work highlights

  • Assisted Moby Group in the legal, restructuring and contractual aspects relating to the composition with creditors proceedings approved by the Court of Milan.
  • Assisted Immobiliare 211 in a debt restructuring transaction under the new negotiated settlement procedure introduced by Decree Law No. 118/2021.
  • Assisted Cerberus in all negotiations and legal actions against SACO (now declared bankrupt) and Fondo Orizzonte for the recovery of the receivables, and in assessing the potential for submitting a bankruptcy buy-out proposal.

Clifford Chance

Clifford Chance advises major multinational banks and companies on matters across the spectrum of restructuring and insolvency law. The firm assists in distressed refinancing, insolvency-related risk management litigation, distressed M&A and labour issues surrounding insolvency, such as reorganisations. In particular, the firm is strong in restructuring and insolvency litigation. The practice is headed by Giuseppe De Palma, an expert in the banking sector. Filippo Isacco was promoted to partner in May 2023; his strengths include advising on corporate restructurings.

Practice head(s):

Giuseppe De Palma

Other key lawyers:

Filippo Isacco; Carlo Giampaolino


‘They have fine knowledge in Italian insolvency law. They provide excellent support both on litigation and advisory matters.’

‘Carlo Giampaolino is a super expert on the restructuring and insolvency framework, very proactive in his support to clients and very skilled.’

‘Very knowledgeable, fully available, reliable and trustworthy.

Key clients

Istituto Neurotraumatologico Italiano



Fintecna S.p.A.



Xebec Group

Work highlights

  • Adivising Airbus and Strata (Mubadala Group), two of the three main clients and contractual counterparties of DEMA, in relation to the composition with creditors of DEMA.
  • Advised Milanosesto on the management of the correspondence with lenders and on the various meetings of the board and with the lenders.
  • Advised Xebec Canada on the filing for bankruptcy of certain European subsidiaries.

DLA Piper

DLA Piper is deeply familiar with all aspects of restructuring and insolvency law at a domestic and international level. The firm regularly advises underperforming and distressed organisations on effective restructuring solutions, and it has an ever-growing strength in distressed M&A transactions. Its expertise also includes handling creditor agreements and assisting in negotiation procedures under the new corporate crisis code. Antonio Lombardo, with his expertise in distressed M&A transactions and debt equity swaps, heads the practice alongside Francesco De Gennaro, who focuses on restructuring and special opportunities investments.

Practice head(s):

Antonio (Nino) Lombardo; Francesco De Gennaro

Other key lawyers:

Giampiero Priori; Ugo Calò; Alberto Angeloni


‘The restructuring and insolvency practice in DLA is guaranteed to offer strong skills.’

‘Antonio Lombardo and Giampiero Priori are well experienced and are always looking for the best suitable approach, on a case by case basis.’

Key clients

Intesa Sanpaolo


Banco BPM


Monte dei Paschi di Siena

Casinò di Campione

Officine Maccaferri

Attestor Capital LLP


Banca Carige

BPER Banca

Solution Bank


Gestio Capital

Aser Group Holding


Credite Agricole Italia



Work highlights

  • Assisted Banco BPM in the restructuring and structured finance deal for a total of €495m with the Statuto Group, with the support of GWM Group and ARECneprix.
  • Assisted Officine Maccaferri in the arrangement with creditors in continuity (concordato preventivo in continuità) approved by the Court of Bologna.
  • Assisted Casinò di Campione in the proposal for composition with creditors (concordato preventivo), approved by the Court of Como.

Legance - Avvocati Associati

Leading national and international industrial and financial groups, including BNP Paribas and Unicredit, approach Legance - Avvocati Associati for advice on default situations, crisis and insolvency risk analysis, debt restructurings, negotiated crisis resolutions and bankruptcy litigation. Giandomenico Ciaramella is noted for his expertise in financing, transactions and restructurings. Luca Autuori is also well regarded as an advisor to multinationals on investments in distressed debt positions, and Filippo Chiodini, who joined the firm in December 2022, is recognised for his work on distressed M&A and private equity matters.

Practice head(s):

Giandomenico Ciaramella; Luca Autuori; Filippo Chiodini; Iacopo Fontana

Key clients

ARECneprix SpA

Banco BPM

Banco di Sardegna

Banca Nazionale del Lavoro

BNP Paribas


Bondholders Micoperi


Castello Sgr



Credito Fondiario

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



Intesa Sanpaolo

Interporto Campano SpA

Koelliker S.p.A.

Loan Agency Services Srl

Moncada Energy Group S.r.l.

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

Prelios Credit Servicing SpA

Prelios Credit Agent Srl

Solution Bank


Unione Calcio Sampdoria

VEL Green

Venice Shipping and Logistics Srl

Tecnogear Srl

Work highlights

Linklaters Studio Legale Associato

Linklaters Studio Legale Associato is accustomed to advising on innovative and cross-border restructurings and complex domestic agreements. The firm advises its major clients, including investment banks and financial institutions, on litigation, restructuring and liquidation procedures. Francesco Faldi is the firm’s head of practice for restructuring and insolvency and complements his knowledge in this field with his expertise in leveraged financing and structured finance. Ettore Consalvi is a noted member of the firm with experience in leveraged financing, special situations and NPL disposal transactions. Managing partner Andrea Arosio is also experienced in debt restructurings and general lending transactions.

Practice head(s):

Francesco Faldi

Other key lawyers:

Andrea Arosio; Ettore Consalvi


‘Excellent team; very innovative and able to find creative solutions with reference to the market.’

‘Francesco Faldi is one of the top lawyers for restructuring.’

‘The team guarantees highly professional legal assistance and an ability to cover various issues, including international law, in carrying out its consultancy activity.’        

‘Francesco Faldi is a person with undisputed recognition for professional preparedness combined with strong relational and diplomatic skills in conducting negotiations, directing clients and counterparties in the consensual definition of contractual closings.’

Key clients

Ferroli S.p.A.

Biwa Fund Limited


Bank of America Merrill Lynch

Sculptor Capital Management

Bank of America Europe Designated Activity Company

BNP Paribas

Crédit Agricole Corporate and Investment Bank

Société Générale

Blackstone Ireland Limited

Investcorp Credit Management EU Limited

Magnetar Financial (UK) LLP

Banca Nazionale del Lavoro S.p.A.

Work highlights

Molinari Agostinelli

Molinari Agostinelli is regularly involved in large restructuring transactions, including assisting clients in matters involving major financial indebtedness. The firm stands out for its track record in advising both creditors and debtors in insolvency matters. The practice is led by corporate restructuring expert Ugo Molinari and Alessandro Fontana, who regularly advises major banks on important financial issues. Within the team, Riccardo Agostinelli is noted for his work on restructurings, distressed refinancings and insolvencies. Giacomo Colombo, promoted to partner in early 2023, is focused on restructurings and distressed M&A transactions.

Practice head(s):

Ugo Molinari; Alessandro Fontana

Other key lawyers:

Riccardo Agostinelli; Giacomo Colombo


‘Excellent knowledge of restructuring instruments and corporate law, firm but weighted negotiation approach, highly skilled professionals.’

‘Straightforward approach, high flexibility, excellent analytical skills and “solution research” driven approach.’

Key clients


Banca Monte dei Paschi di Siena

Banco BPM

Intesa Sanpaolo

Aareal Bank


Illimity Bank

DeA Capital Alternative Funds

Gruppo Russotti


Castello SGR

Clessidra Restructuring Fund

Impresa Pizzarotti

Oxy Capital

Coima SGR

Banca Sistema


Istituto per il Credito Sportivo

Macquarie Group

Gruppo Marseglia

Quattro R

Cassa Depositi e Prestiti

Work highlights

  • Advising Cimolai on the financial indebtedness restructuring.
  • Advised a pool of financing banks and Loan Agency Services on the agreement with Ferroli concerning the financial manoeuvre underlying the new industrial and financial plan.
  • Advised the financial creditors of U.C. Sampdoria on the €100m negotiated settlement of the crisis.


ADVANT Nctm regularly assists clients in all matters relating to distressed situations, including labour, litigation, tax, banking, antitrust, financial markets and environmental law aspects. It draws expertise from the numerous disciplines within the firm to provide a comprehensive service. Fabio Marelli is the head of the practice and advises major companies and public entities across industries on all aspects of complex restructurings. In July 2023, Juri Bettinelli joined the firm from A&O Shearman.

Practice head(s):

Fabio Marelli

Other key lawyers:

Juri Bettinelli


‘Their responsiveness is just incredible as well as their knowledge and problem solving skills. Not only is the legal perspective taken into account but also the commercial point of view is understood. Information is communicated clearly and in a very understandable way.’

‘Extremely knowledgeable team on legal matters and on the interdisciplinary between legal topics.’

‘Highly professional.’

‘Juri Bettinelli is a very valuable partner. His outstanding expertise on legal issues related to restructuring and insolvency is impressive.’

Key clients

Entertronica Santerno S.p.A.

Goodeat Italia S.r.l.

Heila Cranes S.p.A.

Compagnia Aerea Italiana

Renovo GmbH


Nomikos Capital S.r.l.

Club House Italia S.p.A.



Work highlights

  • Advising Entertronica Santerno on a complex debt restructuring in the context of the new negotiated composition framework.
  • Advised together with ADVANT Altana Granato and Ceetrus on the cross-border insolvency liquidation procedures of Kidiliz Group Italy in France and Italy.
  • Advising Heila Cranes in concordato preventivo judicial restructuring, testing the rules of the new Insolvency Code.


Ashurst advises debtors, creditors, lenders, investors, agents and trustees on all aspects of restructurings and insolvency law. The firm is experienced in debt renegotiation and refinancing, distressed acquisitions, corporate liabilities in pre-bankruptcy and bankruptcy scenarios, and winding-up proceedings. Paolo Manganelli heads the restructuring practice and is particularly knowledgeable in Italian bankruptcy law as well as corporate restructurings. Annalisa Santini is a noted practice member with expertise in finance and debt transactions.

Practice head(s):

Paolo Manganelli

Other key lawyers:

Annalisa Santini


‘Collaboration and dedication.’

Key clients

Amundi Asset Management


illimity Bank S.p.A.

LCM Italia S.p.A

Muzinich & Co. SGR S.p.A.

Work highlights

  • Assisted a number of bondholders of Officine Maccaferri in the context of the concordato preventivo proceedings of the latter and the relevant voting procedures.
  • Assisting LCM Italia in accessing a negotiated settlement process based on a continuity recovery plan with a request for protective measures.
  • Assisting Muzinich & Co. SGR in connection with a super senior financing to Grandi Molini Italiani in the context of an Art. 182-bis debt restructuring agreement.

Carnelutti Law Firm

Carnelutti Law Firm is well versed in advising clients on restructurings, turnarounds, distressed acquisitions, special situations and NPL transactions. The firm regularly assists in judicial and out-of-court matters, including extraordinary administration proceedings, bank recovery and resolution proceedings, and compulsory liquidations. The practice is led by Luca Arnaboldi and includes Christian Patelmo, an expert in bankruptcy litigation, and Giulia Quarato, who specialises in domestic and cross-border extraordinary transactions, crisis resolutions, special situations and corporate restructurings.

Practice head(s):

Luca Arnaboldi

Other key lawyers:

Christian Patelmo; Giulia Quarato


‘One of Italy’s best teams.’

Key clients


Neprix S.p.A. (illimity Group)

Unicredit SpA

Monte dei Paschi SpA

Bper Banca SpA

Banca Nazionale del Lavoro SpA

Banca di credito Popolare ScpA

White Srl

G Group Sàrl

Stainless Steeel Center

Mr. Denko Manceski

Montebovi SpA + Bisconova SpA

Enel Green Power S.p.A.

Le Camille S.à.r.l. en faillite

AOT Energy Switzerland A.G.

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

Res Plastic S.p.A.

Work highlights

Cleary Gottlieb Steen & Hamilton

Cleary Gottlieb Steen & Hamilton is recognised for its expertise in major, cross-border restructuring transactions as well as its strength in domestic insolvency law. The firm's comprehensive service sees it advising on other legal issues arising in connection with restructuring matters, such as M&A and finance issues. Carlo De Vito Piscicelli and Giuseppe Scassellati-Sforzolini are notable practice members with experience advising both debtors and creditors.

Practice head(s):

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


‘A good restructuring practice.’

‘Roberto Bonsignore is well versed in restructuring matters.’

‘Carlo De Vito Piscitelli is a robust restructuring lawyer.’

Key clients

Aigis Banca



Avenue Capital


Golden Tree

Goldman Sachs

Neuberger Berman

Sixth Street

Acciaierie d’Italia

Vis Value Partecipazioni S.r.l.

Micheli Associati S.r.l.

Work highlights

  • Assisted ArcelorMittal with the negotiation and signing of an extension and amendment to the 2018 business lease and sale agreement with Ilva.
  • Assisted Vis Value Partecipazioni and Micheli Associati as main shareholders of ePRICE in connection with a shareholders loan.


Dentons has strengths in restructuring and insolvency matters across a range of sectors, including real estate, manufacturing, energy, hospitality and infrastructure. The firm advises on many of the most frequent matters that arise in the field, including corporate and financial restructuring, bankruptcy issues, litigation and distressed M&A. The practice is led by Cristian Fischetti, who assists clients in debt restructurings and distressed situations. Managing partner Federico Sutti is also noted for his work advising banks and corporations in restructurings and refinancings.

Practice head(s):

Cristian Fischetti

Other key lawyers:

Fosco Fagotto


‘They are very cooperative and highly competent.’

‘Fosco Fagotto is an excellent professional, very knowledgeable, with great problem solving skills and is very client-focused. He is very helpful and always manages to find the best solution even in the most complex situations.’

‘Great expertise, deep understanding of local standards, superb relationship management, hard-working, and able to explain the case/local legislation to foreigners.’

Key clients

CPI Property Group

Intesa Sanpaolo

BPER Banca


Banca Ifis

illimity Bank

Amco – Asset Management Company

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


Alitalia Linee Aeree Italiane S.p.A.



Work highlights

  • Assisting the financial creditors of Enertronica Santerno in the negotiated settlement agreement pending before the expert appointed by the Bologna Chamber of Commerce.
  • Assisting LU-VE in the purchase through its controlled company SEST of a company branch from Wanbao ACC in Extraordinary Administration, as part of the bankruptcy proceedings involving the seller.
  • Assisting Amco in the debt restructuring transaction pursuant to Art. 56 of the new Italian Insolvency Code, as well as in the corporate reorganisation of Maritalia.

Hogan Lovells International LLP

Hogan Lovells International LLP assists stakeholders in restructuring and insolvency matters of all kinds, from creditors, multinational companies and insolvency administrators to pension trustees, governmental and quasi-governmental bodies, and distressed institutions. The firm has particular expertise in advising both sides on major loan portfolio transactions. Mauro Saccani, who joined in April 2023 from Latham & Watkins LLP, leads the firm’s practice and is experienced in leveraged and acquisition finance, debt restructuring, debt capital markets and corporate reorganisations.

Practice head(s):

Mauro Saccani

Other key lawyers:

Giulia Vettori; Federico Pappalettera


‘The team is capable of coping with complex restructuring matters by taking advantage of the background of its partners and the coverage of many jurisdictions.’

‘Mauro Saccani is a young legal professional capable of giving advice with strict deadlines and is also able to cope with complex legal matters.’

‘A law firm with consolidated experience in financial restructuring.’

Key clients

Generalfinance S.p.A.

Work highlights

  • Advised Generalfinance on the amendment of its outstanding receivables securitisation programme of up to €737.5m.
  • Advised Generalfinance on funding for €20m within the context of an acquisition of a 25% stake into an automotive company.

LCA Studio Legale

LCA Studio Legale is regularly involved in major restructuring matters relating to compositions with creditors and other resolution procedures. The firm is particularly active in out-of-court and in-court insolvency proceedings, insolvency-related disputes, assistance to creditors and distressed M&A. Salvatore Sanzo is noted for his expertise in bankruptcy law, particularly in relation to liquidation. Angela Petrosillo is also recognised for her work in debt restructuring transactions for debtors and investors. Niccolò Abriani joined from DLA Piper in October 2022, and Matteo Bazzani departed in September 2023.

Practice head(s):

Salvatore Sanzo; Diana Burroni; Angela Petrosillo; Michele Petriello

Other key lawyers:

Daniele Nataloni;


‘The team as a whole is very capable. Excellent performance under pressure and an outstanding work ethic always combined with a very practical approach.’

‘Salvatore Sanzo is a national authority on restructuring and insolvencies.’

‘Angela Petrosillo and Daniele Nataloni are very capable.’

‘Salvatore Sanzo leads the restructuring and insolvency team, one of the most deeply qualified in the Italian legal market.’

‘Angela Petrosillo is prepared, with great empathy and strength towards counterparties. Always available to evaluate new and innovative solutions. Strong technical base.’

‘Michele Petriello combines knowledge and high expertise in the practice. He’s responsive and loyal. He is strongly recommended.’

‘The team is really competent in Italian restructuring and has the ability, within the LCA studio, to contact and engage other field specialists that can support the operation.’

‘Available, competent and a great attitude towards solving complex problems.’

Key clients

Fondazione Centro San Raffaele del Monte Tabor (HSR)

One Power&Gas s.r.l.

Porto Turistico Internazionale di Rapallo S.p.A.

Trifarma S.p.A.

Ilma S.r.l.

Lifento S.a.s

So.Fin.Gi. S.p.a.

Panzeri S.p.A.

Work highlights

  • Acting as Judicial Commissioners in the composition with creditors of the San Raffaele Hospital, which is in its final stage after having €1,000m debts to resolve.
  • Advising One Power&Gas on its in-court settlement with creditors before the Court of Milan, one of the first such resolutions under the new Crisis Code.
  • Advising the International Marina of Rapallo (PITR) on its restructuring following the financial troubles caused by the destruction of the marina in a storm in October 2018.

Osborne Clarke

Osborne Clarke is experienced in restructuring and insolvency matters across major sectors in Italy, including energy, retail, leisure and hospitality, infrastructure, finance and real estate. The firm employs lawyers with sector-specific expertise to handle a broad range of matters. Filippo Canepa, who provides judicial and extrajudicial assistance to companies going through insolvency and corporate restructuring cases, heads the practice. Also of note is Federica Greggio, who specialises in all aspects of restructuring, debt and equity finance.

Practice head(s):

Filippo Canepa

Other key lawyers:

Frederica Greggio; Barbara Schiavo


‘A high-level of professional skill and problem solving.’

‘An excellent team quickly able to satisfy client needs.’

‘A great team with a strong relationship with the insolvency community in Italy, deep knowledge of the local law and 100% commitment for the success of clients’ matters.’

‘Filipo Canepa is a leader; he’s able to lead the project and the client.’

‘Barbara Schiavo is the perfect consultant that every client would like to have. She is very knowledgeable and up to date on the latest regulatory news. She transmits security to the client.’

‘The team has excellent synergistic work skills with the others business economics consultants. The capability to face and overcome, and often prevent, the unexpected events that always occur in corporate restructuring processes are highly appreciated.’

Key clients

AMCO Asset Management Company S.p.A.

Alba Leasing S.p.A.

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

Banca Nazionale del Lavoro S.p.A.

Banco BPM S.p.A.

BNP Paribas Leasing Solutions S.p.A.

FMS Wertmanagement AöR

HPE – Holding Partecipazioni Energetiche S.r.l.

ICCREA Banca Impresa S.p.A.

Intesa Sanpaolo S.p.A.

Officine Meccaniche Gino Nerviani S.r.l.

Pasubio Sviluppo S.p.A.

SG Leasing S.p.A.

UniCredit S.p.A.

Work highlights

  • Assisting German federal winding-up institution FMS Wertmanagement in managing €11.4bn of assets from Hypo Real Estate Holding, addressing insolvency and restructuring matters.
  • Advising real estate company Pasubio Sviluppo on a complicated insolvency procedure arising from the deterioration of its financial situation, and debt of around €68m.
  • Advising former energy market operator HPE on a €35m restructuring and insolvency matter.


PedersoliGattai is active across the debt restructuring market. With an interdisciplinary practice, the firm is able to provide assistance to its clients in complex transactions involving banking and finance, corporate and insolvency law, as well as litigation. Maura Magioncalda is a debt restructuring expert, and Alessandra Giovetti is an insolvency specialist. Also of note are Gaetano Carrello, who is focused on finance, debt capital markets, restructuring and real estate, and Sergio Fulco, who is an expert in bankruptcy litigation and arbitration involving major banks and investment funds.

Practice head(s):

Maura Magioncalda; Alessandra Giovetti; Gaetano Carrello; Sergio Fulco

Other key lawyers:

Alessandra de Cantellis


‘The Pedersoli restructuring team has very advanced skills and is able to manage very complex issues.’

‘Maura Magioncalda and Alessandra de Cantellis are very competent in the sector of debt restructuring and business crisis management, and are also strongly oriented towards problem solving.’

‘Excellent professionals, outstanding quality and expertise, innovative in finding tailor-made solutions in restructuring matters and to translate it into strong contracts.’

‘Alessandra de Cantellis is able to cope with complex legal themes with short deadlines.’

‘Maura Magioncalda and Alessandra de Cantellis are dedicated professionals and when they work in a team they deliver outstanding quality assistance to clients.’

‘Committed and transparent with professional skills; able to manage pools of financial institutions in complex restructuring deals.’

‘Pedersoli stands out for the high level of its professionals and is at the top of the Italian legal landscape.’

Key clients

Intesa San Paolo


BPER Banca

Banco BPM

Scarpe & Scarpe

BNL (BNP Paribas Group)

Banca Monte dei Paschi di Siena

Marenco Group



Giovanni Crespi S.p.A.

Idreg Piemonte

I.De.A. (Institute Development in automotive engineering)

DeA Capital



Crédit Agricole Italia


Work highlights

  • Advised UniCredit and Banca Nazionale del Lavoro on the negotiation with the debtor, La Casa Generalizia dell’Ordine Ospedaliero di San Giovanni di Dio, in relation to the possible restructuring of the receivables in the context of the composition with creditors procedure.
  • Advised Scarpe & Scarpe on a complex procedure of composition with creditors in continuity of business pursuant to Art. 186 bis of Insolvency Law.
  • Advised Banco BPM, Banca Cassa di Risparmio di Savigliano, Banca Nazionale del Lavoro and others on the crisis settlement of Sviluppo Investimenti Territorio.

Studio Ubertazzi

Studio Ubertazzi advises major corporations on general restructuring and insolvency matters. The firm possesses expertise in demergers, extraordinary administrations, director liability suits, audit analysis and claw-back actions in civil proceedings. The practice is led by Tommaso Ubertazzi, who advises large corporate groups, and Benedetta Ubertazzi, who is well versed in cross-border matters, including M&A and corporate reorganisations. Claudia De Cesare, who was promoted in 2023, is noted for her expertise in insolvency procedures.

Practice head(s):

Tommaso Ubertazzi; Benedetta Ubertazzi

Other key lawyers:

Claudia De Cesare


‘Studio Ubertazzi has some special lawyers. Even though courts can be unpredictable, they always get the best results possible.’

‘Tommaso Ubertazzi is knowledgeable, confident, and has a great understanding of business. He’s the perfect guide for companies.’

‘There are very few professionals like Tommaso Ubertazzi. He’s exceptionally well-prepared and exudes confidence and determination, qualities that, when combined, spell success.’

Work highlights

White & Case (Europe) LLP

White & Case (Europe) LLP maintains a strong restructuring and insolvency practice with expertise spanning across Europe, enabling it to execute complex restructuring and special situation investments that involve multiple jurisdictions. It provides clients with comprehensive support in restructuring and insolvency, focusing on debt restructuring for domestic and international companies. Giuseppe Barra Caracciolo specialises in structured credit and lending through securitization structures.

Practice head(s):

Giuseppe Barra Caracciolo; Iacopo Canino; Bianca Caruso; Gianluca Fanti; Tiziana Germinario; Francesco Scebba

Key clients

Alisarda – Air Italy

Apeiron Investment Group

Apollo Management International

Banco BPM

Banca Ifis

Banca Monte dei Paschi di Siena

Bank of America



Credit Agricole

Carval Investors

Cassa di Risparmio di Asti

Compagnia Internazionale Tessuti

Coppola Group


Fidera Limited


Fondo Priula


Gruppo D’Alesio

Hertz Global Holdings, Inc.


Intesa Sanpaolo



Novalpina Capital


Oak Hill

Polus Capital Management


Work highlights

  • Advised Gorillas Technologies Holding in connection with the financial and corporate restructuring of its subsidiary Gorillas Technologies Italy.
  • Advised Intesa Sanpaolo on Fondo Priula’s debt reorganisation and refinancing.
  • Advised Polus Capital Management (former Cairn Capital) on the concordato proceedings in respect of Design Manufacturing and its subsidiaries.

Bird & Bird

Bird & Bird assists clients in a wide range of insolvency procedures, including bankruptcy litigation, claw-back actions, restructurings and liability advisory work. The team is experienced in advising clients across industries, with banks, leasing companies and financial creditors regularly approaching the firm for assistance. Alberto Salvadè heads the firm’s restructuring practice in Italy and regularly supports clients through the acquisition of distressed assets.

Practice head(s):

Alberto Salvadè


‘The firm has a very capable and close-knit restructuring team. Even the youngest members are inserted and supported in the activity of professional growth.’

‘The team is composed of a very experienced partner, but also of experienced associates who are very present in the practice. Nothing is treated superficially.’

Key clients

Shiloh Industries Italia

Work highlights

  • Assisted Shiloh Industries Italia in the composition with creditors procedure in front of the Court of Aosta.

Studio Legale Cappelli RCCD

Studio Legale Cappelli RCCD is approached by entities with an interest in restructurings and insolvencies, including financial institutions, investment funds, borrowers and lenders, banks, financial sponsors and financial investors. The firm regularly advises on domestic and cross-border matters, covering complex insolvencies, debt restructurings, special situations and distressed M&A transactions. Alberto Del Din and Paolo Calderaro lead the practice, which includes Morena Bontorin, a debt restructuring transaction expert. In June 2023, Luca Magrini left the firm.

Practice head(s):

Alberto Del Din; Paolo Calderaro

Other key lawyers:

Morena Bontorin; Antonio Azzarà; Giuliana Durand


‘An exceptional team.’

‘The team is very professional and attentive to the needs of the client. This spirit is shared by the whole team and is present in every single partner or associate.’

‘Alberto Del Din is a giant in the Italian structured finance and restructuring market and a legal genius. Alberto has ideas and solutions that other lawyers cannot even fathom.’

‘Antonio Azzarà is an excellent lawyer, particularly versed in anticipating potential issues.’

‘Alberto Del Din, Paolo Calderaro, Morena Bontorin and Giuliana Durand are experienced, competent and always up-to-date professionals.’

Key clients

AMPRE S.r.l.

Pillarstone Italy S.p.A.



Europa Investimenti

DeA Capital Alternative Funds SGR S.p.A.

IQ-EQ Fund Management (Ireland) Limited and Finav Holding S.p.A.

Illimity Bank S.p.A.

Banor Alternative Assets

A2A S.p.A.

Metalcam S.p.A.

Manucor S.p.A,

Loren SPV S.r.l.

Work highlights

Eversheds Sutherland Associazione Professionale

Eversheds Sutherland Associazione Professionale advises clients across the full spectrum of restructuring and insolvency matters, with a particular focus on insolvency litigation, liability actions against directors and auditors, and claw-back actions. In addition, the firm regularly advises on restructuring arrangement negotiations. Renato Fiumalbi heads the practice and is noted for his work assisting clients in insolvency litigation connected to the transport, logistics and food industries.

Practice head(s):

Renato Fiumalbi

Other key lawyers:

Simone Barnaba


‘Eversheds Italy has a really compelling R&I team, which is strengthened by its connection with the Eversheds R&I practice elsewhere in Europe and across the globe.’

‘Simone Barnaba is excellent. An experienced insolvency litigator with a calm and thoughtful style.’

Key clients

Sagat S.p.A. – Sagat Handling S.p.A.


Kuwait Petroleum

Q8 Quaser S.r.l.

Marlew S.A.

Work highlights

  • Advising Italian and foreign subsidiaries of Kuwait Petroleoum in several claw-back actions brought by the extraordinary administration of Alitalia SAI before Italian Courts.
  • Representing a major Italian bank in an appeal before the Supreme Court of Cassation against a €14m damages order for alleged fraudulent transactions.


EY TAX & LAW ITALY assists major public and private corporations, corporate groups and financial institutions that are in crisis. The firm’s restructuring and insolvency practice is broad, advising on administration, bankruptcy proceedings, corporate restructurings, debt rescheduling, insolvency proceedings and refinancings. The department is led by Francesco Marotta, who supports clients through national and international restructuring processes. Angelo Ciro del Duca is noted within the department for his expertise in shareholder agreements.

Practice head(s):

Francesco Marotta

Other key lawyers:

Marco Nazareno Mizzau; Angelo Circo del Duca


‘A very good team with an excellent level of knowledge. Always very friendly, competent and very quick in response.’

‘Highly competent; great strategy in restructuring; great approach with the judge.’

‘Extremely motivated people, formed by experts of diversified seniority, who work as a whole and are constantly focused on the objectives.’

‘Very fast and excellent comprehension; exceptional ability in identifying the most viable restructuring strategies; focused on the issues and an effective ability to prioritise.’

Key clients

Crik Crok S.r.l.

Polisportiva Insieme per lo Sport S.r.l.

Telpress Italia S.r.l.

Istituto di Vigilanza Argo S.r.l.

Esperia S.r.l.

Printex Ful S.r.l.


Exitone S.p.A.

STI S.p.A.

FB S.p.A.

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

Cherubini S.r.l.

Musical Cherubini S.r.l.

Consaltech S.r.l.


Energy Green City S.p.A.

Fondazione Parco Tecnologico Padano

Parco Tecnologico Padano S.r.l.

Work highlights

  • Advising SITTEL on the first composition with creditors procedure filed before the Court of Rome which has been approved under the new Crisis Code.
  • Advising STI S.P.A. in a composition with creditors procedure which has been approved by the Court of Rome.
  • Assisting ATAC during its fulfillment of all the payments in favour of the creditors in execution of the concordato plan.

Gatti Pavesi Bianchi Ludovici

Gatti Pavesi Bianchi Ludovici aids listed and unlisted companies as creditors and debtors in complex bailouts, reorganisations and streamlining activities. The firm is adapted to assist in cross-border restructuring and insolvency matters, with experts in bankruptcy, litigation, banking and corporate law. In addition, the firm is well versed in distressed business matters and financial restructurings. Luca Faustini is the head of practice and has expertise in financing and corporate reorganisation transactions. Andrea Novarese joined from White & Case (Europe) LLP in early 2024.

Practice head(s):

Luca Faustini

Other key lawyers:

Cosimo Birtolo; Annalisa Asaro; Camilla Bolognini; Andrea Novarese


‘The restructuring team is able to keep in charge of every legal request.’

‘Luca Faustini’s dedication, degree of preparation, and ability to find tailor-made solutions and address every possible technical issue are his main strengths.’

‘Cosimo Birtolo is able to bring together wide technical skills.’

‘Very qualified professionals.’

‘Problem solving oriented and very reliable.’

‘Annalisa Asaro carries out her work by always carefully examining every factual and technical aspect of the project.’

‘Camilla Bolognini, with solid and reliable advice, supports clients promptly, always solving the problems that may arise in each project from time to time.’

Key clients

ICCREA Banca S.p.A.

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

UniCredit S.p.A.

Banco BPM S.p.A.

Intesa Sanpaolo S.p.A.

Work highlights

  • Advised Corneliani on the submission of an appeal for the admission to the pre-bankruptcy composition with creditors proceedings.
  • Advised seven banks and one leasing company in connection with their participation in a closed-end Italian alternative investment fund reserved for professional investors.
  • Provided assistance to 23 lending institutions as part of an industrial and corporate aggregation transaction which provided for a capital increase to be fully subscribed and paid up in cash by BF S.p.A.

Greenberg Traurig Santa Maria

Greenberg Traurig Santa Maria advises clients on domestic and cross-border bankruptcy, restructuring and insolvency matters. Its client base includes insolvency practitioners, directors, private equity funds, bond trustees and stakeholders in distressed M&A situations. Bruno Cova, after joining the firm from Studio Legale Delfino e Associati Willkie Farr & Gallagher LLP in April 2023, co-heads the restructuring and insolvency practice alongside Corrado Angelelli, who is experienced in leveraged and real estate finance matters.

Practice head(s):

Bruno Cova; Corrado Angelelli

Other key lawyers:

Francesco Horvat

Key clients

Carlyle Global Credit Investment Management LLC

Man GLG Limited

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

Davidson Kempner European Partners

Bain Capital

Aquileia Capital Services S.r.l.

Cerberus Capital Management


Work highlights

  • Advising Carlyle Global Credit Investment Management, Man GLG and Stellex Capital Holdings Luxembourg on the restructuring of Officine Maccaferri.
  • Advising Davidson Kempner European Partners on the acquisition of the business of Eviva in the context of the restructuring process of the latter.
  • Advising Carlyle Global Credit Investment Management on the possible refinancing of Moby.

K&L Gates

K&L Gates is experienced in advising clients on a wide range of restructuring and insolvency matters, including pre-insolvency situations, in- and out-of-court restructuring plans, debt restructuring agreements and the new crisis negotiated composition instrument. The firm is led by Paolo Rusconi, who specialises in debt restructuring deals and distressed M&A, and Fabrizio Dotti, who has expertise in the banking and financial services sector. Chiara Anceschi was a new arrival in April 2024.

Practice head(s):

Paolo Rusconi; Fabrizio Dotti

Other key lawyers:

Chiara Anceschi

Key clients

Aquileia Capital Services

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


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

Banco BPM

Asset Managament Company – AMCO S.p.A.

Finalto S.p.A.

Kryalos SGR S.p.A.

RM1 GmbH (Alegria Capital)

Slim Fusina Rolling S.r.l.

Finanziaria Internazionale Investments SGR S.p.A.

Work highlights

  • Assisting a pool of banks in negotiating and signing a financial agreement aimed at restructuring the debt exposure of Inseme.
  • Assisting a client in a multifaceted matter against a logistics company passing through composition with creditors proceedings and ending up in bankruptcy for the enforcement of bank guarantees.

Orrick, Herrington & Sutcliffe

Orrick, Herrington & Sutcliffe is frequently involved in significant restructuring transactions, insolvency proceedings, distressed M&A and asset purchases. Its clients include major domestic and international companies and financial institutions. Daniela Andreatta leads the practice and works on cross-border corporate transactions and special situations, bankruptcy litigation and insolvency proceedings.

Practice head(s):

Daniela Andreatta


‘The team is very professional and attentive to the needs of the client. This spirit is shared by the whole team and is present in every single partner or associate. ’

‘Daniela Andreatta is experienced, competent and always up-to-date.’

Key clients

iCon Infrastructure

Bank of America Merrill Lynch

D.E. Shaw

Prelios Credit Servicing s.p.a.

Värde Partners Inc.

Castlelake LP

Crestline Europe LLP

Dubag Group GmbH

Engie Italia s.p.a.

Ghella S.p.a.

Italeaf S.p.a.

Manitex International, Inc.

One33 Investment House S.r.l.

Peter Schoenfeld Asset Management


Restar Real Estate S.r.l.

SGA S.p.A.

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

Tifast S.p.a.

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


Pavia University

Illimity Bank

Work highlights

  • Assisting Tifast in a heavily negotiated restructuring of its €25m financial indebtedness with six financial institutions.
  • Assisted Seer Capital Management in dealing with the prospective insolvency of an Italian portfolio company.
  • Assisted MET International with the in-court restructuring of an important Italian conglomerate.