Possessing ‘a high level of expertise in the field of bankruptcy procedures and corporate crisis’, BonelliErede regularly advises clients across the restructuring and insolvency sector, including in debt restructuring, administration, liquidation and derivative action matters. The firm is also able to draw on its wider expertise in corporate, banking and finance, litigation and IP issues to enhance its sector-specific advice. Specialising in transfers of equity, debt restructuring and capital increases, Marco Arato leads the team from Genoa. Giuseppe Lombardi
is noted within the team for his skill in litigation and arbitration proceedings. Fabio Macrì specialises in corporate law aspects of restructuring and bankruptcy cases.
Restructuring and insolvency in Italy
BonelliErede
Practice head(s):
Marco Arato
Other key lawyers:
Giuseppe Lombardi; Fabio Macrì; Marco Passalacqua; Gianpaolo Ciervo
Testimonials
‘Highly efficient and focused. They know how to wisely balance caution and risk, always finding the best path to reach solutions.’
‘Elisabetta Varni focuses her attention on each particular issue, analyses the matter and figures out all possible scenarios to provide the best possible legal solution.’
‘Great team focused on client’s needs and capable of finding great and innovative solutions.’
‘BonelliErede is a top legal firm in Italy and worldwide. Their counselling is highly satisfactory and matches expectations at all times.’
‘Marco Passalacqua is brilliant and present at all times. His staff promptly assist you in any circumstance and their help improves the quality of services provided.’
‘The team has developed a high level of expertise in the field of bankruptcy procedures and corporate crisis, assisting and representing companies and bodies in bankruptcy procedures.’
‘The competence, the commitment shown in every case he manages, the professional and human qualities that distinguish the lawyer Marco Passalacqua make him unique, an excellent lawyer.’
‘Marco Passalacqua and his team represent a benchmark in their field of practice.’
Key clients
Acciaierie Venete
Ferroli
GPack
Gruppo Miroglio
Oxy Capital Advisors
Piaggio Aero Industries
Rivieracqua
Strada dei Parchi
Work highlights
- Assisting Gruppo Miroglio in the acquisition of Trussardi as part of a restructuring aimed at enhancing and expanding the Milanese fashion brand and ensuring the industrial continuity of the fashion house.
- Advised Rivieracqua with the legal aspects of the company’s restructuring.
- Assisting Oxy Capital Advisors and Gpack in the context of a refinancing transaction aimed at completing the turnaround process of the Gpack Group.
Chiomenti
Chiomenti supports a wide range of clients, including distressed companies, creditors and bodies, in insolvency proceedings and distressed M&A. The firm is well-versed in the new Insolvency Code, supporting clients with negotiated crisis composition and arrangement with creditors proceedings. Giulia Battaglia, alongside Rome-based Gianrico Giannesi, is based in Milan and specialises in complex transaction structuring for debtors, banks and investors. Also in the Milan office, practice head Antonio Tavella advises clients on distressed M&A and finance matters as well as the purchaser of receivables. Giada Caravello focuses on debt restructuring and special situations.
Practice head(s):
Antonio Tavella
Other key lawyers:
Giada Caravello; Giulia Battaglia; Gianrico Giannesi
Testimonials
‘Deep expertise. Customer focus. Prompt availability.’
‘Available and an analytical structured approach.’
‘They are really well introduced in the financial sector and they are able to manage legal stuff also from a commercial perspective.’
‘Really well-skilled people able to manage transactions from any point of view. All individuals have a clear picture about what they have to do.’
Key clients
Pro-Gest S.p.A.
European Investment Bank
Gruppo Ceramiche Ricchetti S.p.A.
Trussardi S.p.A.
Montini S.p.A.
Fratelli Dall’Era
Interporto Sud Europa S.p.A.
Invitalia S.p.A.
Aptior Capital Master Fund Ltd
BlueBay Asset Management LLP
Cheyne European Strategic Value Credit Fund SCS SICAV-SIF
Fintyre S.p.A.
Solution Bank S.p.A.
Springwater Capital LLC
Illimity Bank S.p.A.
Consorzio Latterie Sociali Mantovane Virgilio Società Agricola Cooperativa
Work highlights
- Advised Trussardi on its debt restructuring process which also led to the sale of its business unit to Miroglio Group.
- Advised Interporto Sud Europa on the restructuring of its overall indebtedness under a pre-insolvency workout agreement with creditors, duly homologated by the Courts.
- Advised the European Investment Bank in the context of the debt restructuring process of Egea Group, providing also for a distressed M&A transaction involving Iren Group.
Gianni & Origoni
Gianni & Origoni maintains an ‘excellent understanding of the industry and network within Italy’ and is highly knowledgeable of the new Italian bankruptcy law. The firm is well-versed in both advisory and representative support for national and international investors. It is also able to draw on its multi-disciplinary expertise to enhance its advice, including corporate, banking & finance, labour, real estate, antitrust and tax. Gabriella Covino and Luca Jeantet are the team’s practice heads, advising on debt restructurings and bankruptcy. Antonio Auricchio is another noted member of the practice, with experience in composition with creditors proceedings.
Practice head(s):
Gabriella Covino; Luca Jeantet
Other key lawyers:
Antonio Auricchio
Testimonials
‘Excellent understanding of the industry and network within Italy. Good breadth of legal expertise.’
‘Whether dealing with a partner or more junior associate, the collaboration and communication between individuals is good.’
Key clients
Alberta Pacific Furniture
ATB Riva Calzoni S.p.A.
Bricofer Group S.p.A.
CA.DIS S.r.l.
Semat S.p.A.
Nextalia
Fortress
Fininven S.r.l.
Greybull Capital LLP
Immobiliare 211 S.r.l.
Fondazione Santa Lucia
Blutec
Cerberus
CIN S.p.A.
Dal Colle S.p.A.
Fidia S.p.A.
Gruppo PSC S.p.A.
Ingegneria Italia S.p.A.
La Gru Srl
Moby S.p.A.
Work highlights
Clifford Chance
Drawing on talent from its multi-disciplinary expertise, Clifford Chance advises clients, with particular strength advising debtees and investors, in an array of distressed situations. The firm supports clients in debt restructuring, equity swaps and other forms of distressed refinancing matters. It is also well-versed in insolvency proceedings. Within the team, Carlo Felice Giampaolino is an expert in contentious insolvency law, having experience as a liquidator. Filippo Isacco advises clients on corporate restructuring transactions, whilst Ferdinando Poscio focuses on leveraged general and syndicated lending.
Other key lawyers:
Carlo Felice Giampaolino; Filippo Isacco; Ferdinando Poscio
Testimonials
‘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 find solutions.’
‘Carlo Giampaolino is an exceptional lawyer. His knowledge of Italian insolvency law is second to none. He has great experience in complex restructuring procedures and an excellent problem-solving attitude.’
‘Great team and individuals; deep knowledge and expertise.’
Key clients
Acea
Airbus
Astaldi
CBRE Loan Services
Citibank
Davidson Kempner
ETS Ecotermica Servizi
Fenig S.r.l.
Fintecna
Glencore
Intesa Sanpaolo
Istituto Neurotraumatologico Italiano
OHL
Strata
Terna
UBS
Verlinvest
Webuild
Work highlights
- Advised Davidson Kempner in its indirect investment in LNG Medgas Terminal Srl, the company in charge of the LNG terminal of Gioia Tauro (Italy) which represents one of Italy’s key projects for the Energy Transition.
- Advised Glencore in the context of the extraordinary administration procedure of Acciaierie d’Italia.
- Assisting UBS on a claw-back action commenced by the bankruptcy trustee of the borrower before the Court of Bologna.
Dentons
Dentons boasts a broad practice, with expertise in distressed M&A, bankruptcy advice and both corporate and financial restructuring. It receives instructions for claw-back actions, debt recovery, liquidations and NPL management. Managing partner Federico Sutti spearheads the practice and combines skills in real estate M&A and debt restructuring. Alessandro Fosco Fagotto
is noted within the team, with knowledge of consolidation agreements, bridge financing and restructuring agreements. In June 2024, Cristian Fischetti left the firm.
Practice head(s):
Federico Sutti
Other key lawyers:
Alessandro Fosco Fagotto
Testimonials
‘A firm with high expertise in the restructuring field.’
‘Extremely professional restructuring team. All members have significant experience in the field and are led by an excellent professional.’
‘They have an excellent knowledge about insolvency. They are very expert and accurate in their work.’
‘Alessandro Fosco Fagotto is an excellent professional in restructuring and insolvency matters, he always gives the best advice in every deal.’
‘Federico Sutti is always ready to find the most intelligent solutions that maximize results. He is approachable, polite, and knows how to engage constructively with his clients.’
‘It’s a good team with strong commercial skills.’
‘Federico Sutti is a great lawyer helping to find opportunities for businesses.’
‘A point of strength is certainly their expertise in the specific business, their knowledge of the major players and their ability to deliver.’
Key clients
Setramar
CPI Property Group
Intesa Sanpaolo
BPER Banca
UniCredit
Banca Ifis
illimity Bank
Amco
Italia Wanbao – ACC S.r.l.
Aligros
Alitalia Linee Aeree Italiane S.p.A.
LU-VE
SICAP
Work highlights
- Assisted Setramar in connection with the sale of 70% of its port division to Davidson Kempner Capital Management and One33, following a complex corporate reorganization and financial debt restructuring.
- Advised Banco BPM in connection with the debt restructuring process of Fintyre, through a composition with the creditors carried out, in part, through capitalization, which led the company to an early exit from the arrangement.
- Assisted Amco, in its role of main financial creditor, in connection with a bilateral agreement pursuant to art. 56 of the new Italian Insolvency concerning the restructuring transaction of Augusta Due.
Legance - Avvocati Associati
Known for its ‘strong knowledge of the industry’, the Legance - Avvocati Associati team combines experts in financial, transactional and litigation backgrounds to advise its clients across the sector. With specialists in Milan, Rome and London, the firm is also able to advise clients on matters spanning Italy and Europe. The team is led by four lawyers: Luca Autuori, Filippo Chiodini Innocenti Ducci, Giandomenico Ciaramella and Iacopo Fontana. Chiodini specialises in distressed M&A and private equity, whilst Fontana advises on restructuring and insolvency procedures in the shipping sector. Garavelli is also noted for his litigation expertise.
Practice head(s):
Luca Autuori; Filippo Chiodini Innocenti Ducci; Giandomenico Ciaramella; Iacopo Fontana
Testimonials
‘Know-how; speed in finding solutions; very straightforward.’
‘Filippo Chiodini and his team have very good communication skills – hard working and dependable.’
‘Luca Autuori is a straight talker.’
‘Strong knowledge of the industry and the excellent availability of the team.’
‘Iacopo Fontana is an excellent professional, very empathic and with strong competency in restructuring and insolvency industry.’
Key clients
ABC Bank
ARECneprix S.p.A.
ASM Terni S.p.A.
Alpik Energia Italia S.p.A.
Banco BPM
Banco di Sardegna
Banca Nazionale del Lavoro
BNP Paribas
BPER
Bondholders Micoperi
CarVal
Castello Sgr
Chili S.p.A.
CNH Industrial Financial Services S.A.
Credem
Credito Fondiario
Davide Campari Milano S.A.
Diageo Group
Energia Italiana S.p.A.
Farfetch Group
Work highlights
- Assisted Unione Calcio Sampdoria S.p.A. in the crisis settlement proceedings and restructuring of its indebtedness including an M&A process to complete a transaction aimed at the reinforcement of its equity and financial position.
- Assisted Mutares Italy S.r.l. (subject to management and direction by Mutares SE & Co.KGaA) and Illimity Bank S.p.A. in relation to a complex transaction including a capital increase in Sofinter S.p.A.
Linklaters Studio Legale Associato
With broad expertise in distressed M&A, Linklaters Studio Legale Associato specialises in advising investors on the purchase of assets and capital from distressed entities, including in the context of composition with creditors proceedings. The firm is also able to draw on its international network to support clients in cross-border matters. Francesco Faldi oversees the practice, advising on leveraged and structured financing. Ettore Consalvi frequently advises clients in special situations and on the disposal of non-performing loans. Andrea Arosio is well-versed in debt restructuring and general lending transactions.
Practice head(s):
Francesco Faldi
Other key lawyers:
Ettore Consalvi; Andrea Arosio
Testimonials
‘The Linklaters’ team have a deep knowledge of Italian bankruptcy law and they have always been proactive in finding solutions. All the team members regardless of seniority have always been up-to-speed with the project.’
‘Ettore Consalvi and Francesco Faldi have extensive knowledge and experience in restructuring transactions with a strong focus on assisting lenders.’
‘Significant team of experts in the restructuring sector that relies on the international law firm, allowing excellent management of negotiations with international, not only national, creditors.’
‘Francesco Faldi and Ettore Consalvi are leading professionals with high professional competence both in legal terms and in the management of negotiations between the various parties involved.’
‘Extensive familiarity with Italian business and restructuring/insolvency practices. Strong background in the sector, both domestically and globally.’
‘Ettore Consalvi is professional, accurate, and rigorous, with excellent communication skills even in delicate situations, recognized as highly reliable.’
‘Excellent restructuring lawyers.’
Key clients
BNP Paribas SA
Intesa Sanpaolo S.p.A.
Triton
illimity SGR
Nextalia SGR S.p.A.
Polus Capital Management Limited
Bain Capital Credit
Aquileia Capital Services
Glencore International Ltd
Snaidero Rino S.p.A.
Work highlights
Molinari
Molinari regularly advises debtors and creditors, with knowledge of both sides of distressed situations and their solutions, including major restructurings. The firm is well-versed in the new Italian insolvency code, advising on significant composition with creditors litigation. The team is led by Ugo Molinari, a corporate restructuring specialist, and Alessandro Fontana, who advises on structured finance transactions. Giacomo Colombo is knowledgeable of extraordinary reorganisation transactions.
Practice head(s):
Ugo Molinari; Alessandro Fontana
Other key lawyers:
Giacomo Colombo
Testimonials
‘A team of consultants that covers numerous legal fields with undoubted professional preparation and the ability to provide timely and punctual feedback.’
‘Our activity in the restructuring sector benefits from the consultancy of Ugo Molinari.’
‘Team with transversal skills, able to provide effective consultancy in supporting banks on restructuring tables. Particularly appreciated is the attention given to the individual needs of the banks but with the ability to synthesise in order to keep interbank tables united.’
‘We have worked profitably with the lawyer Alessandro Fontana and his team, always available but above all competent, precise and pragmatic in providing legal guidance to the questions that were put to them.’
‘They possess a deep knowledge and expertise in their area of work.’
‘Thanks to their experience and commitment to projects, they know when to call you and ask you how you want to proceed on a specific matter, always providing you with valuable advice.’
‘Great knowledge of the legislation and strong commitment to getting the process completed.’
‘Available and help to better understand possible criticalities and solutions.’
Key clients
UniCredit
Banca Monte dei Paschi di Siena
Banco BPM
Intesa Sanpaolo
Aareal Bank
BNL
Illimity Bank
DeA Capital Alternative Funds
Pricoa Private Capital
Cimolai
Castello SGR
Clessidra Restructuring Fund
Impresa Pizzarotti
Oxy Capital
Coima SGR
Banca Sistema
SACE
Istituto per il Credito Sportivo
Macquarie Group
Gruppo Marseglia
Work highlights
- Advised Cimolai S.p.A. and its holding company in relation to the transaction entailing the restructuring of its financial indebtedness and a capital strengthening.
- Advised Flint Group Italia on a comprehensive and global transaction to renegotiate and reorganize the Flint Group’s financial exposure and capital structure.
- Advised Carlo Colombo S.p.A. on the exit from the restructuring process involving financial creditors and the main copper supplier, Glencore International.
Studio Ubertazzi
Containing ‘exceptional lawyers’, Studio Ubertazzi advises clients across the gamut of industries, with experience in extraordinary administration, claw-back actions, settlement agreements and distressed M&A. Its clients include listed and unlisted companies based across the globe and across industries. Based in Milan, the team is led by Tommaso Ubertazzi, a ‘top-tier lawyer’ advising on debt restructurings and corporate reorganisations, and Benedetta Ubertazzi, an expert in extraordinary operations.
Practice head(s):
Tommaso Ubertazzi; Benedetta Ubertazzi
Other key lawyers:
Claudia De Cesare
Testimonials
‘The lawyers at Studio Ubertazzi stand out for their expertise, reliability, and timely delivery of outcomes. They make sure to explain both the legal processes and their strategies with clarity.’
‘Tommaso Ubertazzi possesses unique abilities to accomplish precisely what he sets out to do. He’s well-informed, self-assured, and has a deep understanding of business, making him an ideal advisor for companies.’
‘Studio Ubertazzi is a small law firm that handles our company’s most vital legal matters and has proven to be an invaluable asset. I know the lawyers on the team personally, and their support allows me to rest easy.’
Work highlights
ADVANT Nctm
ADVANT Nctm has deep expertise in restructuring and insolvency, advising debtors and creditors in restructuring negotiations, insolvency procedures, distressed investment and extraordinary transactions. In particular, the firm is well-versed in supporting debtors in debt restructurings. The team is led by Fabio Marelli, who advises publicly- and privately-held companies on debt restructurings, from Milan. Juri Bettinelli is experienced in special situations, advising investors on asset purchases and debt-to-equity swaps.
Practice head(s):
Fabio Marelli
Other key lawyers:
Juri Bettinelli
Testimonials
‘Integrates with the company and has cross-topic knowledge and capabilities.’
‘Strong client-oriented approach and 360° support of the client’s business.’
‘Juri Bettinelli is always available to listen to each creditor and willing to find a solution that suits everyone.’
‘Juri Bettinelli is a very knowledgeable and helpful partner.’
Key clients
MUFG Bank plc
Bper Banca S.p.A.
Banco BPM S.p.A.
Intesa Sanpaolo S.p.A.
Guber Banca S.p.A.
UniCredit S.p.A.
Cassa di Risparmio di Bolzano S.p.A.
Cassa Centrale Raiffeisen dell’Alto Adige S.p.A.
Banca Popolare dell’Alto Adige S.p.A.
Banca Monte dei Paschi di Siena S.p.A.
Work highlights
- Advised Heila Cranes, an Italian manufacturer of standard and custom-built cranes and cement manipulators operating at an international level and owned by IBLA Capital, a company specialising in turnaround and distressed investments, in relation to a composition with creditors before the Court of Reggio Emilia.
- Advised a group of six companies active in the contracting, real estate development and commercial management sectors in a comprehensive debt restructuring transaction, negotiated with 26 financial creditors of the group.
- Providing legal assistance to Cassa Depositi e Prestiti S.p.A. and Finlombarda S.p.A. (as lenders), as well as to illimity bank S.p.A. (as agent) in the context of the composition with creditors procedure of Filippetti S.p.A. in liquidation, a company operating in the system integration sector.
Carnelutti Law Firm
Supporting clients in and out of court, Carnelutti Law Firm provides a comprehensive service on restructuring and turnaround matters. The firm is experienced in composition with creditors and liquidation proceedings. It also supports clients in extraordinary administrations. Overseen by practice head Luca Arnaboldi, the team also includes ‘outstanding partner’ Christian Patelmo is an expert on cross-border litigation and arbitration, with particular expertise in debt restructuring and bankruptcy proceedings. Sara Severoni focuses on dispute resolution, frequently advising on insolvency-related litigation.
Practice head(s):
Luca Arnaboldi
Other key lawyers:
Christian Patelmo; Sara Severoni
Testimonials
‘Christian Patelmo, an outstanding practitioner with excellent expertise in dispute resolution. A reliable local partner.’
‘Able to listen to the needs of the client and to provide a tailor-made outcome.’
‘Christian Patelmo has great knowledge and experience on case matters under analysis.’
Key clients
Enel Green Power S.p.A.
Raiffeisenlandesbank Niederösterreich-Wien
JOFO Nonwovens Co. Ltd.
Stainless Steel Center S.r.l.
Prelios Credit Servicing S.r.l.
DoNext S.p.A.
Banco BPM S.p.A.
Banca Valsabbina S.C.p.A.
BPER S.p.A.
Le Camille S.à.r.l. en faillite
Federfarma.Co S.p.A.
Res Plastic S.p.A.
ENEL Green Power Spain S.A.
Baylio Solar S.L.U.
ENEL Green Power Chile S.A.
ENEL Colombia S.A. E.S.P.
Dehesa de lo Guadalupes Solar S.L.U.
Furatena Solar S.L.U.
Enel Generación Peru S.A.A.
Enel Green Power Horizonte MP Solar S.A.
Work highlights
- Advised Austrian bank Raiffeisenlandesbank Niederösterreich-Wien, acting as lender and security agent of a Euro 135 million senior mortgage facility agreement granted to the Italian company Bauer S.r.l. in an Austrian-Italian cross-border securitization transaction.
- Retained by Enel Green Power S.p.A. and by a number of companies of the Enel Group to submit their claims for penalties, back-charges and damages against their Italian supplier of photovoltaic inverters and related accessories under several EPC contracts for the construction of Photovoltaic plants located in Europe and South America.
- Retained by Steel Center S.r.l., an Italian company active in the market of production and sale of steel, to file a class-structured assets purchase arrangement with creditors proposal to close the bankruptcy proceeding of Sarinox S.r.l. pending before the Court of Milan.
DLA Piper
Supporting both debtors and creditors, DLA Piper regularly advises on the gamut of restructuring issues, with broad experience working on bond position restructurings and the restructuring of UTP exposures. The firm regularly advises on composition with creditors' agreements and negotiated settlements. Heading the practice from Rome, Antonio Lombardo specialises in debt-equity swaps in distressed situations. Ugo Calò is a financing expert with a particular strength in infrastructure and real estate finance. Alberto Angeloni is also noted for his work in insolvency litigation. In January 2025, Francesco De Gennaro left the firm.
Practice head(s):
Antonio Lombardo
Other key lawyers:
Ugo Calò; Alberto Angeloni
Testimonials
‘The team at DLA Piper provides extremely value-adding structuring and execution of complex financial restructuring operations.’
Key clients
Intesa Sanpaolo
UniCredit
Banco BPM
SACE
Monte dei Paschi di Siena
Casinò di Campione
Officine Maccaferri
Attestor Capital LLP
Prelios
Banca Carige
BPER Banca
Solution Bank
BNL
Gestio Capital
Aser Group Holding
AMCO
Credite Agricole Italia
Sirti
Work highlights
- Advised the main Italian creditor financial institutions in the context of the arrangement with creditors filed by the Cimolai Group, an industrial group specialized in the realization of large complex works.
- Advised a pool of financial creditors, consisting of banks and leasing companies, in restructuring the debt of Sofinter, a company specializing in the design and production of steam generators for various markets.
- Advised Gestio Capital and Aser Group Holding in supporting, as investor and new money provider, the restructuring of the financial of U.C. Sampdoria S.p.a., a historic football team currently enrolled with the Italian Serie B league.
Hogan Lovells International LLP
The ‘collaborative team’ at Hogan Lovells International LLP supports domestic and foreign clients, from distressed companies to investment funds to banks and financial institutions, with special strength in restructuring proceedings and corporate reorganisation. It has particular experience in negotiated crisis settlements. The team also handles disputes relating to insolvency, including claw-back actions and creditor arrangements. Mauro Saccani, the firm’s practice head, focuses on leveraged finance, debt capital markets, restructurings and reorganisations. Francesco De Gennaro joined the firm from DLA Piper in January 2025.
Practice head(s):
Mauro Saccani
Other key lawyers:
Giulia Vettori; Federico Pappalettera; Francesco De Gennaro
Testimonials
‘Very competent and collaborative team.’
Key clients
The Law Debenture Trust Corporation
Work highlights
- Advising The Law Debenture Corporation p.l.c. in its capacity as representative of the holders of the €250 million 3.25% Senior Notes due 2024 issued by Pro-Gest S.p.A. – in the restructuring process of the financial indebtedness of Pro-Gest S.p.A.
LCA Studio Legale
With a team possessing ‘exceptional expertise’ in the sector, LCA Studio Legale is well-versed in a wide range of restructuring and insolvency matters. Members are approached by clients to advise on, and negotiate over, debt restructurings and distressed M&A. The firm is also experienced in extraordinary administration. The team is led by four partners in the Milan office: bankruptcy expert Salvatore Sanzo; Diana Burroni, an advisor on liquidation procedures; Angela Petrosillo, who specialises in arrangements with creditors; and Michele Petriello, who combines knowledge of corporate governance and bankruptcy.
Practice head(s):
Salvatore Sanzo; Diana Burroni; Angela Petrosillo; Michele Petriello
Testimonials
‘The foremost quality is the dedication and availability the team gives to the client.’
‘Salvatore Sanzo is knowledgeable, available, experienced and imaginative.’
‘Highly competent and professional team, great attention to the customer, punctual, excellent relational skills, they leave nothing to chance, great availability, determination.’
‘Exceptional expertise of the entire team in the sector. Great experience in managing restructuring operations, even complex, articulated and conflictual. Able to negotiate and integrate with the advisors involved.’
‘Angela Petrosillo is one of the best in the market.’
‘Salvatore Sanzo has great experience and is a great negotiator.’
‘The law firm is very experienced and fast in finding the right solution. Able to follow the course of procedure and suggest the correct course for clients.’
‘Diana Burroni is highly experienced and has a problem-solving approach.’
Key clients
Acciaierie d’Italia S.p.A.
ARGO S.r.l.
Gruppo Inghirami
Impianti Tecnologici S.p.A.
Porto Turistico Internazionale di Rapallo S.p.A.
Valore in Sanità
Work highlights
- Acting for Acciaierie D’Italia S.p.A., the tenant company of the business unit of Ilva S.p.A. in extraordinary administration, in opting out of Ilva’s over €4.2 billion composition with creditors to seek another solution.
- Acting for the Inghirami Group on its €120 million restructuring and renegotiation of bank debts.
- Assisting ARGO S.r.l. with acquiring and fully restructuring the tourist port of Rapallo (Genoa).
Osborne Clarke
Osborne Clarke‘s multidisciplinary practice advises on, in addition to pure restructuring and insolvency issues, the finance, regulatory, tax and public law issues affecting clients in distressed situations. The firm is also accustomed to supporting creditors, suppliers and lenders in crisis settlement matters. The team is led by Filippo Canepa, who advises clients on crisis management, insolvency proceedings and reorganisations. Maurizio Zonca is a key member of the team, advising bankruptcy trustees on liability claims and debt collection.
Practice head(s):
Filippo Canepa
Other key lawyers:
Federica Greggio; Maurizio Zonca
Testimonials
‘The team is very well headed by Filippo Canepa and is made of individuals which has a high level of knowledge of insolvency rules. They are also proactive in helping the client in all its needs and efficiently follow the more practical aspects of the procedure, finding interesting solutions.’
‘All the team made an excellent impression both for their competence and for their commitment to follow the clients’ needs.’
‘Filippo Canepa and Maurizio Zonca are top-class professionals.’
‘Filippo Canepa and Maurizio Zonca demonstrate great professionalism, experience and knowledge of the subject matter they deal with.’
‘Full range of specialized lawyers, fast in any answer, up-to-date on technology for meeting and reporting, oriented to sustainability.’
‘Filippo Canepa is outstanding in his attention to the client and in the search for a solution.’
Key clients
AMCO Asset Management Company S.p.A.
Banca Monte dei Paschi di Siena S.p.A.
FMS Wertmanagement AöR
Holding Partecipazioni Energetiche S.r.l.
Intesa Sanpaolo S.p.A.
Pasubio Sviluppo S.p.A.
Prelios S.p.A.
System Holz S.r.l.
Oxidal System S.r.l.
Work highlights
- Assisting German federal institution FMS Wertmanagement on a multi-billion framework agreement to unwind Hypo Real Estate Holding AG, the Italian assets of which have included over €11 billion in loans, derivatives, bonds, and asset sales.
- Advised the Pozzi Group, including its parent company System Holz s.r.l. and subsidiary Oxidal System s.r.l, on a complex debt restructuring process.
- Advising Pasubio Sviluppo S.p.A., a real estate company focusing on the redevelopment of the “Area Pasubio” district in Parma, on a complex insolvency procedure caused by the client’s deteriorated financial situation.
PedersoliGattai
PedersoliGattai advises a wide array of clients, including debtors, lenders, shareholders, government entities and asset buyers. The firm is well-versed in banking and finance issues, corporate matters, insolvency and litigation. The team is led by fund advisor Gaetano Carrello, contentious company law expert Sergio Fulco and debt restructuring specialist Maura Magioncalda
from Milan. Fellow practice head Alessandra Giovetti, who advises on insolvency proceedings and corporate crises, oversees the team from Turin.
Practice head(s):
Gaetano Carrello; Sergio Fulco; Alessandra Giovetti; Maura Magioncalda
Other key lawyers:
Alessandra de Cantellis
Testimonials
‘Very competent and punctual in their considerations and in the in-depth analysis of the matter. They protect the interests of the party.’
‘They are able to anticipate needs by proposing tailor-made solutions.’
‘PedersoliGattai Studio Legale’s bankruptcy law team is distinguished by the competence and preparation of its professionals as well as its ability to offer constant and timely all-around assistance to clients.’
‘Alessandra Giovetti is a capable and competent professional, including in finding technical solutions to complex and sophisticated legal issues. She has an extraordinary ability to actively identify solutions to very complex legal situations.’
Key clients
Cassa Depositi e Prestiti S.p.A.
Carlyle Global Credit
BNP Paribas
Crédit Agricole Italia S.p.A.
UniCredit S.p.A.
Intesa Sanpaolo S.p.A.
Goldenpoint S.p.A.
Oaktree Capital Management
Iren S.p.A.
BPER S.p.A.
Keter Group B.V.
Banco BPM S.p.A.
IS BANKASI A.S.
Kayser Roth Corporation
Work highlights
- Assisted Cassa Depositi e Prestiti in relation to the restructuring of Open Fiber’s indebtedness.
- Assisted Carlyle Global Credit in the potential restructuring of the Pro-Gest group.
- Assisted 11 banks led by Türkiye İş Bankası A.Ş in the debt restructuring agreements of Eldor Corporation S.p.A. and the Eldor Group.
A&O Shearman
A&O Shearman advises clients from across a broad spectrum of industries, including real estate, automotive, industrial and manufacturing, on restructuring issues. As an international firm, it is well-suited to cross-border matters, from distressed financing to rescheduling and insolvency litigation proceedings. In July 2024, Paolo Manganelli joined the firm from Ashurst and now leads the team. He is experienced with compositions with creditors and voluntary arrangements. Within the team, Tommaso Paltrinieri frequently advises debtors, creditors, agents, receivers and senior and mezzanine lenders.
Practice head(s):
Paolo Manganelli
Other key lawyers:
Tommaso Paltrinieri
Testimonials
‘Paolo Manganelli and Tommaso Paltrinieri have a great ability to understand the issues relating to the debt recovery and restructuring process of their clients’ debts.’
‘Paolo Manganelli has great expertise which he makes available to the client and all advisors.’
‘Tommaso Paltrinieri is accurate and responsive.’
Work highlights
Bird & Bird
Bird & Bird specialises in advising licensed insolvency practitioners, lenders and trade creditors on a range of in- and out-of-court matters, including turn-around plans, restructuring agreements, compositions with creditors, negotiated compositions and debt trading. The firm can also draw on its specialists in corporate, tax, employment and real estate law to enhance its advice. The team is led by Alberto Salvadè, who advises on distressed asset purchases.
Practice head(s):
Alberto Salvadè
Testimonials
‘Bird & Bird’s Restructuring and Insolvency practice is notable for its multidisciplinary approach, combining legal expertise with financial and operational insights to guide companies through complex financial challenges. They not only provide legal advice but also coordinate with financial advisors, banks, operational consultants, and crisis management specialists.’
‘In crisis situations, time is of the essence and the Bird & Bird team acts quickly and decisively in delivering strategic advice, setting it apart from other firms in the restructuring and insolvency space.’
Key clients
Shiloh Industries Italia
Finest Shoes Srl
Tosca Holding
Lisapharma
Work highlights
- Assisting Shiloh Industries Italia – the Italian subsidiary of a global supplier of light-weight, noise and vibration solutions to the automotive, commercial vehicle and industrial sectors – in the composition with creditors’ procedure in front of the Court of Aosta.
Cappelli Riolo Calderaro Crisostomo Del Din & Partners
The ‘excellent’ team at Cappelli Riolo Calderaro Crisostomo Del Din & Partners is comprised of a wide range of specialists equipped to handle domestic and cross-border transactions for investors, banks and borrowers. The firm is well-versed in distressed situations, from the sale and purchase of assets and shares to corporate and capital reorganisations. Practice head Paolo Calderaro assists national and international in distressed financing operations and deleveraging. Fellow practice head Alberto Del Din, who splits his time between Milan and London, specialises in structured finance and the real estate sector.
Practice head(s):
Paolo Calderaro; Alberto Del Din
Other key lawyers:
Morena Bontorin; Antonio Azzarà; Giuliana Durand
Testimonials
‘Extremely competent and a wise vision of the issues. Effective and fast-moving.’
‘The team is very well prepared. Good also for international transactions.’
‘Great experience in M&A, even in insolvency procedures.’
‘Excellent team with the ability to advise on complex financial structures and restructuring, with market-leading structured finance and top-notch restructuring expertise.’
‘Alberto Del Din lends his unrivalled expertise and ingenuity (bordering genius) in structured finance, securitisation and financial matters and is often absolutely pivotal to a transaction happening.’
‘Antonio Azzarà is an excellent restructuring lawyer, with exceptional technical skills and a positive, calm demeanor.’
‘The team at Cappelli Riolo Calderaro Crisostomo Del Din & Partners stands out for its exceptional expertise in restructuring and insolvency. Their deep understanding of complex financial challenges, combined with a client-centric approach, ensures tailored and effective solutions.’
‘The individuals at Cappelli Riolo Calderaro Crisostomo Del Din & Partners truly distinguish themselves through their unparalleled expertise and dedication. Partners like Antonio Azzarà, known for their exceptional analytical skills and strategic insight, bring a deep understanding of complex restructuring issues that sets them apart from competitors.’
Key clients
Ampre S.R.L.
Dea Capital Alternative Funds SGR S.P.A.
Merlyn Advisors Ltd.
Apollo Management International LLP
Pillarstone Italy
Nextalia Credit Opportunities Fund
Europa Investimenti
Varde Partners Europe Ltd
A2a S.P.A.
Work highlights
- Advised Nextalia in the successful investment in the concordato preventivo proceedings of PSC Group, including the acquisition of Italtel S.p.A.
- Advised Varde and its portfolio real estate Impreme group in the complex restructuring of the €375m debt exposure.
- Assisting Merlyn Advisor LTD in the attempt to purchase the entire share capital of U.C. Sampdoria S.p.A. a historic soccer club based in Genoa for an overall value of €150m.
Eversheds Sutherland Associazione Professionale
Advising across the restructuring and insolvency sector, Eversheds Sutherland Associazione Professionale particularly specialises in insolvency litigation, representing clients in liability suits against directors and auditors as well as claw-back actions. The firm is also regularly instructed on extraordinary administrations, compositions with creditors and restructuring arrangements. Split between Milan and Rome, the team is overseen by Renato Fiumalbi, an advisor on insolvency litigation in the construction and logistics industry, and Simone Barnaba, an expert in oil and gas issues.
Practice head(s):
Renato Fiumalbi; Simone Barnaba
Testimonials
‘Simone Barnaba is a highly effective partner.’
‘Competent, experienced, available, problem-solving and pragmatic.’
Key clients
Sagat S.p.A.
International Air Transport Association
Kuwait Petroleum
Q8 Quaser S.r.l.
Marlew S.A.
Firema s.p.a.
Impresa s.p.a.
Work highlights
- Represented IATA in ordinary proceedings commenced by Alitalia in extraordinary administration, which claimed that certain payments should be voided because they were executed after Alitalia went insolvent.
EY TAX & LAW ITALY
With particular strength in debt restructuring, EY TAX & LAW ITALY is approached by corporates, public and private companies and financial institutions in distressed situations. The department regularly collaborates with other teams in the firm, including the corporate, employment and tax teams, to provide a seamless service on bankruptcy and restructuring issues. Marco Nazareno Mizzau is the team’s Milan-based practice head and an expert in corporate restructuring. Angelo Ciro del Duca leads the team from Rome and advises clients in the maritime and transportation sectors.
Practice head(s):
Marco Nazareno Mizzau; Angelo Ciro Del Duca
Testimonials
‘The team is fully dedicated to supporting the restructuring agreement with comprehensive support on any aspect.’
‘Marco Nazareno Mizzau leads the team, with excellent support.’
‘Marco Nazareno Mizzau is able to formulate and explain complex issues clearly and concisely and immediately provides well-developed proposals for solutions to choose from.’
Key clients
Hotel Ristorante “Le Terrazze sul Gargano” di Fabbrini Paola
Adami Group S.r.l.
Fondazione Parco Tecnologico Padano
Parco Tecnologico Padano S.r.l.
J.G. Schrödel GmbH
Heinrich Bauer GmbH & Co.
ANM S.p.A.
Edison Giocattoli S.r.l. in liquidazione
Delivery Package Service S.r.l.
Sequedge Italy S.r.l.
Baby Dream S.r.l.
Schiano S.r.l.
Eudorex S.r.l.
Mediacom S.r.l.
Calise al Porto S.r.l.
Marianna Calise S.r.l.
Work highlights
- Assisting DPS in reference to accessing the negotiated crisis composition pursuant to Art. 12 and sub. CCII.
- Assisting the Adami Group with the reorganization process of the whole group, which includes the acquisition of the business unit belonging to a competitor company in the framework of a negotiated crisis settlement pursuant to Art. 12 and sub. CCII.
- Assisting ANM with the fulfilment of the arrangement with creditors proceedings, as well as with the resolution of critical issues that have arisen during the execution phase.
Gatti Pavesi Bianchi Ludovici
‘Offering the client comprehensive support’, Gatti Pavesi Bianchi Ludovici advises both debtors and creditors in and out of court, assisting clients with reorganisations, restructurings and insolvency proceedings. Its clientele includes funds, listed and unlisted companies, shareholders and sponsors. Based in Milan, the team is spearheaded by corporate reorganisation specialist Luca Faustini and Andrea Novarese, who helps with structured and managed debt finance transactions. Novarese joined the team alongside Maria Cristina Storchi and Francesco Pirisi from White & Case (Europe) LLP in May 2024.
Practice head(s):
Luca Faustini; Andrea Novarese
Other key lawyers:
Cosimo Birtolo; Annalisa Asaro; Camilla Bolognini; Maria Cristina Storchi; Francesco Pirisi
Testimonials
‘With the lateral hire of Andrea Novarese and his whole team, the firm has made a huge jump in the quality of restructuring/insolvency, complementing its present offer.’
‘Andrea Novarese is a clear leader, with excellent market perception and relationships.’
‘The people I work with in my activities are characterized by a high level of technical expertise in their individual disciplines.’
‘GBPL’s restructuring team has been enforced by the appointment of Andrea Novarese and his team. They are outstanding professionals and they are able to support clients constantly.’
‘Cosimo Birtolo is an outstanding professional and he is able to support clients in every kind of task, providing them with clever ideas.’
‘Nice people to deal with, confrontational without exaggerating.’
‘Luca Faustini is an outstanding restructuring lawyer; he knows all the pitfalls of his specialization, is technically impressive, very capable at handling complex matters and coping with a number of counterparties at the same time.’
‘The restructuring team is proactive, aimed at finding solutions not only legally but also financially, offering the client comprehensive support and leading the negotiations, trying to avoid bottlenecks.’
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.
Nextalia SGR S.p.A.
illimity Credit & Corporate Turnaround Fund
Deutsche Bank
Work highlights
- Advising Italian banks as investors in the ‘UTP Restructuring Corporate’ fund, in the negotiation and finalisation of the fund’s constitutive documentation and in all the negotiation and finalisation phases of the sale transactions.
- Assisted a pool of 26 financial creditors in the negotiation and finalisation of a debt restructuring agreement finalised at the end of a negotiated settlement procedure of the group headed by Egea S.p.A.
- Assisted Design Manufacturing S.p.A., Dema Apulia Region S.r.l. and C.A.M. S.r.l. on the structuring and filing of an agreement with creditors on a going concern basis, which received approval from the Court of Naples.
Greenberg Traurig Santa Maria
The ‘excellently structured’ team at Greenberg Traurig Santa Maria is well-versed in restructuring and insolvency issues across Europe. The team combines specialists across a range of disciplines with experts in special situations, distressed M&A and credit management matters. The team is led by Bruno Cova, who focuses on complex transactions and compliance issues. Francesco Horvat is noted within the team, focusing on debt restructurings, turnaround processes, distressed acquisitions and litigation.
Practice head(s):
Bruno Cova
Other key lawyers:
Francesco Horvat; Corrado Angelelli
Testimonials
‘They get straight to the matter and are able to get solutions to problems in a quick way and with high-quality end results.’
‘They are able to listen and to tailor solutions to specific needs. I particularly appreciated the assistance of Dante Campiverdi in finding creative solutions on matters related to real estate, securitisation and banking contracts.’
‘Excellently structured team with highly trained, proactive and always available professionals.’
‘All the professionals are competent in their area of expertise, are proactive, helpful and always find the best solution.’
‘Dante Campiverdi stands out for his brilliant knowledge in NPLs compared to many other lawyers. He is an efficient, capable, helpful, collaborative lawyer.’
‘The firm’s approach is innovative and geared toward client satisfaction. Dante Campiverdi’s team, in particular, is characterized by an excellent propensity for teamwork where different skills are enhanced.’
‘The team works with a great spirit of cooperation and is always goal-oriented.’
Key clients
Carlyle Global Credit Investment Management LLC
Stellex Capital Holdings Luxembourg S.à r.l.
MAN GLG Limited
Kervis SGR S.p.A.
Unés Maxi S.p.A.
Wingspire Capital LLC
Work highlights
- Advised international funds Carlyle Global Credit Investment Management LLC, Man GLG Limited and Stellex Capital Holdings Luxembourg S.à r.l., shareholders of Officine Maccaferri S.p.A., in the post-completion matters relating to the complex in-court restructuring transaction of Officine Maccaferri S.p.A.
- Assisted Trico Italy S.r.l. in the return of certain assets owned by Trico Italy but held by RDS Moulding Technology S.p.A. undergoing a bankruptcy proceeding.
K&L Gates
Working out of Milan, K&L Gates’ team supports clients before, and through, insolvency processes. The firm advises clients on pre-bankruptcy agreements, debt restructurings and composition with creditors. It is well-versed in both the in- and out-of-court aspects of insolvency matters. Paolo Rusconi focuses on debt restructuring transactions, whilst Fabrizio Dotti adds insight into the sale of bank debt. Chiara Anceschi is an experienced advisor to banks, debt funds, alternative lenders and borrowers in distressed asset management transactions.
Practice head(s):
Paolo Rusconi; Fabrizio Dotti; Chiara Anceschi
Other key lawyers:
Giorgio Paludetti
Testimonials
‘Excellent assistance in negotiations; supports and identifies innovative solutions.’
‘Fair, supportive and highly professional.’
‘K&L Gates’ restructuring and insolvency practice is distinguished by its global reach, integrated approach, and diverse client base.’
Key clients
Aquileia Capital Services S.p.A.
Banca Monte Dei Paschi di Siena S.p.A.
UniCredit S.p.A.
KERMA SPV S.r.l.
Kerdos SPV S.r.l.
Prelios Credit Servicing S.p.A.
Banco BPM S.p.A.
Asset Managament Company
Finalto S.p.A.
Kryalos SGR S.p.A.
Quantum Capital Partners GmbH
Finanziaria Internazionale Investments SGR S.p.A.
Illimity SGR S.p.A.
Banca Finanziaria Internazionale S.p.A.
Invel
Ampre S.r.l.
Illimity Bank S.p.A.
Crédit Agricole Italia S.p.A.
Milkman S.p.A.
Caniel Industries A.T.G. Ltd
Augusta Ratio S.p.A.
Work highlights
- Assisted Quantum Capital Partners Gmbh before the Court of Venice throughout the entire proceedings for the composition with its creditors to restructure around € 40 million of indebtedness and save around 300 jobs.
- Assisted in the negotiation of the restructuring agreement of Femi S.p.A., an Italian historical brand in the world of wood and metalworking tools and machinery manufacturing, and its parent company Cometa S.r.l.
- Assisting AMCO and other Italian primary banks in the context of the restructuring of Bergamaschi’s group financial indebtedness.
Orrick, Herrington & Sutcliffe
‘With a focus on results’, Orrick, Herrington & Sutcliffe‘s team advises large Italian companies and distressed asset investors in turnaround plans, debt restructurings, distressed transactions and insolvency proceedings. The firm is also well-versed in contentious insolvency matters. The practice is spearheaded by Daniela Andreatta, who represents clients in insolvency and bankruptcy litigation as well as distressed asset investments.
Practice head(s):
Daniela Andreatta
Testimonials
‘Available with deep sector knowledge.’
‘Proactive team with a focus on results and constant involvement of partners and juniors in training who already demonstrate notable skills and attention to customers and results.’
‘Andreatta Daniela is precise, punctual and ready to apply legal structures consistent with the situation and tailor-made.’
Key clients
iCon Infrastructure
Bank of America Merrill Lynch
Gigaset Italia
D.E. Shaw
Salerno Energie Vendite S.p.A.
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
Plangreen
Restar Real Estate S.r.l.
SGA S.p.A.
Società Italiana per le Imprese all’Estero – Simest S.p.A.
Work highlights
- Advising iCon Infrastructure Fund on the restructuring of the EGEA group.
- Advised Gigaset Italia on the restructuring of its German parent company.
- Advising Salerno Energia Vendite S.p.A. on the restructuring of a local energy/gas distributor.
PwC TLS Avvocati e Commercialisti
PwC TLS Avvocati e Commercialisti handles restructuring plans, negotiated arrangements with banks and insolvency procedures for clients in distressed situations, with the ability to draw on its non-legal services. The firm is also experienced in supporting creditors and receivers through arrangement with creditors and receivership procedures. Ernesto Apuzzo supports domestic and international clients in debt restructuring and turnaround transactions. Pierantonio Musso is noted within the team for expertise in corporate crisis resolution, restructurings, reorganisations and distressed M&A.
Practice head(s):
Ernesto Apuzzo
Other key lawyers:
Pierantonio Musso
Testimonials
‘Very good team with a strong commercial understanding of the market. They are reliable and cooperative colleagues and I have worked with them on both sides of the table.’
‘I would mention Ernesto Apuzzo for his practical and commercial approach as well as his availability.’
‘Very competent and collaborative team’
Key clients
GranCasa SPA
Videa SPA
La Maddalena Spa
Aquarelle Clothing Limited
Alitalia Linee Aeree e Alitalia Servizi Spa
Automobiles Citroen SA
Scarpe & Scarpe Spa
Monte dei Paschi di Siena
Unicredit SPA
Montalbano Acque SPA
Frontis NPL SPA
General Finance S.p.A.
Prelios Credit Servicing S.p.A.
BPER Banca
Gruppo Basso S.p.A.
Work highlights
Simmons & Simmons
Simmons & Simmons specialises in out-of-court restructuring for all parties to such transactions, from debtors to investors to creditors. The team is able to draw on the expertise of the wider firm, with tax, labour, corporate and securitisation lawyers to call upon. The team is led by Federico Perego, who joined in June 2023 from Orrick, Herrington & Sutcliffe, an advisor on pre-bankruptcy compositions and debt restructuring agreements.
Practice head(s):
Federico Perego
Testimonials
‘Great quality of partners and associates.’
‘Federico Perego has the attitude to find the balance in a difficult situation together with a deep knowledge of bankruptcy matters even if it’s continuously changing due to EU directives.’
‘The team is composed of highly competent professionals on restructuring and insolvency work, with proven experience in different complex and articulated transactions. Technical skills are combined with human qualities that make the team one-of-a-kind.’
‘Federico Perego’s technical skills and human qualities make the team a professionally impeccable team.’
‘Strong commitment and availability.’
‘Federico Perego is super, super, super committed to getting things done.’
Key clients
Banco BPM Spa
Deutsche Bank SpA
BPER Banca Spa
Crédit Agricole Italia S.p.A.
Intesa Sanpaolo Spa
WRM Capinvest Ltd
ArecNeprix Srl
Plangreen 2E Srl
Atex Srl
Metano Impianti Srl
Fantuzzi Immobiliare Srl
Work highlights
- Advised Fantuzzi Immobiliare S.r.l. on the restructuring of €160ml of its indebtedness in the context of a debt restructuring agreement confirmed by the court of Reggio Emilia.
- Advising WRM Capinvest Ltd in a complex distressed investment to take over nine distressed real estate assets.
- Advised Banco BPM S.p.A. in the restructuring of its claims against the Grancasa group of companies