In Italy, the practice has experienced significant growth in restructuring and insolvency related matters and we regularly advise financial institutions and large borrowers on high profile matters. The activity performed by the team can be divided into two different but complementary sectors: corporate and financial restructuring on the one side and ordinary consultancy on the other, the latter including assistance in litigation and enforcement of guarantees.
Our Italian restructuring team is part of our Global Restructuring Group, which is one of the world's leaders. With dedicated restructuring lawyers across the Americas, Asia Pacific, Europe and the Middle East, we have the knowledge, experience and resources to address our clients restructuring and insolvency needs on a national and international basis. Around the world, our experienced restructuring lawyers 'on the ground' have extensive knowledge of local markets and the associated challenges our clients face, wherever they occur.
We serve a diverse client base encompassing debtors, lenders, government entities, trustees, shareholders, senior executives, and distressed debt and asset buyers and investors. We counsel clients on all aspects of restructuring and insolvency/bankruptcy, whether in anticipation of them or in dealing with their consequences.
Our services include:
- Debt and equity rescheduling and refinancing
- Disposals and pre-packaged solutions
- Distressed debt trading
- Distressed mergers and acquisitions
- Distressed Real Estate
- Insolvency procedures and office holders' conduct and regulation
- Non-performing loan advice
- Debt to equity swap
- Restructuring and reorganisation strategies
- Rescue planning and implementation
- Restructuring structured and leverage finance vehicles
- Security enhancement and prioritisation
We advise clients across a wide range of industry sectors and have particular strength in energy, financial services, healthcare, hospitality and leisure, real estate, retail, sports, technology and transportation.
Some key matters we have recently worked on are set out below:
- Banking syndicate - Advising a pool of lenders, including Intesa Sanpaolo, Banca Popolare dell'Emilia Romagna, Banco Popolare, Banca Monte dei Paschi di Siena and UniCredit, in the debt restructuring of a group of companies operating in the real estate and construction sectors. The restructuring process involved most of the major Italian banks and leasing companies.
- UniCredit - Advising UniCredit S.p.A. in relation to the debt restructuring of Carlo Tassara S.p.A., a major Italian metallurgy company. We successfully assisted UniCredit with the highly complex debt restructuring of approximately EUR 6.2 billion of debt.
- UniCredit - Advising UniCredit S.p.A. on the restructuring of the debt of Camfin, a listed company leader in Italy and Europe – through participated companies – in the pneumatic sector, in the development of environment friendly technologies and real estate investments (value around €1.5 billion).
- Astaldi - Advising an Italy-based International engineering and management solutions developer, Astaldi, through its wholly-owned subsidiary nBI S.r.l., on a complex transaction concerning the lease and subsequently the purchase of the main going concern of Busi Impianti S.p.A. in the framework of a composition with creditors proceeding (concordato preventivo) then converted into ordinary bankruptcy (Fallimento). The transaction was finally carried out with the authorization of the Judge, the Receiver and of the Creditors' Committee pursuant to Article 104, para. 6 of the Italian Bankruptcy Law, without auction, due to the acknowledged urgency reasons related to the safeguard of the going concern, goodwill and employments.
- Multi-creditor arrangement - Representing the borrower in a EUR 1.25 billion banking debt settled through an arrangement with creditors of a 26-company conglomerate. The matter involved 26 arrangements with creditors pertaining to the same number of companies that make up this large conglomerate with huge intercompany loans. This was the largest restructuring deal of the year in Italy.
- Sofinter - Advising a large number of leading domestic and international banking groups on the debt restructuring of Sofinter S.p.A., a leading Italian company operating in the steam and power generation sector. This high-profile transaction involved a high level of debt and entailed some very challenging and difficult legal issues, which our team successfully overcame.