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"One of Italy's best team."

Legal 500, Restructuring and Insolvency, 2024

Carnelutti has acquired considerable experience in corporate and banking reorganizations. The team consists of lawyers specialized in M&A, corporate law, bankruptcy law, litigation, banking law and labor law, as well as tax advisors with a deep knowledge in reorganization plans.
The firm advises on all issues relating to debt rescheduling, debt restructuring, insolvency, winding-up and bankruptcy procedures. When required the firm provides professional liquidators and receivers to manage and complete such procedures.
Carnelutti assists banks and Italian companies and multinationals groups, in the negotiation and drafting of documentation for the restructuring, renegotiation, and debt consolidation, including restructuring agreements under art. 182-bis, rescheduling plans pursuant to art. 67, paragraph 3, letter. d) of the Bankruptcy Act and standstill agreements on debt.
The firm also provides judicial and extrajudicial assistance related to any kind of financial distress and in bankruptcy proceedings (pre-bankruptcy agreement, pre-pack insolvency sales, ordinary bankruptcy procedure, etc.) and extraordinary administration proceedings (Law Prodi bis, Marzano Law).

We offer a wide range of services:

  • Bankruptcy procedures, including liquidation, extraordinary administration and agreements with creditors;
  • Corporate reorganization both from the creditors’ and debtors’ standpoint;
  • Pre-Packaged and Pre-negotiated Bankruptcies sales and agreement;
  • Rescheduling of debts and debt to equity swaps;
  • Distressed real estate;
  • Moratoriums;
  • Distressed mergers and acquisitions;
  • Senior lender representation;
  • Company/Debtor representation;
  • Exit financing and Interim financing;
  • Standstills and override arrangements.
  • Assisting a major industrial entity in the context of the two largest extraordinary adminisitrations in the Italian steel industry.
  • Assisting a renowned international textile group with headquarters in Belgium, a turnover of €1.4 billion in 2012, 3,500 employees in some thirty sites spread across eight countries, and a 25% share in the European polypropylene yarn market, in the procedure to purchase a business dedicated to the production of flakes used in the hygiene and geo-textile industries, owned by a company specialising in peptide chemistry which is subject to extraordinary administration.
  • Representing an Italian airline company under extraordinary administration for revocatory actions concerning payments made in the six months prior to the declaration of its insolvency for an aggregate amount of € 80 million.
  • Assisting a leading Italian listed real estate company, subject to an article 182-bis insolvency law plan, in relation to the renegotiation and rescheduling of several credit lines and secured facilities with leading Italian and international banks.
  • Assisting the majority shareholders of an Italian group active in the Contact Center and ICT Services industry, in the Consulting, System Integration, Outsourcing and Application Management areas, currently under court administration for irregularities arisen out of a dispute among shareholders. Since the court administration has come to an end, the firm is cooperating with the court-appointed administrator, and with the majority shareholders in defining solutions capable of solving the present crisis under the management of a new board of directors.
  • Assisting a pool of creditor banks in debt renegotiation and reorganization, pursuant to article 67 of the Bankruptcy Law, of one of the main companies in the Como silk district.
  • Assisting an Italian company listed on the Italian stock exchange in a pre-bankruptcy agreement involving the restructuring of a bond debt also listed on the Italian stock exchange market.
  • Assisting a group leader in financial services in the restructuring of the Italian securities of one of the most important companies in Europe for the production of paints and printing inks.
  • Assisting two Italian banks in their merger and restructuring of trust and fiduciary activities, carried out by the subsidiary companies controlled respectively by the two banks.
  • Assisting the entities of a French banking group in the ending of their positions with regard to derivatives and international agreements, with a leading company operating in the financial services, as a result of the submission of the latter to Chapter 11 and extraordinary administration.
  • Advising a medium-size Italian corporate in an asset purchase transaction from an insolvency receiver appointed by the Court in relation to a Turin-based bankrupt company.
  • Assisting a leading real estate group in a restructuring transaction and subsequent reimbursement of an outstanding loan between the Italian subsidiary of the group and a German bank, a European leader in real estate financing.
  • Assisting the bankruptcy trustee of the largest European producer of furniture in the sale of the Italian assets of the group.
  • Assisting a leading company in the production and sale of components for applications for the automotive market in the debt restructuring of the global leader in engine technology designed for main and accessories propulsion systems for worldwide markets, by issuing bonds on the European and U.S. markets.
  • Assisting an Italian chemical-pharmaceutical group in the reorganization proceedings and financial restructuring, which involved two of its companies.
  • Assisting an Italian company, leader in the production of leather garments, for tax matters in the recapitalization and debt restructuring.
  • Assisting a Dutch holding company in the restructuring of household assets in the pharmaceutical industry / real estate sector.
  • Assisting a world leader in the field of bathtubs, shower enclosures, spas in the corporate restructuring process that has involved the Italian subsidiary following the acquisition of the whole group by part an American investment fund.
  • Assisting a U.S. company, world leader in the rental of DVDs, videotapes and video games, in the reorganization process of its business activities.
  • Advising a French founded multinational company that produces cables and cabling system on the draft of the production restructuring and reorganization process and assistance in the collective dismissal procedure for reduction of staff.
  • On behalf of the Court of Milan, assisting bankrupted companies in various categories of civil case, although primarily in regard to company law issues.
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