Regional news: Italy

UNIDROIT, Rome: Financial Institutions in Distress – time for a Model Law?

In the year that witnessed the downfalls of Silicon Valley Bank, First Republic and Credit Suisse, judges, lawyers and academics gathered in Rome to discuss the growing need for a model law specific to distressed financial institutions that will not be perceived as a risk to state sovereignty.

24 November 2023

Italy’s Furla closes stores and files for bankruptcy in Canada

The Canadian branch of Italian leather goods retailer Furla has filed for bankruptcy in Ontario, three years after the group’s US arm sought Chapter 11 protection in New York due to the covid-19 pandemic.

13 September 2023

Cimolai plans sanctioned as settlement sweeps away questions

An Italian construction group has secured sanction of two Part 26A restructuring plans that it is using to bind English creditors to its Italian concordato proceedings, after the High Court in London found that dissenting classes would be no worse off in any one of multiple relevant alternative scenarios.

25 August 2023

Cimolai secures English restructuring plan meetings to deal with Gibbs

Italian construction group Cimolai has won approval to hold creditor meetings on a pair of parallel Part 26A restructuring plans, which it is using to avoid falling foul of the rule in Gibbs and bind English creditors to its Italian concordato proceedings.

14 July 2023

Italian construction group wins UK recognition

Construction group Cimolai has secured UK recognition of its Italian insolvency proceedings, almost three weeks after obtaining a Chapter 15 order in Texas.

28 April 2023

Ch15 round-up: Brazilian, Canadian and Italian proceedings secure recognition

Brazilian beef producer Tinto and ethanol producer Tonon, Canadian office furniture manufacturer Inscape and Italian construction group Cimolai have all secured recognition of their respective bankruptcy proceedings in Florida, New York and Texas in the past weeks.

17 April 2023

Willkie partner joins Greenberg as European restructuring co-head

Greenberg Traurig has hired a partner from Willkie Farr & Gallagher’s Italian affiliate to co-chair its restructuring and compliance groups.

04 April 2023

Weil Distress Index: UK market shows the most distress in Europe

The UK is showing more signs of distress compared to other parts of Europe and is the only major European economy still expected to enter a recession this year, Weil Gotshal & Manges’ latest Distress Index figures confirm, as they suggest distress has eased in most other key European countries.

30 March 2023

Quinn Emanuel advising as Italian construction group wins interim relief in US and UK

Italian construction group Cimolai has secured interim Chapter 15 relief in Texas to stay creditor actions in relation to “unauthorized” foreign exchange derivative contracts entered by former employees, three months after an English court ordered a similar temporary injunction.

14 March 2023

Europe column: independent territorial insolvency proceedings under the recast EIR

Bob Wessels picks up where he left off last April on the topic of what happens when a territorial insolvency proceeding is opened prior to any main insolvency proceedings.

17 February 2023

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