Regional news: Italy

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

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

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

04 April 2023

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

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

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

“You can’t put the toothpaste back in the tube.” Comparing the evolution of rescue financing in the US with Singapore, Spain and Italy, speakers at the International Insolvency Institute’s NextGen conference in Toronto discussed the controversial rise of roll-ups and noted lenders will not stop asking for them now they are used so frequently.

21 September 2022

Ferry operator Moby SPA has failed to convince a New York court that an Italian noteholder and a US investment bank tried to foil its Italian restructuring by interfering with creditor relationships and trying to take over the company, in a case set to consider whether New York state legislation for the protection of free speech could be used to prevent parties from weaponising local courts against foreign insolvency proceedings.

09 August 2022

New York-listed FTI Consulting has added corporate finance and restructuring services in Italy with hires from strategy consultancy Boston Consulting Group and Milan-based financial advisory Erre Quadro.

20 June 2022

Ireland has belatedly opted into the updated version of the recast European Insolvency Regulation, and will now automatically recognise the new Dutch and German schemes along with a host of other new and expected European restructuring tools in the regulation’s revised annexes.

16 May 2022