Regional news: Italy

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

Italian-owned modelling agency Major Model Management has filed for bankruptcy in New York, blaming the “crippling” effect of a federal lawsuit brought by model Jasmine Burgess over allegedly unpaid wages.

14 February 2022

A Hogan Lovells team looks at some of the differences in the way post-petition finance provisions have been (or will be) implemented in France, Germany, Italy and the Netherlands, drawing comparisons with the established DIP finance regime in the US.

26 January 2022

Ferry operator Moby SPA has sought Chapter 15 recognition of its troubled Italian restructuring in Florida in an effort to block creditors from seizing its assets.

25 January 2022

UK corporates experienced the highest levels of relative distress in Europe during the pandemic, a new study from Weil Gotshal & Manges has found, with liquidity pressures now rising as governments roll back financial stimulus measures.

16 December 2021