Typical client
Italian Family Businesses
Liquidity stress, covenant stress, balance sheet imbalances, dialogue with banks and creditors, and search for solutions that preserve continuity and value.
Restructuring & Special Situations
Financial stabilization, creditor negotiation, and management of special situations.
We support family businesses, sponsors, and banks through financial stress, industrial discontinuity, or capital realignment, with leadership focused on going-concern continuity, negotiation, and value protection.
Who it's for
In special situations the order of priorities changes.
Stabilization comes first, then the choice of instrument, and finally strategic repositioning. The practice serves when defensible numbers and credible leadership with multiple stakeholders are required.
Typical client
Investment Funds
Underperforming portfolio companies, recapitalizations, liability management, bridge to exit, and management of distressed or non-linear situations.
Typical client
Banks
Independent business review, support on restructuring tables, analysis of consensual and protected options, coordination with other creditors and stakeholders.
What we do
From negotiated stabilization to redesign of the financial structure.
We step in when time is short and the situation requires fast analysis, numerical credibility, and negotiation skill with shareholders, creditors, management, and other stakeholders.
Primary service
Financial stabilization and negotiation leadership
We manage the early phases of the critical situation, set the numerical framework, coordinate the dialogue with creditors, and build the solution pathway.
Business review
Industrial analysis and cash plan
Independent review, business assessment, and construction of the numerical framework on which to base negotiation.
Debt solutions
Debt rescheduling and renegotiation
We redefine structure, maturities, covenants, and payment priorities in dialogue with the creditor base.
Liability management
New financing and liability management
Support on rebalancing transactions between existing capital, new financing, and extraordinary instruments.
Asset actions
Selective divestitures and asset monetization
Sale processes for assets, business units, or properties to recover liquidity and focus the perimeter.
Shareholder alignment
Shareholder and management realignment
Interventions on governance, shareholder contributions, and incentive alignment in phases of discontinuity.
Protected tools
Support on consensual or protected tools
Strategic-financial support on the selection and preparation of the most appropriate instrument for the situation.
The method
How we work.
How we work when time is short and credibility matters.
01
Fast crisis diagnosis
Cash flow analysis, order pipeline, operating needs, and business model resilience within 15-20 business days.
02
Strategy and appropriate instrument
Selection of the most appropriate legal instrument (composizione negoziata, restructuring agreement, concordato) based on crisis depth and creditor profile.
03
Credible industrial plan
Multi-year, stress-tested business plan, with documented assumptions and transparent creditor waterfall.
04
Coordinated negotiation
Dialogue with banks, trade creditors, strategic suppliers, and authorities with consistent strategy and shared timing.
Industries
Eight reference industries.
Industrial & Manufacturing
Certified recovery plans and composizioni negoziate on distressed manufacturing SMEs. Sector with high exposure to energy and supply chain shocks.
Real Estate
Restructurings of developers and real estate groups, management of secured NPLs and UTPs, divestitures of portfolios under procedure.
Financial Services
Restructurings of financial intermediaries and trust companies. Management of liquidity crises and going-concern refinancing.
Infrastructure & Logistics
Restructurings of distressed logistics and infrastructure operators. Going-concern divestitures of business units and management of public contracts.
Digital Infrastructure
Restructurings of highly leveraged telco and connectivity operators. Refinancing and entry of new sponsors.
Digital Finance
Restructuring of fintech operators and lending platforms in critical phase. Orderly run-off and portfolio sales.
Retail & Consumer
Restructurings of retail chains, distressed consumer brands, and large-scale retailers. Going-concern continuity and business unit sales.
Life Sciences
Restructurings of private healthcare operators, nursing homes, and specialty pharma in financial stress.
Sector insight
Practice insights.
Report
The Codice della Crisi d'Impresa (Italian Crisis Code, D.Lgs 14/2019) in Italy: two years of application and operational lessons
Note
Composizione negoziata: when it really works
Article
Distressed M&A: how to buy from an insolvency procedure
Report
Corporate NPLs in Italy: the state of the market
The team
Lead partner.
Ugo Zampieri
Partner
Senior expert with over 25 years in M&A and debt restructuring across IT, business services, and healthcare, with Italian and cross-border experience. Originator of mandates for several IPOs on the EGM segment (formerly AIM Italia of Borsa Italiana).
Gian Piero Sala
President
Chartered accountant and expert in composizione negoziata. Court-appointed expert (CTU) at the Tribunal of Milano (Milan) for insolvency procedures.
Mirco Galeri
Managing Partner
Thirty years of strategic and operational management, combining direct entrepreneurial activity and executive advisory. CFO and Executive Committee member at top-tier companies, with cross-sector experience in metals & mechanics, chemicals, agriculture, and services.
Riccardo Puddu Cortesi
Managing Partner
Coordination with distressed investors, special situation funds, and turnaround operators.