15
Sep
Alternative financing opportunities – private credit and distressed M&A in Italy
Italy is seeing a significant rise in private credit driven restructurings in 2026, largely due to the refinancing needs linked to maturing SACE backed debt. As traditional banks continue to limit exposure, private credit providers and alternative capital are playing an increasingly prominent role. Recent transactions are demonstrating the growing use of bespoke financing solutions and innovative liability management exercises. At the same time, continued legal modernisation and the use of structured processes such as CNC are supporting higher lender confidence and more predictable outcomes.
- What is the outlook for private credit and distressed investing in 2026 and beyond, and how can special situations investors continue to capitalise on market volatility?
- Is capital stress fundamentally reshaping lending markets and corporate governance approaches in Italy?
- Will alternative financing remain a niche market or should we expect increasing competition due to a larger number of players and a higher volume of transactions?
- Will securitisation structures be increasingly used for distressed and semi distressed corporate exposures, and how might international models influence their development?
- To what extent is private equity driving distressed M&A opportunities, particularly within sectors such as manufacturing and fashion?
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SpeakersGiulia Lasagni Senior Reporter Debtwire
Vanni Mario Zanchi Partner, Head of Italy Arcmont
Barbara Ellero Partner, Head of Private Debt Anthilia Capital Partners
Marco Sola Partner Giovanardi Studio Legale
Alberto Lampertico Investment Director Riello Investimenti SGR
Francesco De Gennaro Partner, Head Italian Restructuring & Special Situations Hogan Lovells Cadwalader
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Giulia Lasagni is a senior financial journalist with extensive experience covering European credit markets, M&A and the forces shaping corporate finance across the region. She previously covered European structured credit for International Financing Review (IFR), part of the London Stock Exchange Group (LSEG), reporting on key trends, transactions and developments across the region.Giulia brings particularly deep expertise in the Italian market. Before joining IFR, she spent six years at Mergermarket, reporting on major transactions and corporate situations, with a focus on M&A, private equity and shareholder activism in Italy.
Marco Sola is based in the Milan office, where he advises clients on M&A transactions and restructuring, including corporate turnarounds, special situations, and insolvency matters.
He regularly assists in transactions involving the transfer of shareholdings, business units, and real estate assets, with a particular focus on distressed and restructuring contexts. He also has significant experience in corporate law, commercial contracts, and litigation, including corporate disputes (such as claw-back actions and liability actions against directors and statutory auditors), as well as disputes in bankruptcy, banking and factoring matters.
Marco graduated with honors from the University of Genoa in 2010, receiving a recommendation for the publication of his dissertation. Shortly thereafter, he joined Giovanardi Studio Legale, where he has developed his entire professional career. He was admitted to the Milan Bar in 2013.
Francesco De Gennaro is Head of the Italian Restructuring & Special Situations practice at Hogan Lovells Cadwalader and a key player in the Italian restructuring market. With more than 20 years of experience, he focuses his practice on restructuring and special opportunities investments, ranging from transactional assistance to lenders and investors, such as special opportunities funds and hedge funds on financial and corporate restructurings, to distressed M&A and assets acquisitions, distressed real estate projects, and debt trading. Moreover, Francesco represents clients in bankruptcy-related litigation and protection of creditors' rights. In recent years, Francesco has significantly developed a substantial experience in the field of financial restructuring, assisting main operators and institutions in the field. Francesco regularly receives recognition from prominent legal directories as a notable practitioner in the area, including Chambers & Partners, and clients praised him for his ''very strong commercial awareness and extremely sophisticated technical skills".