Debtwire Restructuring Forum Italy 2023
The must-attend event for the Italian restructuring community returns!
Palazzo Parigi, Milan
Agenda
Keynote opening address – A macro-economic analysis of the Italian market
In this keynote presentation the speaker will examine how the current geopolitical affairs – from pandemic to war, energy crisis and growing inflation – impact the Italian distressed and restructuring sector. The speaker will review the economic outlook for Italy and what this means for the credit markets: How the US and UK bank crisis may impact the Italian and EU banking market? Is a new bail in still on the agenda?
Debtwire data presentation
Sourcing Debtwire intelligence and data; the presenter will highlight some key indicators for the market.
Panel discussion – The Italian restructuring market in 2023: How to handle the new wave of defaults in a more complex marketplace
Our panel of experts will cover some of the most current questions the Italian restructuring market needs answering in terms of financing and support measures available for companies, in the context of the other macro risks disrupting the market and adversely affecting business plans and access to credit. Will things, from now on, have to adapt with restructuring becoming a trade-off between the current scenario and long-term view on value?
- What is the state of the restructuring market in Italy now?
- How can companies optimise their capital structures to be better equipped to face the current macro challenges?
- Cost of money: With interest rate rising, what is the appetite and what are the conditions now to inject new finance in this market context?
- What tools are available for companies to overhaul their capital structures and how are the legal and regulatory framework changing?
- Restructuring corporate debt assisted by the SACE guarantee: Where are we and what’s next? Legacy of 2-year support measures and impacts on NPE stock
- Is super senior financing effective in the Italian market, or is it too convoluted and lengthy (especially for international investors)?
Morning coffee break
In-Conversation – Understanding the implications of the new Codice della Crisi (Code of Corporate Crisis and Insolvency)
After a delay of almost two years – mainly caused the pandemic emergency – on July 15, 2022, the Code of Corporate Crisis and Insolvency (CCII), containing a final set of changes and important innovations, finally entered into force. Our expert speakers will help clarifying how the new Code will endeavour, through the introduction of a series of safeguards, to prevent insolvency and to allow early diagnosis of the state of difficulty of enterprises and therefore avoid an irreversible state of crisis.
Panel discussion – Recent developments in the NPLs market: Managing the exponential growth of Stage 2
The panel will focus on how the Italian market is tackling struggling credits, in view of the steep increase in Stage 2 deals that had been deemed inevitable for some time.
The focus will be also on how, in recent years, the NPL market has been subject to disruptive evolutions and systemic banks have undergone a deep review of their operating models and a strong deleverage process.
- How is the wave of defaults being perceived? Changes from 2022 and a non-performing last quarter? What will the volumes and trends be going forward?
- Focus on Stage 2 to stage 3: Defence lines in the pre-management of NPLs to avoid further problems; Il Sistema delle Imprese
- Lack of historical data: An additional difficulty in dealing with UTPs and Stage 2 versus NPLs
- How is the role of servicers changing? Will it be different for Stage 2 credits? And what is the evolution of asset managers? From UTP models to Private Equity
- Maturity wall: How to manage complex situations
Networking break
Panel discussion – PNRR investments: Current opportunities and challenges
In the aftermath of the pandemic, new issues have been growing, including, as we have seen, rising inflation and interest rates, the energy crisis, supply chain problems, which are creating new challenges for most sectors. Italian EPC are going through an intense period of uncertainty, even considering the huge opportunities represented by PNRR investments. How will it become possible for the sector to create local champions reinforcing their ability to be successful through PNRR?
- PNRR and bonding
- The market and the “Rapporto Palmalli”
- The current and relative scarcity of bonds issued by banks and insurance companies
- How to make such a market competitive?
- Distressed M&A growth
Lunch and end of conference
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Giovanni manages the global Data team of ION Analytics where he sits on the Executive Committee. ION Analytics, which was formed in 2021 from the combination of Dealogic and Acuris, is part of ION Group. Among the databases of which Giovanni is responsible for there are Dealogic, Mergermarket, Debtwire, Perfect Information and Inframation Group to name a few
In his role, Giovanni’s team is responsible for producing high-quality data that will be used by market participants to make effective decisions. Prior to this role, Giovanni managed the Global Research team of Acuris where his team was tasked to produce valuable insights using data.
Previously, Giovanni managed Mergermarket’s global team of journalists, and his responsibilities included moderating and speaking at M&A events and hiring new talent. He also regularly comments about the markets on TV and gives academic lectures. Giovanni joined Acuris in 2001 and has held a number of positions within the company, including Frankfurt Bureau Chief, Italian Correspondent, telecommunications, leisure and media reporter and research analyst based in London. Prior to this, he worked with Commerzbank in Germany. Giovanni studied a degree in Economics at the University of Brescia and is a member of Giornalista Pubblicista enrolled at the Journalist Corporation in Milan.
Vincenzo joined DEA in 2016, and he is Managing Director in the direct funds investment programs division.
In 2011 Vincenzo founded i31Faber, a consulting firm specialized in debt arranging and financial restructuring and from 2006 to 2011 he was General Manager at Nem Sgr.
Previously he had been executive in the Investment Banking and Leveraged Finance team at Intesa Sanpaolo and Auditor in KPMG.
Vincenzo graduated in 1996 in Business Administration from University Federico II of Naples.
More than 20 years’ experience in private equity investment, restructuring, investment banking and corporate finance;
Started to work in Pillarstone Europe in January 2015, part of the initial team who started up the platform and structured the initial scheme in Italy;
Previously Head of the Global Restructuring Group in Italy and Middle East at RBS, where he was responsible for a portfolio of distress assets under management in excess of Euro 4bn in different sectors and geographies managed by two teams one in Milan and one in Dubai
Gaudenzio has lead a number of very complex restructuring across Europe and in the Middle East, in a wide range of sectors and geographies, delivering successful track record of recovery and assets management;
Before that, Gaudenzio was Head of the Leveraged Finance team in Milan at RBS, investing and financing a number of LBOs;
He started his career in advisory at Deloitte Corporate Finance in London and Milan;
MBA from Warwick University, ACA qualified in Italy, Degree in Business Administration and Economics from Ca’ Foscari University.
Head of Turnaround di illimity – 35+ transazioni e circa 500€m investiti dall’avvio dell’attività (Q4 2018)
20+ anni di esperienza nel mondo restructuring/corporate finance maturata in società di consulenza e primarie banche di investimento (Alvarez & Marsal, Mediobanca, Rothschild)
Salvatore started his career in PwC in 1999 in the audit division of PwC Malta. After moving to the Deals division in Italy, he has been leading several national and cross-border M&A projects of both Italian and International Corporate Groups as well as Private Equity firms. He also spent one year in UK in the PwC offices of London and Edinburgh. After his experience in PwC, in 2013 Salvatore joined the Restructuring & Special Situations team of BNL – BNP Paribas Group as manager of UTP Portfolio Large Corporate – Rome. In 2018 Salvatore re-joined PwC as Partner of the practice Deals/Restructuring – UTP Specialist & Special Situations.
Salvatore graduated in Business Administration at the University of Palermo and he is a Chartered Accountant.
Marco Ghiringhelli is head of PwC Italy Turnaround Management and CRO Services. He brings more than 25 years of senior-level, hands-on management experience as both general and financial manager and corporate finance advisor. Marco specializes in operating and financial restructuring of troubled companies and unleashing post deal synergies. Ha has a deep and wide ranging expertise in preparing and executing successful turnaround plans across a wide range of industries, including gaming, infrastructure and construction, aviation, energy from renewable sources,retail, telecommunications, food and chemicals.
Antonio Lombardo has gained significant experience in finance law, advising leading financial institutions in corporate lending structured finance, acquisition finance and other finance and restructuring matters.
He is engaged in domestic and international M&A, distressed M&A, corporate private equity and venture capital transactions.
He is also involved in international projects such as cross-border acquisitions and financings, joint ventures and public bids.
Antonio is a member of the DLA Piper Brexit Committee, which coordinates the firm's approach to the withdrawal of the UK from the European Union.
Giovanni manages the global Data team of ION Analytics where he sits on the Executive Committee. ION Analytics, which was formed in 2021 from the combination of Dealogic and Acuris, is part of ION Group. Among the databases of which Giovanni is responsible for there are Dealogic, Mergermarket, Debtwire, Perfect Information and Inframation Group to name a few
In his role, Giovanni’s team is responsible for producing high-quality data that will be used by market participants to make effective decisions. Prior to this role, Giovanni managed the Global Research team of Acuris where his team was tasked to produce valuable insights using data.
Previously, Giovanni managed Mergermarket’s global team of journalists, and his responsibilities included moderating and speaking at M&A events and hiring new talent. He also regularly comments about the markets on TV and gives academic lectures. Giovanni joined Acuris in 2001 and has held a number of positions within the company, including Frankfurt Bureau Chief, Italian Correspondent, telecommunications, leisure and media reporter and research analyst based in London. Prior to this, he worked with Commerzbank in Germany. Giovanni studied a degree in Economics at the University of Brescia and is a member of Giornalista Pubblicista enrolled at the Journalist Corporation in Milan.