Agenda
Registration and Coffee
Opening Remarks
Keynote opening address – Setting the scene: a macro-economic overview of the Italian restructuring market
In this keynote presentation the speaker will examine how the current geopolitical affairs impact the Italian distressed and restructuring market: where is the market going and what might the future hold?
The speaker will review the economic outlook for Italy and what this means for the credit markets, as well as analyse the current macro situation and its impact on new issuance, deals pipeline and maturities wall.
Presentation - From pandemic to war: how risk is changing for companies
Panel – Managing complex capital structures amidst market disruptions and rising production and energy costs
Panellists will share their views on how the increase of raw materials costs, supply chain issues and other macro risks are disrupting the market and adversely affecting business plans, making it challenging for companies to manage their capital structures and the additional debt raised in the past two years. How well equipped are they to weather the storms?
- How are rising inflation and interest rates impacting companies and their ability to support and service their debt piles?
- How can companies optimise their capital structures to be better equipped to face the current macro challenges?
- What is the pipeline for loan and bond issuance in Italy?
- Overview of the distress sectors in Italy: opportunities and challenges
- What tools are available for companies to overhaul their capital structures and how the legal and regulatory toolkit has changed versus previous crisis?
Networking Break
Panel – Management of impaired credits and recent developments in the NPLs market
The panel will focus on how the Italian market is tackling struggling credits, in a bid to prevent stage 1 credit to become stage 2 and de-risk stock through disposals. How to build a sensible cockpit to prevent stage 1 to stage 2 degradation and how to proactively manage stage 1 credits. The panellists will also be analysing 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. Establishing an environment conducive to NPL resolution will require the participation of NPL buyers, sellers, regulators, servicers, structuring banks, rating agencies and other key participants to continue to provide opportunities for investors for the foreseeable future.
- Stage 2 and how to prevent stage 1 credits to become stage 2
- Stage 2 to stage 3: defence lines in the pre-management of NPLs to avoid further problems
- Clarifying current guidelines: identifying red flags
- De-risking stock through disposal of management contracts: single name transaction, large portfolios
- How are banks tackling deteriorated credits and de-risking their portfolios?
- What will the volumes and trends be going forward?
Panel – Sustainable development and ESG-linked credits
The panel will focus on ESG and sustainability linked financing and how this could support the Italian industrial system in the current market context.
- Risks and opportunities of ESG-linked credits. How widespread are ESG practices in the Italian market under the point of view of a bank
- Which aspects of EU-based sustainability reporting supports (or hampers?) credit capital deployment?
- ESG margins ratchets are the chosen tool for credit investors. Is this the best way forward for responsible investments?
- Which of the ESG components – environmental, social or governance – tend to be more challenging for Italian companies to achieve their KPIs on?
- Which are the mid-term/long-term goals to be achieved by banks, companies and investors?
Networking Break
Panel – An overview: what might happen after Garanzia Italia
Our panel of experts will tackle some of the most current questions the Italian restructuring market is asking in terms of financing and support measures available for companies, considering that emergency legislation has been conceived without taking into account a restructuring after a Garanzia Italia financing.
- Where are we and what’s next? Legacy of 2-year support measures and impacts on NPE stock
- What will be the impact on companies once the support measures come to an end and what will happen with government-backed financing in the event of a refinancing or restructuring? Possible liquidity issues driven by unforeseeable macroeconomic downturn
- How to cope with SACE financing after December 2022? Ensuring a smooth transition from government-backed support measures to financing under market conditions
Panel – Italian restructuring market outlook: what does the future hold?
The panel will analyse restructuring opportunities and challenges in Italy for domestic and international investors in 2022 and beyond. Rising raw material cost, supply chain disruption, continued uncertainty from COVID-19 variants, are all making recovery challenging.
- Liability management strategies
- M&A market growth
- Governmental instruments and activities
- Innovation and regulatory developments
- Next steps: what will the aftermath of the pandemic bring in terms of distressed opportunities and challenges?
Chair's Closing Remarks
Networking Lunch
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Andrea graduated in Economics from the University of Turin and achieved an MBA from the Ecole Superieure de Commerce de Lyon. Before starting his career at Mediobanca in 1998, dealing with Corporate Finance and restructuring projects, he worked as teaching assistant at University of Turin and practiced as a chartered accountant. In 2002 joined HSBC in the M&A division, working between London and Milan, and in 2003 he was appointed Head of Corporate Finance at Capitalia.
In 2008 he became Head of Large Corporate Restructuring Italy at Unicredit, where he started and directed a team which handled a large number of deals, often introducing structure and process innovations which eventually set a standard on the market. Leaving Unicredit, Andrea founded and became CEO of Pillarstone, a KKR platform with AUM of 1 billion, specialized in large NPLs. He then was Advisor in the reorganization and sale of four banks in crisis in in the resolution process of the Bank of Italy, and led Deloitte Debt Advisory and Turnaround Services, as an equity partner.
In June 2018 Andrea joined doBank the largest NPL servicer in Southern Europe, listed on the Milan stock exchange, he was appointed head of Banking and UTP activities. Andrea is currently the CEO of doNext SpA a company of the doValue Group, the largest Group specialized in services for the management of non-performing loans in Europe and he is responsible for Group New Products Business Development .
Andrea specializes in Restructuring, Debt Advisory, M&A advisory, Business Planning and Financial Modeling, Portfolio Optimization. He has experience in Banks, Financial Services and NPL.
Before joining QuattroR, Guido was responsible for the Italian market within HIG WhiteHorse, completing transactions across credit and structured equity. He started his career in Deutsche Bank in Milan and London, where he subsequently joined Barclays and Banca IMI, covering distressed credit and structured finance transactions. He graduated from Bocconi University in Financial Markets.
Based in Milan, Michele belongs to the Business Recovery Services division of PwC since 2007. Michele has been involved in several operating and financial restructuring projects, on behalf of investors, borrowers and lenders, gaining a solid experience on both negotiation and distressed situations.
Furthermore, Michele has completed his professional skills and experiences with distressed M&A deals and assistance in NPEs (both NPLs and UTPs) transactions.
Before 2007, Michele served in Finance team of a primary Italian bank. Michele is graduated in Economics from Bocconi University in Milan.
Fabio Panzeri is General Manager Servicing & Operations and CEO of Prelios Credit Servicing.
Fabio Panzeri is General Manager Servicing & Operations, having previously been Group Chief Operating Officer, until February 2021. Before joining Prelios in 2018, he was Director of the European Portfolio Operations team at Bain Capital Credit ($40 billion of assets under management), where he set up the pan-European servicing infrastructure and operating organization and directly managed investments in NPLs/UTPs and Real Estate portfolios in Spain and Italy.
Previously, he was with the Eni group, where he held a number of managerial posts. After working as assistant to the group CEO, he was appointed CFO of Eni Trading and Shipping in London, later returning to Italy as Senior Vice President for Planning & Control and Risk Management operations at one of the group divisions (Midstream division).
Panzeri began his career in Bain & Company, first in the area of strategic consultancy projects and subsequently in corporate turnaround and financial restructuring operations as Senior Manager of the Bain Financial Advisory practice. He graduated in Business Administration from the Bocconi University in Milan and holds a Master in Business Administration from the Kellogg School of Management at Northwestern University in Chicago, USA.
Francesco De Gennaro focuses 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.
Francesco is also experienced in bankruptcy-related litigation and protection of creditors' rights. In recent years, Francesco has significantly developed his market position in the field of financial restructurings.
Laureata in Management presso l’Università Commerciale Luigi Bocconi nel 2010, inizia la sua esperienza lavorativa presso Deloitte e, successivamente, presso Accenture. Nel 2011 entra in Intesa Sanpaolo nella Divisione Corporate and Investment Banking e fino al 2015 lavora nella Direzione Large Corporate a Milano con periodi professionali all’estero (Amsterdam).
Nel 2015 diventa Relationship Manager con portafoglio clienti Large Corporate a Milano. Dal 2018 lavora nella Finanza Strutturata di Banca IMI (oggi Direzione Investment Banking & Structured Finance – Divisione IMI CIB), desk di Corporate Loan Structuring, con focus principale relativo alla strutturazione di finanziamenti per supportare le esigenze finanziarie, nonché i piani di investimento e le operazioni di M&A, delle imprese clienti.
Dal 2020 fa parte della struttura di coordinamento delle attività ESG/Green di Finanza Strutturata della Direzione Investment Banking & Structured Finance – Divisione IMI CIB.
Luciano Morello is a partner of the Finance and Projects department and heads the Debt Capital Markets team at DLA Piper Italy. Luciano has extensive experience in finance and structured finance transactions, advising major Italian and European financial institutions in structured finance and fund/equity/credit-linked transactions. In particular, he provides assistance in the setting up of pan-European issuance platforms for the offering (to both retail and institutional investors) and listing of a wide range of securities in the EU. Luciano advises his clients in relation to the the issuance of corporate bonds, and in connection to asset securitisation transactions, covered bonds issuances and energy/structured finance transactions transactions involving Italian and EU institutional counterparties. In this context, Luciano assists the clients also on any legal issue regarding debt restructuring transactions
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)
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.
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.
Carlo Bosco is Co-Head of Capital Solutions and Head of Italian Private Debt at Muzinich &Co.
Carlo has over 15 years of international experience in M&A, financing advisory and corporate restructuring at Lazard and then Greenhill in Europe and the USA, where he most recently was Co-Head of Financing Advisory and Restructuring for Europe
He manages two funds for Muzinich and has actively participated and led over 30 corporate restructurings as an investment banker, including several global companies, across a range of sectors including food, luxury goods, retail, technology, telecom, healthcare, automotive, manufacturing, professional services, etc.
Carlo was selected by Financial News as one of the top 40 “Rising Stars” in the investment banking industry in 2016
| Daniele segue il team di investimento del Fondo Salvaguardia Imprese, il fondo gestito da Invitalia per l’acquisizione di partecipazioni di minoranza nel capitale di rischio di società in difficoltà economico-finanziaria che propongono un piano di ristrutturazione credibile teso alla continuità di impresa ed alla salvaguardia dei livelli occupazionali. Il fondo è stato istituito con la legislazione di emergenza COVID (decreto-legge 19 maggio 2020, n. 34, art. 43) con una dotazione iniziale di 300 milioni di Euro ed è operativo dal mese di febbraio 2021. Ad oggi sono state approvate 14 operazioni e, tra queste, 6 sono arrivate al Closing. Sono membro del consiglio di amministrazione di Niche Fusina Rolled Products Srl, società produttrice di laminati di alluminio che ha beneficiato dell’intervento del Fondo Salvaguardia agli inizi del 2022 e che presenta un target di fatturato superiore ai 200 milioni e più di 250 dipendenti |
Giovanni sits on the executive committee of ION Analytics and is responsible for engaging with Influencers in the capital market globally and across asset classes. He organizes fireside chats and exclusive closed-door events to facilitate connectivity and knowledge among the influencers. Giovanni joined the company in 2001 where it held various roles in Italy, Germany, London including managing a global team of journalists and data analysts.
He is very experienced in both non-contentious matters (including corporate advice and contracts, project financing and general financing agreements, structured finance, servicing, debt restructuring, and compositions with creditors and domestic and cross-border M&A transactions), and contentious matters (including banking, factoring, leasing, commercial litigation, clawback actions, liability actions, regulatory issues, credit protection and enhancement (of ordinary, non-moveable and real estate assets) as well as special situations, representing our clients before ordinary courts, bankruptcy authorities and public administrative bodies).
He was admitted to the Milan Bar Association in 1985 and in 1998 he was admitted to practice before the Italian High Courts.
Carlo Alberto Giovanardi graduated with honours in Law in 1982 from the Università Statale di Milano. He was Instructor Officer at the Alpine Military School of Aosta in 1983.
In 1987 he obtained a Ph.D. in Civil Procedure Law, and from 1984 to 1992 he was a teaching assistant at the Civil Procedure Law and Insolvency Department of the Università Statale di Milano.