Throughout the COVID-19 pandemic, opportunities for distressed-debt investors continued to appear in the European market despite high numbers of state-backed loans and financial injections from EU member states. Such opportunities are set to increase significantly as this financial assistance is gradually withdrawn, and especially in light of the EU Directive 1023/2019 on Preventive Restructuring (the ‘Restructuring Directive’), which gives a more central role to distressed creditors who will benefit from more flexible pre-insolvency instruments with a broader scope.

This second edition, co-published with TMA Europe, provides an overview of the European distressed-debt market and covers, among other topics:

- non-performing loans;
- direct lending; and
- restructuring and workouts.

It explores these subjects from a pan-European viewpoint and includes a comprehensive analysis of how the Restructuring Directive has been implemented. Chapters have been written by leading experts in the field, supported by consulting editors Ignacio Buil Aldana and Patricia Alvarez Alonso, partners in the restructuring, insolvency and special situations team at the London office of Spanish law firm Cuatrecasas.

Whether you are a lawyer in private practice or in-house, a financial adviser or an investor, this practical guide will provide you with invaluable insight and a better understanding of the commercial and legal complexities involved in the European distressed-debt market.

Patricia Álvarez Alonso
Partner, Cuatrecasas
[email protected]
https://www.linkedin.com/in/patricia-alvarez-alonso-6296a433/

Patricia Álvarez Alonso specialises in national and international finance transactions (acquisition financing, corporate loans and project finance), advising creditors, including financial institutions, funds and direct lending funds, as well as sponsors and borrowers.
In recent years, she has participated in some of the most important restructuring transactions in the market, advising both creditors and companies, enabling her to gain extensive knowledge of the restructuring and insolvency mechanisms most extensively used in the Spanish and international markets. She is the author of several legal articles on her specialty areas and lectures regularly at universities such as Universidad Pontificia de Comillas (ICADE) and Universidad Autónoma de Madrid, giving classes on matters relating to financing and guarantees, and pre-insolvency refinancing proceedings. Patricia is a recommended lawyer by Legal 500, the Global Restructuring Review and Leaders League for the Restructuring and Insolvency practice.

Elisabeth Baltay
Partner, Proskauer
[email protected]
https://www.linkedin.com/in/elisabeth-baltay-9b34361b/

Elisabeth Baltay is a partner in the European restructuring group of Proskauer in London. Elisabeth represents clients in complex multi jurisdictional financing and alternative capital financing, restructurings, real estate and asset financing, public-to-private financing, project finance and secured syndicated corporate lending. Advising a broad range of asset management clients, her primary focus is on advising distressed and private credit funds. In addition, she represents financial institutions and corporates in connection with their restructuring activities and advises clients in the real estate acquisition space. Legal Business has recognised Elisabeth as a “Significant Player” for leading female finance experts in London.

Giulia Battaglia
Partner, Chiomenti
[email protected]
https://www.linkedin.com/in/giulia-battaglia-983118b/

Giulia Battaglia joined Chiomenti in 1992 and became partner in 2003. In 1994, she was a visiting lawyer at Slaughter and May in London. She has been a member of Chiomenti’s strategic committee since 2021. Giulia has over 30 years’ experience in this industry and specialises in structuring complex transactions. She advises debtors, banks and Italian and international investors on real estate financing, acquisitions, project finance and securitisation, factoring, debt restructuring transactions, bankruptcy law, insolvency proceedings and distressed asset purchase transactions. She has significant experience in debt restructuring in the shipbuilding and healthcare industries. Giulia’s practice also includes infrastructure and procurement with a particular focus on the energy sector.
Giulia has been ranked as a leading lawyer in prominent international legal guides (Chambers, IFLR 1000 and Legal 500). She was recognised as one of the 50 most inspiring women in the legal sector in Italy at the Legalcommunity Inspiralaw Awards 2023 and she received the Legalcommunity Finance “Italian Private Debt/ minibond Lawyer of the Year” Award 2018; the Legalcommunity Finance “Lawyer of the Year in Banking” Award 2017; and the Legalcommunity Finance “Lawyer of the Year in Finance Restructuring” Award 2016. She graduated in economics (in 1991) and law (in 1999) from Sapienza University of Rome, and in executive education and leadership in law firms from Harvard University in 2019.

Elizabeth Bilbao
Partner, Mandel, Katz & Brosnan LLP
[email protected]
https://www.linkedin.com/in/elizabeth-bilbao-71972536/

Elizabeth Bilbao has been a partner of Mandel Katz and Brosnan LLP since 2009. Her practice focuses on the structured dispositions of non-performing loans and portfolio dispositions of other distressed assets, private equity investments, the purchase and sale of distressed assets and insolvency claims in emerging and established markets in North America, Asia, Europe, Latin America, Australia and Africa. Elizabeth has been actively involved in the loan trading market since 2003 and has had extensive experience of various types of high-yield transactions throughout the world, including the purchase and sale of distressed and par loans, trade claims and loan restructurings. In addition, Elizabeth provides analysis and advice to clients concerning bank credit agreements, security documents and other finance documents.
Elizabeth is a qualified solicitor in England and Wales and a qualified lawyer in Spain and Venezuela. She is a visiting professor at the University of Navarra in Pamplona (Spain), where she lectures on legal aspects of international finance as part of the business law programme.

Jérémie Bismuth
Counsel, Gide Loyrette Nouel
[email protected]
https://www.linkedin.com/in/j%C3%A9r%C3%A9mie-bismuth-86a64610/

Jérémie Bismuth is a counsel in Gide’s structured finance team, part of its banking and finance practice group. He joined Gide’s London office in July 2012 and is qualified as both an English solicitor and a French avocat.
He advises both arrangers and originators on various domestic and cross-border securitisation operations. Jérémie regularly works on a number of structured finance and securitisation transactions in northern, sub-Saharan and western Africa (Côte d’Ivoire and Senegal). Jérémie advised Europcar Mobility Group on the restructuring of its financial indebtedness in 2021 and works regularly with lenders in the context of distressed financing.
Jérémie holds a master’s degree in banking and finance law from Paris II Panthéon-Assas University. He practised in Paris between 2010 and 2012.

Ignacio Buil Aldana
Partner, Cuatrecasas
[email protected]
https://www.linkedin.com/in/ignacio-buil-aldana-23b53432/

Ignacio Buil Aldana is a partner at Cuatrecasas, head of the London office and a member of the finance practice. He is qualified to practice in Madrid and New York.
He has extensive experience in financing and debt-restructuring transactions (in and out of court) and in negotiating financing and refinancing agreements involving a wide range of capital structures, including refinancing LBOs, as well as in project, real estate and corporate finance.
Ignacio represents borrowers and lenders and advises financial institutions, hedge funds and private equity funds on financing and refinancing transactions and distressed investment strategies (including loan-to-own and direct lending). He has also participated in several national and multi-jurisdictional financing transactions and acquisition of non-performing loan portfolios.
He has also worked as an associate in the New York office of a leading US law firm, where he represented several debtors and creditors in chapter 11 reorganisations, including advising on 363 sales and debtor-in-possession financings.
Ignacio is recommended by Chambers Global, Chambers Europe, Global Restructuring Review, Legal 500, Best Lawyers and IFLR in the Investment Funds, Banking and Finance, and Restructuring and Insolvency categories.

David Burke
Of counsel, Maples Group
[email protected]
https://www.linkedin.com/in/taxcounseldublin/

David Burke is a highly experienced tax specialist and advises on a broad range of international transactions that are structured in and through Ireland. In particular, he is a trusted adviser to private equity firms with significant investment platforms in Ireland and has deep expertise in all aspects of the taxation and structuring of these platforms.

Javier Calle
Senior associate, Cuatrecasas
[email protected]
https://www.linkedin.com/in/javier-calle-besc%C3%B3s-86b21133/

Javier Calle advises resident and non-resident companies in Spain on corporate taxation. He has extensive experience in advising on tax in relation to large-scale transactions involving debt. In particular, he advises on tax matters related to financing (business financing, project financing and leveraged transactions) through loans and other debt instruments, refinancing issues, securitisation, debt restructuring and purchases of distressed loan and real estate owned (REO) portfolios, as well as on the implementation of investment structures in Spain. He also regularly advises large companies and investors in the finance and real estate sectors on direct and indirect taxation.
He is a member of the Madrid Bar Association.
He lectures on master programmes in law at IE Law School, the Universidad Carlos III de Madrid and the Universidad de Navarra.

Giorgio Cappelli
Partner, Chiomenti
[email protected]
https://www.linkedin.com/in/giorgio-cappelli-60352a/

Giorgio Cappelli is a partner in the finance and regulated entities department of Chiomenti. He graduated in law from the University of Rome, La Sapienza in 1986 and obtained an LLM from Northwestern University Law School, Chicago (as a Fulbright scholar) in 1989. He was admitted to the Rome Bar in November 1994.
Giorgio joined Chiomenti in January 1995 and became a partner in 1999. He previously worked for Banca di Roma in the international finance department. Giorgio mainly provides assistance to Italian and foreign clients in finance (acquisition and leveraged finance, real estate financing, structured finance, securitisations, covered bonds) and real estate (real estate asset management, real estate funds, real estate securitisations).

Beatriz Causapé
Partner, Cuatrecasas
[email protected]
https://www.linkedin.com/in/beatrizcausape/

Beatriz Causapé is an expert in corporate acquisition financing, syndicated and bilateral loans, real estate financing, securitisation, project and infrastructure financing, structured financing and guarantees. She currently focuses her practice on the secondary loan trading markets, regularly advising investment banks, broker-dealers and other financial institutions, including hedge funds, on investment and trading of syndicated loans, credit rights and other high-yield investment products in the secondary market. She also advises clients on loan-to-own strategies and investments in non-performing loan portfolios and on complex debt restructuring in the pre-insolvency stage. In 2004, she gained experience in stock and financial markets while working at Eurosafei, SV, SA (later Inversis Banco and currently AndBank, SA), a reputed wealth management and investment firm.
Beatriz lectures at the School of Law at Universidad de Navarra and is an active member of the Barcelona Bar Association. She is recommended by IFLR, IFLR 1000’s Women Leaders, Legal 500 and Best Lawyers in Banking & Finance, Project Finance and Capital Markets.

Gregorio Consoli
Partner, Chiomenti
[email protected]
https://www.linkedin.com/in/gregorio-consoli-5214208/

Gregorio Consoli joined Chiomenti in 2002 and became a partner in 2013. He assists Italian and international clients in extraordinary transactions with a particular focus on transactions involving financial entities and regulated sectors. Gregorio also advises banks, funds and asset managers on regulatory issues concerning the structuring and execution of financial transactions. As the legal expert for Italy, he is a member of the European Covered Bond Council taskforce, which supports the European Banking Authority in prudential supervision.
He has been ranked as a leading lawyer in prominent international legal guides such as Chambers, IFLR 1000 and Legal 500. He was awarded “Lawyer of the Year – Non-Performing Loans” at the Legalcommunity Finance Awards 2020, “Lawyer of the Year” at the Legalcommunity Finance Awards 2019, “Lawyer of the Year – Banks” at the TopLegal Industry Awards 2018 and “Italian Lawyer of the Year – Non-Performing Loans” at the Legalcommunity Finance Awards 2017.
A graduate in law with a PhD in business law, Gregorio has been a member of the Rome Bar since 2004.

Mark Fine
Partner, McDermott Will & Emery UK LLP
[email protected]
https://www.linkedin.com/in/mark-fine-626369135/

Mark Fine is a partner in the London finance, special situations and restructuring group at McDermott Will & Emery UK LLP, where he focuses his practice on complex debt financing transactions for private equity houses, borrowers, corporates and lenders including direct lending, leveraged buyouts, domestic and cross-border syndicated lending, junior debt issuances, high-yield offerings, special situations, distressed debt trading, portfolio acquisitions and restructurings. Mark has previously held the position of European general counsel at Bain Capital Credit in London.

Jean-Gabriel Flandrois
Partner, Gide Loyrette Nouel
[email protected]
https://www.linkedin.com/in/jean-gabriel-flandrois-6b25b87b/

Jean-Gabriel Flandrois is a partner in Gide’s M&A/corporate practice group. He is also in charge of the firm’s restructuring/distressed M&A practice group. He regularly coordinates cross-border operations in Europe and the Middle East and North Africa region, and has gained extensive experience in the acquisition and restructuring of banks and other financial institutions. In France, Jean-Gabriel regularly advises on private equity transactions and is involved in transactions in the fintech sector.
He recently advised La Mutuelle des Etudiants and Stentys on their safeguard procedures, and the French entities of group Fintyre on their European cross-border restructuring operations.
He has also advised Virgin France on the sale of its international activities; Investindustrial on the acquisition of Selective Beauty as part of a global financial restructuring; and DFDS Seaways on the sale by Eurotunnel of its shipping assets and on the crisis resolution protocol entered into with MyFerryLink/SCOP SeaFrance.

William Fogarty
Partner, Maples Group
[email protected]
https://www.linkedin.com/in/taxpartnerireland/

William Fogarty is a partner of Maples and Calder’s tax team in the Maples Group’s Dublin office. He advises international financial institutions on Irish investment, financing and property transactions. He is very active in relation to Irish real estate and debt structuring. William also advises private equity firms on executive remuneration, carried interest structuring and value-added tax planning.

Maurizio Fresca
Counsel, Chiomenti
[email protected]
https://www.linkedin.com/in/maurizio-fresca-47853a99/

Maurizio Fresca is a counsel within Chiomenti’s tax department with extensive experience in the taxation of financial products and complex financing transactions. He specialises in providing tax assistance to companies, banks, financial institutions and investment funds in structured finance transactions, securitisation of performing and distressed assets and lending transactions. He also advises on the tax aspects of domestic and cross-border mergers and acquisitions.

Alex Griffith
Partner, Proskauer
[email protected]
https://www.linkedin.com/in/alexander-griffith-3849482/

Alex Griffith is a partner in the corporate department and a member of the private credit and finance groups of Proskauer in London. Alex’s practice focuses on leveraged finance and general debt finance work, advising senior, mezzanine, second lien, unitranche and other private capital providers. His extensive experience covers a wide range of transactions, including corporate refinancings, management buy-outs and buy-ins, recapitalisations, institutional acquisitions, restructurings, public-to-private takeovers (both domestic and international) and other innovative, first-in-kind transactions involving private sources of capital.
He has been recognised by the main legal guides including Legal 500, Chambers UK and IFLR 1000.

Nadia Haddad
Counsel, Gide Loyrette Nouel
[email protected]
https://www.linkedin.com/in/nadia-haddad-bb944991/

Nadia Haddad is a counsel in Gide’s M&A/corporate practice group. Her main areas of expertise are insolvency procedures and debt restructuring. She acts on both settlement (ad hoc mandates and conciliation) and insolvency procedures (safeguard, receivership and judicial winding-up procedures), advising all types of players (debtors, creditors, buyers, shareholders), as well as on related disputes.
She is a founding member of the Association des Jeunes Professionnels du Restructuring (the French society for young professionals active in the restructuring field). Nadia is also a member of the Association pour le Retournement des Entreprises.

Daniel Hiemer
Partner, Kirkland & Ellis International LLP
[email protected]
https://www.linkedin.com/in/daniel-hiemer/

Daniel Hiemer is a tax partner in the Munich office of Kirkland & Ellis International LLP. He advises on all aspects of national and international tax law, as well as on tax audit disputes and tax litigation.
In particular, Daniel has advised on the acquisition of the elevator division of thyssenkrupp by a consortium led by Advent, Cinven and RAG-Stiftung; L Catterton’s acquisition of a majority stake in BIRKENSTOCK; and Brookfield’s public takeover offer for alstria office REIT-AG.
Daniel is qualified as a German attorney-at-law and a German tax adviser. Prior to joining Kirkland, Daniel held several senior positions in the Bavarian tax administration, representing the Bavarian tax administration before tax courts and the Federal Tax Court, among other things.

Alexander MH Längsfeld
Partner, Kirkland & Ellis International LLP
[email protected]
https://www.linkedin.com/in/alexander-l%C3%A4ngsfeld/

Alexander MH Längsfeld is a finance partner in the Munich office of Kirkland & Ellis International LLP.
He advises German and international clients on national and cross-border acquisition finance transactions and other general finance and restructuring matters. Alexander has varied experience in banking, securitisation and structured finance, as well as in capital markets law.
In particular, he has advised on the acquisition of the elevator division of thyssenkrupp by a consortium led by Advent, Cinven and RAG-Stiftung; L Catterton’s acquisition of a majority stake in BIRKENSTOCK; and Oakley’s partial sale of its stake in Wishcard Technologies Group.
Alexander holds several law degrees, is admitted in Germany and is qualified as a business administrator. He was seconded to Kirkland’s London debt finance team in 2017/2018.

François Lépany
Associate, Gide Loyrette Nouel
[email protected]
https://www.linkedin.com/in/fran%C3%A7ois-l%C3%A9pany-76819468/

François Lépany is an associate in Gide’s M&A/ corporate practice group and specialises in restructuring and insolvency matters. He is a graduate of Paris I – Panthéon-Sorbonne University.

María Lérida
Senior associate, Cuatrecasas
[email protected]
https://www.linkedin.com/in/maria-lerida-garcia-6b978648/


María Lérida is a senior associate in the finance and restructuring practice at Cuatrecasas. She has extensive experience advising financial institutions, direct lenders, sponsors and debtors on real estate financing, infrastructure and corporate financing deals.
In recent years, María has also played a lead role advising on special situations and distressed debt transactions, including the sale and purchase of distressed assets, as well as advising the full spectrum of stakeholders on debt restructurings of some relevant Spanish companies.
She is a member of the Barcelona Bar Association and has worked at leading law firms in Spain.

Sacha Lürken
Partner, Kirkland & Ellis International LLP
[email protected]
https://www.linkedin.com/in/sluerken/

Sacha Lürken is a partner in the restructuring practice group of Kirkland & Ellis in Munich. He holds a law degree from the Ludwig-Maximilians-Universität München and qualified as a lawyer in 2002.
Sacha advises financial investors and corporates on domestic and cross-border investments and divestments in all instruments of the capital structure, distressed M&A and corporate and financial restructurings.
Sacha has been a lead or co-lead partner in some of the most prominent German restructurings – most recently Wirecard AG, Hertz Europe, BARTEC, Steinhoff and SolarWorld.

Andrea Martino
Counsel, Chiomenti
[email protected]
https://www.linkedin.com/in/andrea-martino-662018245/

Andrea Martino is a counsel in the finance and regulated entities department of Chiomenti with extensive experience in complex financing transactions. He holds a degree in corporate law, has specialised in corporate and structured finance for a number of years and is admitted to the Italian Bar.
In particular, Andrea has been involved in a variety of important domestic and cross-border transactions concerning acquisitions, corporate and real estate financings, including asset deals relating to major Italian corporations.

Francisco Marzá Tornel
Senior associate, Cuatrecasas
[email protected]
https://www.linkedin.com/in/francisco-marz%C3%A1-tornel-048b5b157/

Francisco Marzá Tornel is a senior associate in the restructuring practice group of Cuatrecasas based in London. He has previously worked in the Madrid and Barcelona offices of the same firm. He has extensive experience in national and international debt restructuring transactions, direct lending and distressed situations representing investment funds, financial institutions and debtors. In recent years, he has participated in a variety of transactions advising strategic investors on their direct lending investments in Spain as well as creditors across the credit spectrum on their refinancing strategies.

Fernando Mínguez Hernández
Partner, Cuatrecasas
[email protected]
https://www.linkedin.com/in/fernandominguez/

Fernando Mínguez Hernández is a corporate M&A partner at Cuatrecasas and a renowned expert on financial institutions, particularly the regulation of national and international credit institutions. He advises banks and financial institutions on corporate and institutional matters related to their specific administrative regime and on markedly sectoral transactions in which financial regulation plays a significant role.
Prior to joining Cuatrecasas he was a credit and savings institutions inspector at the Bank of Spain. He is also admitted as a solicitor in England and Wales. He has been an adviser to the International Monetary Fund and the European Bank of Reconstruction and Development, among other institutions.
Fernando speaks regularly on business, banking and financial matters at different forums and writes in the financial press. He often publishes law review articles on his areas of specialty. He is recommended by Chambers Europe, Legal 500, Leaders League and Best Lawyers in Banking & Finance, Insurance and Corporate & M&A.

Alessandro Pappadà
Associate, Chiomenti
[email protected]
https://www.linkedin.com/in/cpapappada/

Alessandro Pappadà is an associate in the finance and regulated entities department (financial regulation practice) of Chiomenti. He holds degrees in law and is admitted to the Italian Bar.
He mainly provides assistance to Italian and foreign clients in M&A transactions involving relevant industry-specific regulatory provisions (reorganisation of financial/insurance sector groups and conglomerates), real estate investment through regulated entities and supervisory procedures/penalties in the various areas of regulated finance and money laundering.

Andrea Perelló
Counsel, Cuatrecasas
[email protected]
https://www.linkedin.com/in/andrea-perell%C3%B3-schumann-b18a46b0/

Andrea Perelló has advised on several bankruptcy proceedings, including some of the most relevant cases in Spain, defending the interests of both debtors and creditors. She has also represented investors’ interests in the sales of business units within the framework of insolvency proceedings. Andrea has extensive expertise in debt refinancing transactions (both in and out of court) and corporate restructuring agreements.
She is a member of the Cuatrecasas German desk and of the Barcelona Bar Association, and lectures at the Universitat Pompeu Fabra (Barcelona).

Rebeca Rodríguez
Partner, Cuatrecasas
[email protected]
https://www.linkedin.com/in/rebeca-rodr%C3%ADguez-mart%C3%ADnez-22862a29/

Rebeca Rodríguez is an expert in insurance company taxation and in social welfare, as well as in tax planning for all kinds of restructuring transactions, financing, issues and financial agreements and transactions.
She is an expert in securitisation, having participated in many debt instrument issues and derivative transactions, and has advised on many corporate and high-yield bond issues. She advises on tax matters in relation to syndicated and bilateral loans (business financing, project financing, leasing, leveraged transactions and structured acquisitions). In recent years, she has advised on bad debt acquisitions and transactions with secured NPLs, involving shares, corporate loan portfolios and REOs, as well as on secured debt restructuring transactions. Rebeca is a member of the Madrid Bar Association. She lectures on the master’s in tax consultancy course at IE Business School and speaks regularly at conferences and talks.

Iñigo Rubio Lasarte
Partner, Cuatrecasas
[email protected]
https://www.linkedin.com/in/i%C3%B1igo-rubio-lasarte-0831757/

Iñigo Rubio Lasarte is a partner in the finance group in the Madrid office. Iñigo holds a degree in law and an LLM in banking and financial law, and has specialised in real estate, project and infrastructure (public-private partnerships and private finance initiative) financing, whether simple, syndicated or structured (sale-and-leaseback and off-balance-sheet transactions), practising for over 20 years.
Iñigo has expertise in debt restructuring, having participated in several of the most important and complex refinancing processes in recent years. Additionally, he has played a significant role advising foreign funds on their investments in Spain – more specifically on non-strategic assets of financial institutions, such as non-performing loans and asset management platforms.
He was managing partner of the Cuatrecasas London office from 2010 to 2013 and has been recognised by various legal directories such as Chambers, IFLR 1000 and Best Lawyers in Spain.

Luisa Federica Scialpi
Managing associate, Chiomenti
[email protected]
https://www.linkedin.com/in/federica-scialpi-5117b324/

Luisa Federica Scialpi joined the firm in 2010 and became managing associate in 2022.
Federica regularly assists Italian and international clients in structuring and executing financial transactions with a focus on structured finance, securitisation, asset finance, non-performing assets and debt capital markets. She won the “Rising Star Lawyer of the Year” award the IFLR Awards 2019.

Adriana Serra
Associate, Cuatrecasas
[email protected]
https://www.linkedin.com/in/adriana-serra-tojo-11186b7b/

Adriana Serra advises national and international debtors and creditors on financial restructuring transactions, corporate finance transactions, and national and international acquisitions (using the LMA financing method). She also advises large Spanish real estate companies on transactions to restructure and refinance financial debt, including in matters relating to Spanish insolvency law. In recent years, she has participated in and advised on transactions for buying and selling distressed debt, performing debt and collateral real estate assets, including the structuring strategy and the preparation and negotiation of documents for purchase and sale or, in certain cases, sub-participating debt single names and portfolios.
Adriana completed a secondment in the corporate transactions legal department of Banco de Sabadell, participating in disinvestment transactions of NPL portfolios and real estate assets. While working at Cuatrecasas’ New York office, she advised financial institutions and capital risk and investment funds on multi-jurisdictional financing and refinancing transactions, and distressed investment strategies.

Rafael Serrano
Associate, Proskauer
[email protected]
https://www.proskauer.com/professionals/rafael-serrano

Rafael Serrano is an associate in the corporate department and a member of the private credit and finance groups of Proskauer in London. Rafael concentrates on leveraged and acquisition finance, as well as general banking. He represents a variety of clients – including alternative lenders, private credit funds, private equity sponsors and corporates – on middle market and top-tier sponsored large-cap TLB, unitranche/ssRCF financings, second-lien financings, mezzanine financings, first out/last out structures, ARR financings, holdco payment in kind, co-investments and other subordinated financings. His experience covers a wide range of transactions, including acquisition and leveraged finance facilities, corporate facilities, restructurings and refinancings in both the middle market and large-cap space.

Daniel Stathis
Associate, Kirkland & Ellis International LLP
[email protected]

Daniel Stathis is an associate in Kirkland’s European restructuring group. In his practice over the last six years, Dan has advised debtors, creditors, strategic investors and insolvency practitioners on domestic and international financial and operations restructurings, insolvencies and special situations. Dan has worked in both London and Sydney on multi-jurisdictional and high-profile restructurings (both in and out of court). Notably, Dan has worked on the English restructuring plans of Pizza Express, National Car Parks and Smile Telecoms; the scheme of arrangement of the Selecta group; the company voluntary arrangement (CVA) of the Ann Summers group; and the recapitalisation of the Hilding Anders group. He is also currently working on the Spanish restructuring plan of the Celsa Group.

Kate Stephenson
Partner, Kirkland & Ellis International LLP
[email protected]

Kate Stephenson is a partner in Kirkland’s European restructuring group. Kate has extensive restructuring and insolvency experience, including advising strategic investors, insolvency practitioners, turnaround managers, directors, debtors and creditors on all forms of national and international financial restructurings and insolvencies. Kate leads the European restructuring group’s technical business development initiatives and supports the team in problem solving on their market-leading deals. This includes advising on a variety of restructuring plans, schemes of arrangement, CVAs, administrations, enforcements (including by way of appropriation) and crossborder recognition.

Antonio Tavella
Partner, Chiomenti
[email protected]

Antonio Tavella joined Chiomenti in 2004 and became a partner in 2013. Antonio advises Italian and international clients on corporate finance transactions, the purchase of receivables, debt restructuring transactions, bankruptcy law and insolvency proceedings, the acquisition of distressed assets, acquisition finance transactions, real estate and asset finance, and inventory finance. Within his practice, Antonio has gathered experience on corporate law, mergers and acquisitions, private equity, joint ventures, commercial contracts, corporate governance, capital increases and the issuance of structured finance instruments.
Antonio has been ranked as a leading lawyer in prominent international legal guides (Chambers, IFLR 1000, Legal 500). He graduated in law from the University of Parma, Italy in 2000.

Antoine Texier
Associate, Gide Loyrette Nouel
[email protected]

Attorney-at-law Antoine Texier specialises in insolvency proceedings. He is a graduate of the EM Lyon Business School (MSc) and the University Lyon III (master’s in the administration and liquidation of insolvent companies). He has completed numerous internships in the restructuring departments of French and Anglo- Saxon law firms.
He acts in both amicable and judicial proceedings for creditors, debtors, managers and affected third parties.

Fedra Valencia
Partner, Cuatrecasas
[email protected]

Fedra Valencia has participated in many insolvency proceedings, including some of the most relevant in Spain, defending debtors’ and creditors’ interests. She also handles debt refinancing in and out of court and corporate restructuring agreements, achieving beneficial arrangements for her clients with their creditors.
She is an expert on directors’ liability. She advises and represents companies in many sectors – including real estate, industrial, air transport, automotive, construction and energy – as well as many financial institutions. She lectures on insolvency law on the master’s for admission to the practice of law at ICADE, (Universidad Pontificia de Comillas (Madrid)) and on the specialist courses on insolvency law and corporate restructuring at Universidad Complutense de Madrid and at Universidad de Loyola (Sevilla). She speaks regularly at conferences and forums on her specialty.

Matteo Venuta
Associate, Chiomenti
[email protected]

Matteo Venuta is an associate in the finance and regulated entities department of Chiomenti. He graduated in law from the University of Rome, La Sapienza, in 2019; obtained a master’s (Droit des Affaires) from Université Paris 2 Panthéon-Assas in 2018; and in 2019 was awarded an LLM in international financial law by King’s College, London.
Matteo mainly assists Italian and foreign clients in finance (acquisition and leveraged finance, real estate financing, structured finance, securitisations) and real estate (real estate asset management, real estate funds).

Akim Zellami
Trainee lawyer, Gide Loyrette Nouel
[email protected]

A trainee lawyer who is currently at the Paris Bar School, Akim Zellami has a master’s in banking and financial law from the University Paris 1 Panthéon-Sorbonne. He has completed numerous internships in the banking and finance department of French and Anglo-Saxon law firms.