The purpose of this work is to provide a comprehensive overview of turnaround financing in Italy, meaning operations regarding distressed or troubled companies, carried out by professional private equity investors. A significant change within the sector was expected in Italy due to both internal and external factors, a more developed private equity market and the reform of the bankruptcy law in primis. The wider range of solutions offered by the new set of laws, in fact, aimed at easing the successful restructuring of distressed companies. However empirical data highlight only a modest increase of the overall investments despite a growing interest toward the topic. Sector data show that investments in restructuring are increasing but are always less then 5% of the Italian private equity market. Furthermore there is evidence that a few private equity funds have based their activity on restructuring operations and are now able to cover deals of any size. The new legislative framework will probably cause significant, long-term effects; nonetheless, some delicate issues causing the slow development of the Italian market for distressed securities still remain unresolved.

Turnaround financing in italy

DANOVI, Alessandro
2010-01-01

Abstract

The purpose of this work is to provide a comprehensive overview of turnaround financing in Italy, meaning operations regarding distressed or troubled companies, carried out by professional private equity investors. A significant change within the sector was expected in Italy due to both internal and external factors, a more developed private equity market and the reform of the bankruptcy law in primis. The wider range of solutions offered by the new set of laws, in fact, aimed at easing the successful restructuring of distressed companies. However empirical data highlight only a modest increase of the overall investments despite a growing interest toward the topic. Sector data show that investments in restructuring are increasing but are always less then 5% of the Italian private equity market. Furthermore there is evidence that a few private equity funds have based their activity on restructuring operations and are now able to cover deals of any size. The new legislative framework will probably cause significant, long-term effects; nonetheless, some delicate issues causing the slow development of the Italian market for distressed securities still remain unresolved.
book chapter - capitolo di libro
2010
Danovi, Alessandro
File allegato/i alla scheda:
Non ci sono file allegati a questa scheda.
Pubblicazioni consigliate

Aisberg ©2008 Servizi bibliotecari, Università degli studi di Bergamo | Terms of use/Condizioni di utilizzo

Utilizza questo identificativo per citare o creare un link a questo documento: https://hdl.handle.net/10446/23983
Citazioni
  • Scopus ND
  • ???jsp.display-item.citation.isi??? ND
social impact