Bankruptcy agreements.
Through its operating company LIO BAI Management, Lio SSG executes bankruptcy agreements of any type, in any sector.
Capital for complex and illiquid situations
Lio SSG invests in distressed positions, insolvency proceedings and illiquid assets. Selective, structured, hands-on.
THE THESIS
Italy’s stranded capital
Italy holds one of Europe's largest stocks of distressed corporate credit, governed by one of its slowest and most intricate resolution frameworks. The consequence is a permanent inventory of stranded value: sound assets locked inside insolvent structures, receivables ageing in court, companies waiting years for a resolution that arrives too late.
Entering this market takes a different apparatus. Positions carry a legal history rather than a rating, timelines follow procedural calendars rather than quarters, and value depends on how a court is likely to rule and when.
Lio SSG is built for it: liquidity where a position is stuck, speed where a procedure has a deadline, and certainty of execution for the creditors, courts and companies on the other side of the table.
HOW WE WORK
Law plus maths
Every special situation is two documents at once: a legal file and a financial model. Lio SSG reads both. The team combines decades of experience across restructuring, insolvency procedures and complex corporate processes with a proprietary analytical platform whose algorithms support origination, underwriting and execution across a fragmented opportunity set.
Structures are tailored case by case, designed around the specific needs of creditors, shareholders and procedural counterparties, because in this market the structure is the product.
E[V] = Σ pᵢ · Vᵢ PASCAL, 1654
Expected value, invented in 1654 to price uncertain outcomes. A claim in an insolvency is several values at once, each with a probability and a timeline. The law estimates the probabilities; the mathematics prices the wait. Reading both sides of that equation is the platform's craft.
“Special situations require solutions that are precise, structured and adaptable to the complexity of each case.”
MARIO MARINI · CEO, LIO SSG
WHERE WE DEPLOY
Three doors into the market
Illiquid assets in insolvency proceedings.
Receivables, real estate and corporate litigation, including claims against large corporations and the state.
Non-performing loans.
Selective acquisition of secured and unsecured NPLs filed in the liabilities of insolvency proceedings.
INSIDE THE GROUP
Counter-cyclical by nature
SSG serves the group twice. As a feeder: insolvency proceedings surface land, credits and companies that never reach the open market, a channel that can open development opportunities for the group. As a treasury: when markets seize, the pipeline grows, and SSG is where the group's capital works in the part of the cycle the development platforms cannot reach.
Development and special situations breathe in opposite phases. Together they make the Group all-weather.
Meet the team
CEO
Mario Marini
Mario has been part of Lio since 2014. 35+ years in insolvency and corporate crisis management; Receiver and Judicial Liquidator in numerous major proceedings
Partner
Pierluigi De Luca
Pierluigi has been part of Lio since 2019. Italian corporate-crisis expert with 30+ years in insolvency and banking litigation. 100+ bankruptcy compositions structured and won in complex transactions
Director
Riccardo Pagani
Riccardo has been part of Lio since 2024. Former Distressed Portfolio Manager at Prelios, Senior Analyst in M&A & ECM at Pirola Corporate Finance. Prior to this, he had experience at BPER Banca. Graduate in Economics and Business Law from Università Cattolica del Sacro Cuore
Vice President
Matteo Formenti
Matteo has been part of Lio since 2019. Former Dottore Commercialista at Studio Chiaruttini e Associati. Prior to this, he had experience at Studio Biscozzi Nobili and Studio Russo de Rosa. Economics and Business Management cum laude graduate from LIUC – Università Cattaneo
Vice President
Vittoria Chiesi
Vittoria has been part of Lio since 2026. Former Investment Analyst at Nextalia SGR and Consultant at Long Term Partners (LTP) / OC&C. Prior to this, she had experience at KPMG and Deloitte. Economics and Finance graduate from Luiss Guido Carli University
Legal Counsel
Vanessa Nanni
Vanessa has been part of Lio since 2018. Vanessa is a lawyer with many years of experience in bankruptcy law, national and international tax law, corporate and commercial law, and intellectual property law