An interview with Franco Carlo Papa (Chairman of PGS Consulenti) in which he underlines that the arrangement with creditors is still the most used tool, even if larger companies tend to prefer recovery plans under Article 67 of the Bankruptcy Act, given the absence of public disclosure requirements. The greater need for debt reduction could see a rise in the number of debt restructuring agreements under Article 182-bis of the same act. To date the improved the economic environment has not been reflected in restructuring processes, although its effects might be felt in a few years’ time.