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Clifford Chance

Clifford Chance
Delphine Caramalli

Delphine Caramalli


Delphine Caramalli

Delphine Caramalli is specialised in financial restructuring, insolvency proceedings and mergers and acquisitions related to reorganisation and reversal operations. She works alongside domestic and international investors, private equity funds, hedge funds and other lenders. She also advises shareholders or buyers in their restructuring or external growth operations.

Delphine is the Africa Practice Leader for Restructuring.

  • A group of TSSDI noteholders (€bn 1.35 perpetual subordinated notes) on the debt restructuring of Casino, Guichard-Perrachon which also contemplates the reorganisation of the capital structure and the investment of Fimalac, Daniel Kretinsky and Attestor Limited.
  • A group of lessors, together owning approximately 90 aircrafts and/or aircraft engines in Lion Air’s fleet, regarding receivership proceedings initiated before the French courts relating to the French subsidiaries of Indonesian airline group Lion Air.
  • Andera Partners in the reorganisation and sale of French automotive supplier, Walor Industrie, to Mutares.
  • Getir Group, the online grocery delivery platform founded by Nazım Salur, in the reorganisation of the group’s French operations.
  • Several foreign banks, including an ad hoc committee of foreign Schuldschein lenders in the financial restructuring of Orpea
  • Atream, a member of the consortium with Fidera and Alcentra, in the acquisition of Pierre & Vacances - Center Parcs Group
  • ING, as major lender, in connection with the sale of Gefco SA to CMA CGM
  • Fortress in the acquisition of Maranatha (5th largest French hotel group) within the acquisition of the real estate portfolio of Colony Capital
  • More than 15 aircraft lessors as creditors in the context of the bankruptcy proceedings of Lion Air in France (i.e., more than 100 aircrafts)
  • Carrefour in the Court-monitored process for the sale of Bio c' Bon
  • Macnica, as member of a consortium with Gaussin, in the Court-monitored process for the sale of Navya through a joint-venture
  • A PropCo (borrower) and its sponsors (guarantors) in the confidential rescheduling of the M€400 syndicated facility relating to the acquisition of the underlying real estate asset located at La Défense
  • A PropCo (borrower) and its sponsors (guarantors) in the confidential rescheduling of the M€84 acquisition debt for the underlying real estate asset located at La Défense
  • Deutsche Bank in the multibillion Euro debt restructuring of a major group operating in the offshore oil and gas sector
  • A pool of international financial institutions in the judicial rehabilitation of CNIM Group
  • Barclays and Centerbridge as second lien lenders within the €1.3 bn debt restructuring of Camaïeu group
  • A bidder in the Court-monitored process for the sale of the Anvi group (plastic industry)
  • Vivarte and Caroll in the sale of Caroll to Beaumanoir
  • The Ligue Professionnelle de Football (LFP) in its negotiations with Mediapro for the distribution of French football Championship TV rights
  • The subsidiaries of Alès Groupe (cosmetics and hair care industry) in the Court-monitored process for their sale to Impala
  • ArcelorMittal as bidder in the Court-monitored process for the sale of Liberty Steel plants in Ascoval and Hayange (steel)
  • Ascometal to organise its operational restructuring and the sale of its assets to Schmolz Bickenbach
  • Mezzanine lenders in the M€350 debt restructuring of Ludendo/La Grande Récré
  • Coordinating committee (Cocom) within the debt restructuring of Parkeon
  • Davidson Kempner in the court-monitored process for the sale of assets of Ascometal
  • Antarctica in the acquisition of a French subsidiary of UrtheCast and the approval of its rehabilitation plan
  • Gifi in Court-monitored process for the sale of Tati
  • The management of Groupe Moniteur in the discussions with its creditors and shareholders within its M€400 debt restructuring
  • Kering for the reorganisation of its assets, including the sale of La Redoute, Relais Colis and Diams

News and client work

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Contact details

Career and qualifications

  • Aix University, (MA, Criminal Law) 1996
  • Panthéon-Sorbonne University, Paris (Ph.D, Corporate Law) 2000
  • Admitted as an avocat in Paris 2001
  • Fried Frank, Paris, 2001
  • Fried Frank, London, 2002
  • Fried Frank, New York 2003
  • Weil Gotshal & Manges 2005
  • Fried Frank, Paris 2006
  • STC Partners, Head Restructuring 2008
  • Bremond & Associés, Partner 2012
  • Joined Clifford Chance as a Partner 2019

Professional bodies

  • Delphine is a member of the Paris bar association since 2001. She is also a member of ARE (leading French thinktank in the field of restructuring) as well as founding member and general secretary of WIR (Women in Restructuring). She speaks French, English and Spanish.

Awards and citations

  • Delphine Caramalli is ranked as "Highly Regarded".
    IFLR 2023, Restructuring & Insolvency - France
  • Delphine Caramalli is ranked as one of the 'Leading Individuals' for the practice.
    Legal 500 EMEA 2023, Insolvency - France
  • Delphine Caramalli (Band 3) moves up the rankings this year following strong market support. Her practice focuses on debt restructurings, rehabilitation proceedings and distressed M&A transactions. She is additionally adept at advising on insolvency cases and frequently represents important lenders and debtors.
    "Delphine Caramalli is a very smart insolvency lawyer who is trustworthy and efficient."
    "She is a very good lawyer with a good sense of strategy."
    "Delphine Caramalli is a brilliant professional who is extremely committed and reliable."
    "Her breathtaking intelligence is unique and her negotiations and business skills make the difference for clients. She is incredibly sophisticated, technical and pragmatic."
    "In negotiations, she was clear and convincing. She was effective and had good arguments."
    Chambers Europe 2023, Restructuring/Insolvency - France
  • Delphine Caramalli is ranked as "Highly Regarded".
    IFLR 2022, Restructuring & Insolvency - France
  • Highlighted as a "deal-maker", Delphine Caramalli is "a brilliant lawyer who combines incredible commercial awareness with strong legal capabilities and thorough understanding of the business," reports one client. Her practice focuses on debt restructuring and distressed M&A transactions. Ranked Band 4
    Chambers Europe 2022, Restructuring & Insolvency - France
  • Delphine Caramalli is ranked as "Highly regarded".
    IFLR 1000 EMEA 2021, Restructuring and insolvency – France
  • Delphine Caramalli climbs up the rankings following excellent market recognition. Her practice focuses on debt restructuring and distressed M&A transactions. One impressed client emphasises her "absolute technicality, thoroughness and breath-taking intelligence," before adding: "Her business acumen and negotiating skills are unparalleled. Her analyses are extraordinarily relevant and formidably subtle."
    Chambers Europe 2021, Restructuring/Insolvency - France