Italian non-performing loans

Past Event - Video Available | September.18.2014 | 8am - 10am (GMT Standard Time)

Orrick - London

Italian banks face tough structural challenges and in response many are looking to manage their portfolio by selling non-performing loans - NPLs. The Italian NPL sector is generating considerable investor interest, even for those whose investment activity normally focuses on single name corporate distressed debt. 

Please join us to discuss how to structure deals and obtain returns on Italian NPLs. Chaired by European Restructuring co-head Stephen Phillips, our Italian team will be joined by key representatives in the industry including a leading Italian bank, a top tier servicer, and a leading financial adviser involved in asset quality reviews.


  • Francesco Guarneri - President, Guber
  • Paolo Altichieri - Head of Capital Markets, Banca Popolare di Vicenza
  • Ambrogio Virgilio - Partner, Ernst & Young
  • Gianrico Giannesi - Structured Finance Partner, Orrick - Rome office 
  • Emanuela Molinaro - Real Estate Partner, Orrick - Milan office
  • Daniela Andreatta - Restructuring and Insolvency Counsel, Orrick - Milan office


Download presentation slides (PDF)



  • Finance Sector
  • Real Estate
  • Real Estate Finance
  • Real Estate Investment Funds
  • Real Estate Investment Trusts (REITs)
  • Banking & Finance
  • Mergers & Acquisitions
  • Italy

Emanuela Molinaro Partner Real Estate, Real Estate Finance


Emanuela Molinaro is a partner at Orrick, based in the Milan office and member of the Real Estate group within the Finance team.

With a solid corporate background, she has advised on real estate aspects of a wide range of corporate transactions and has also gained significant experience in the area of real estate transactions and construction law, having assisted domestic and international investors in connection with various property and property-development transactions in Italy, including the disposal of complex real estate portfolios, sale and lease-back transactions, land acquisition and building redevelopment.

Emanuela is ranked in Chambers & Partners since many years in Band 3 for Real Estate with the comment: 'Emanuela Molinaro is widely appreciated for her "practical solutions." She acts for both domestic and international clients on the full spectrum of real estate issues.'

She has also a considerable experience in advising on a wide range of corporate transactions also with an emphasis on mergers and acquisitions, private equity, corporate finance transactions and on-going assistance to corporate clients as well as financial institutions.



  • Finance Sector
  • Asset‐Backed Securities
  • Swaps and Other Hedges
  • Capital Markets
  • Structured Finance
  • Banking & Finance
  • Africa

Madeleine Horrocks Partner Asset‐Backed Securities, Swaps and Other Hedges

Milan; Rome

Madeleine Horrocks is a finance and capital markets partner based in the Milan office and a dual-qualified English and Italian lawyer. She is a member of the firm's Banking & Finance team.

Madeleine has experience in a number of different areas and her broad practice covers all types of finance and capital markets work, with a particular emphasis on securitisation, derivatives, EMTN, covered bonds, structured finance and general lending. She regularly represents arrangers, lead managers, swap counterparties, issuers, trustees and noteholder representatives on a wide range of finance and capital markets matters. Madeleine advises major Italian and international banks, corporates and financial institutions active in the European financial markets. She also has experience of advising on finance transactions in the emerging African off-grid energy sector.

She has been based permanently in Italy since 2003. Prior to joining Orrick, Madeleine worked for a leading international firm in their Milan office.

Madeleine is ranked Band 2 in Chambers Global for Capital Markets Italy (Foreign Expert) and in the Legal Community Finance Report she is described as "Superlative: pragmatic with a business orientated approach which allows her to solve complex issues always and easily".

  • D: +39 02 4541 3800


  • Mergers & Acquisitions
  • Restructuring

Daniela Andreatta Special Counsel Mergers & Acquisitions, Restructuring


Daniela Andreatta, special counsel in the Milan office, has an extensive M&A and corporate background and a broad experience in bankruptcy-related matters.

Daniela practice covers cross-border corporate transactions and the so called “special situations”, which include investments in distressed assets (non-performing loans, debt and/or equity in listed/unlisted distressed companies), buy-outs from insolvency proceedings and bankruptcy-related litigation. In recent years, she has assisted banks, Italian and foreign investors and debtors in complex deals of corporate restructurings relating to the financial indebtedness and concordato proceedings.

Prior to joining Orrick, Daniela was a member of Studio Legale Tributario in Milan, a law firm Associated with Ernst & Young International.



  • Finance Sector
  • Structured Finance
  • Banking & Finance

Patrizio Messina Partner Structured Finance, Banking & Finance

Rome; Milan

Patrizio Messina is a dual qualified lawyer (England and Wales, and Italy), a senior attorney in International Business and Finance. Patrizio is member of the Banking & Finance Group, Partner in charge for Europe and a member of the Firm’s Global Management Committee.

Patrizio is visiting Professor in Alternative Finance for SME, European regulation and practice at the King's College Business School, and fellow of the Dickson Poon School of Law at the King's College (London, UK). Extraordinary Professor in Corporate Finance Law at San Raffaele Business School (SBS) University of Rome.

Patrizio represents governments, large public companies, global leading banking and financial groups, hedge and private equity funds on complex and pioneering transactions.

Patrizio is (i) an authority in Debt Capital Markets transactions spreading from Corporate bonds, Eurobonds, Mini-bonds, EMTN and private placements, to asset finance and securitizations as well as other structured financings collateralized by a large variety of performing and non-performing assets; and (ii) senior advisor in major strategic M&A in Europe with focus in the banking, energy and infrastructure industries.

His experience includes sophisticated banking deals, leveraged finance and tailored funding arrangements.