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
  • Structured Finance
  • Impact Finance and Investment
  • Capital Markets
  • Banking & Finance
  • Derivatives

Madeleine Horrocks Partner

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 a broad finance practice covering many types of lending and capital markets work, with a particular emphasis on securitisation, impact finance and ESG, derivatives and secured lending. 

She regularly represents arrangers, lead managers, swap counterparties, issuers and trustees on capital markets matters including ESG bonds and state guaranteed securitisations. Madeleine advises banks, corporates and financial institutions active in the European financial markets, in particular in Greece and Italy. She is considered a sustainable finance pioneer thanks to her many years of advising lenders and borrowers on sustainable finance transactions in Europe and the developing world, working with social responsibility lenders and clean tech start-ups.

She has been based permanently in Italy since 2003 and a partner at Orrick since 2013.

Madeleine is ranked in Chambers and Partners Global Guide 2023 for Capital Markets Italy (Foreign expert) and has been described as "Superlative: pragmatic with a business orientated approach which allows her to solve complex issues always and easily".



  • Mergers & Acquisitions
  • Restructuring

Daniela Andreatta Special Counsel


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

Rome; Milan

Patrizio Messina is a lawyer experienced in securitisations, structured finance transactions and M&A transactions of banks and financial institutions. He is a Senior Partner at Orrick where he serves as Managing Partner for Europe and member of the global Management Committee.

Since 2001 Patrizio has been named among the best Italian securitisation and structured finance lawyers by the most renowned and accredited directories (including Chambers & Partners, Legal 500, Top Legal, Legal community) winning over the years awards as best Italian lawyer in finance, securitisation, NPLS & UTP. The Legal 500 includes him in the Hall of Fame for Capital Markets.

Patrizio has been a pioneer since the introduction of the Italian securitisation law in 1999. In 1998, he assisted in the first RMBS securitisation in Italy (structured with a dual regulatory law). In 1999, he participated in the drafting and study committee of the securitisation law and was advisor in one of the first RMBS securitisations in Italy under the newly introduced law.

In his career, from 1999 to the present, he has advised on securitisations of various types of assets, such as RMBS, SMEs, leasing, consumer loans, SME financing, and healthcare receivables. In the last 10 years he has focused on securitisations of non-performing loans such as NPLs and UTPs, with ordinary and synthetic securitisation structures and competitive portfolios sales, assisting most Italian systemic banks to divest their non-performing loans.

In the Non-Performing Exposure sector, in 2016 he was advisor to the Italian Ministry of Economy and Finance for the drafting of the decree that introduced the GACS (state guarantee on the securitisation of non-performing loans), by Decree-Law No 18 of 14 February 2016.

Patrizio has also been involved in securitisations of NPEs in Greece and Southern Europe, having assisted major Greek systemic banks in securitisations of performing assets also using HAPS (the Greek guarantee corresponding to the Italian GACS).

Patrizio has a solid experience in Debt Capital Market and is considered a pioneer in the field of so-called Minibonds, having assisted Confindustria in relation to the legislation introducing these instruments and Borsa Italiana in the creation of the Extra-MOT PRO segment for the listing of Minibonds. To date, the Finance team coordinated by Patrizio assists the majority of Minibond issuers in the Italian market.

Patrizio has also been involved (together with Orrick's M&A team) in major Italian bank rescue and relaunch transactions, having assisted Fondo Interbancario di Tutela dei Depositi - FITD, as shareholder, in the recapitalisation and sale to Crédit Agricole Cariparma of 95.3% of the capital of Cassa di Risparmio di Cesena, Cassa di Risparmio di Rimini and Cassa di Risparmio di San Miniato; Banca Carige and Banca Popolare di Bari for which he was coordinator of the team that assisted the Extraordinary Commissioners appointed by Bankitalia. In addition, in 2021 Patrizio was coordinator of the team that assisted the MEF as shareholder in the privatisation of the Banca Monte dei Paschi di Siena group.

Patrizio is Associate Professor of Structured Finance Law at San Raffaele University in Rome. He is Visiting Professor in Alternative Finance for SME, European regulation and practice at King's College Business School, and Fellow of The Dickson Poon School of Law at King's College (London, UK). Patrizio is Chairman of CELF - Center Of European Law and Finance, a study centre specialised in the updating and study of European financial law and regulation, where he established an Academy for the talents of the main banks, financial institutions and Large Corporations active in Italy.

After graduating in law from the University of Catania, he worked in the legal department of an international merchant bank in London, and later became an associate of an international law firm. In 2003, he became a Partner of Orrick in Italy, setting up the Rome office.

In 2017, he gained an executive MBA in global leadership with the TRIUM programme (NYU, LSE, HEC).

Patrizio is Avvocato in Italy (admitted to practice before the Supreme Court of Cassation) and Solicitor in England and Wales.

Finally, Patrizio has published numerous articles on business law in leading domestic and international law reviews and is the author of monographs such as:

  • Minibond e Capital Markets Union Disciplina vigente ed evoluzione normativa. STRUMENTI E MODELLI DI DIRITTO DELL'ECONOMIA, vol. 34, (2021)
  • Finance for SMEs European Regulation and Capital Markets Union Focus on Securitization and Alternative Finance Tools (2019)
  • I contratti bancari e finanziari Giurisprudenza, dottrina e modelli contrattuali (2013).
  • Le operazioni finanziarie nel diritto dell'economia Finanza pubblica e d'impresa (2011)