Corporate Restructuring: The Breaking Wave
Table of Contents
Section 1: Overview
The restructuring cycle: categories of distress and lender behaviour
By Andrew Merrett, Managing Director and Co-Head, and Alistair Dick, Director, European Restructuring, Rothschild
New capital structures: sponsor challenges, valuations and creditor agendas
By Jonathan Trower, Managing Director, and Andrew Cleland-Bogle, Associate Director, European Debt Advisory Group, Close Brothers
The restructuring process: key issues, stakeholder perspectives and solutions
By Matthew Prest, Managing Director, and Charles Noel-Johnson, Executive Director, Recapitalization & Restructuring Group, Moelis & Company
Transaction phases: from immediate needs to restructuring implementation
By Simon Davies, Managing Director, The Blackstone Group
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Section 2: Expert opinion and technical analysis
The impact of credit default swaps and CLOs
By Alistair Hill, Senior Associate, Allen & Overy
Liquidity issues, loan markets and alternatives routes to capital
By Fenton Burgin, Debt Advisory Partner, Deloitte
Distressed debt trading, complex capital structures and securitisation
By Sonya Van de Graaff, Partner, Bankruptcy & Finance, Brown Rudnick
Valuation challenges: cost of capital, financial projections and market testing
By Robert Bartell, Managing Director, Duff & Phelps
Pensions: UK policy shifts and the role of the pension trustee
By Donald Fleming, Managing Director, Rachel Jones, Managing Director, and Tony Green, Managing Director, Gazelle Group
Trade credit insurance: cover reduction impact and market responses
By Andrew Cavenagh, Reporter, Acquisitions Monthly
Fraud: the link between insolvency and fraud
By Robert Wilson, Senior Manager, PricewaterhouseCoopers
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Section 3: Corporate sectors and case studies
Automotive sector: survival of the fittest
By Philip Wylie, Director, Houlihan Lokey
Commercial property sector: predicting a fall out
By Edmund O’Kelly, Senior Real Estate Restructuring Director, KPMG
Retail sector: restructuring options for struggling businesses
By Michael Rutstein, Partner, Laurent Assaya, Of Counsel, and Christian Staps, Associate, Jones Day
Airline sector: consolidation through attrition
By Andrew Cavenagh, Reporter, Acquisitions Monthly
Case study: Oilexco
By Roy Bailey, Partner, and Kevin Haywood, Director, Ernst & Young
Case study: Baxi France
By Renaud Montupet, Vice President, Yahya Daraaoui, Managing Director, Claude Dampierre, Director, AlixPartners, and François Hiriart, General Manager, Baxi France
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Section 4: Country reports
UK: Cram-down of junior creditors using schemes of arrangement
By Jackson Taylor, Partner, and Nicola Stewart, Associate, London Restructuring and Insolvency Group, Latham & Watkins
UK: administration and receivership procedures
By Sonya Van de Graaff, Partner, Bankruptcy & Finance, Brown Rudnick
Germany: restructuring models, latest legislation and state aid
By Dr Tom Oliver Schorling, Partner, and Florian Brügel, Associate, White & Case
Germany: insolvency versus out-of-court restructuring
By Frank Grell, Partner, and Daniel Ehret, Associate, Latham & Watkins
France: state intervention and support tools
By Sophie Moreau-Garenne, Managing Director, Restructuring Advisory, Duff & Phelps
France: M&A opportunities within restructuring
By Isabelle MacElhone, Partner and Head of M&A France, and Quentin Lagier, Associate, Hogan & Hartson
Spain: onto the second wave of restructurings
By Manuel Zulueta, Managing Director, and Ainhoa Landa, Close Brothers
Italy: bankruptcy law and reforms
By Andrea Novarese, Finance Partner, Latham & Watkins
Poland: two level market for cross-border and domestic restructurings
By Dr Lech Giliciński, Partner, White & Case
Romania: insolvency, distressed M&A, and loan-to-own strategies
By Dieter Spranz, Managing Partner, and David Ayres, Partner, Wolf Theiss
Russia: rising NPLs and the inadequacy of bankruptcy laws
By Maya Melnikas, Partner, White & Case
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Section 5: Data
Extensive data charts with commentary
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