| Date | 1 Jun / 4 Oct |
|---|---|
| Times | 09:00 - 17:00 |
| Cost | £675.00 + VAT (£810.00) |
| SRA CPD Hours | 6 |
Course Overview
Conventional wisdom suggests that restructurings follow the priority of claims ensconced in Law (e.g. employee claims) or a contractual framework via the payment waterfall. In practice this is not always the case and, particularly in more complex deals, the key issue is to get a seat at the restructuring table to influence the process.
Gaining influence depends on a wide variety of issues; whether the party has security, their ranking and subordination, their rights under the Loan and related Inter-creditor and Security documents (Leveraged loans offer far more control than I-Grade documents), the nature of the credit (in restructuring bonds are generally less flexible than loans) and the importance of the party to the on-going business (management or key suppliers).
In addition, Jurisdiction is also critical in various respects; some being debtor friendly (e.g. France, Italy) and others being creditor friendly (e.g. UK, Germany); whilst some jurisdictions offer swift procedures (pre-Packs) and others slow procedures (Saveguarde). This latter aspect has meant that forum shopping has become increasingly prevalent as parties seek to exploit anomalies in the various jurisdictions and access procedures which expedite the process.
These issues assume greater impact in more complex deals which typically feature layers of junior debt (Second Lien or Mezzanine) or comprise bifurcated loan/bond structures which have become more prevalent with the advent of greater bond issuance since 2007. Restructuring may also require negotiation between the various players across the table; Banks with Management (e.g. to prevent them filing too early), Management with Sponsors and Employees. In some cases negotiations may ensue between parties in the same instrument, typically where they have competing agendas (e.g. primary vs aggressive secondary). This trend is on the increase with the arrival of new and more aggressive distressed debt funds seeking to arbitrage value or even acquire control of the equity.
This course explores the negotiating levers which various parties can use to obtain a seat at the negotiating table together with the restructuring methods, solutions, techniques and tactics for managing all the players as well as the practical issues which will face parties in leveraged and unleveraged deals and, drawing on the trainer’s experience, offers a practical template on how to respond to the issues they are likely to face. The course is aimed at lenders, sponsors, lawyers, accountants and other advisers involved in this sector, management and other professions (investment advisers) operating in the European environment who require a greater insight into the key issues which arise in financial restructurings.
Course Content
Overview of typical structures
Negotiating levers for the various parties
Triggers for restructuring
Restructuring overview: 6 steps, 4 ingredients, 10 options
Methods of Implementing Restructuring
Restructuring Options and Issues: 10 or more options
Issues specific to syndicated / laminated deals
Debt for Debt & Debt for Equity swaps
Hot Legal / Regulatory issues
Delivering this course in-house for you to a number of participants could be very cost effective. Please call us on 020 7387 4484 to discuss this further.
If you have any questions about this seminar please write to us at post@redcliffetraining.co.uk.
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Contact us if you are looking to book multiple participants as we offer discounts as follows: