Debtwire Restructuring Forum - Germany 2022

The must-attend event for the German restructuring community returns in-person this April!

Steigenberger Frankfurter Hof, Am Kaiserplatz | 60311 Frankfurt/Main, Germany


09:00 - 09:30

Registration and coffee

09:30 - 09:40

Chair’s welcoming remarks

Johannes Koch
Johannes Koch Senior Reporter, DEBTWIRE
09:40 - 10:00

Keynote presentation: 2022 German macro-outlook

In this keynote presentation, the speaker will review the economic outlook for Germany and what this means for the debt and credit markets. The speaker will analyse the main trends in credit markets including sponsor-backed M&A, issuance, the pipeline, and maturities.

10:00 - 10:05

Data Presentation: Debtwire's charts on German restructuring

Sourcing Debtwire intelligence and data, the presenter will highlight some key indicators for the market.

Shab Mahmood Restructuring Analyst, Debtwire
10:05 - 10:25

Presentation: German restructuring outlook

How much debt has been restructured in Germany during the last few years? To what extent has the credit migration impacted the country’s borrowers?

10:25 - 11:05

Panel: Building a European distressed portfolio

Given the current developments with the war in Ukraine, the turmoil on the energy markets and supply chains, European distressed and restructuring dealmakers are eyeing a busy 2022. However, an uptick in restructurings would not necessarily translate to more distressed investment opportunities for funds as secondary debt prices remain high. This session will shed light on restructuring and distressed investment theses, where efforts are being focused and what Germany’s role is in these considerations.

Clark Nicholls
Clark Nicholls Senior PM / Analyst, AXA Investment Managers
Oskar von Kretschmann Head of Loan Trading, Morgan Stanley
Johannes Koch
Johannes Koch Senior Reporter, DEBTWIRE
11:05 - 11:25

Networking coffee

11:25 - 12:10

Panel: German restructuring outlook

The impact of the coronavirus pandemic has left government and corporate debt levels at historic peaks. German state-aid regimes and subsidised loans were enacted to provide liquidity to affected business. At present energy and raw material prices alongside supply chain constraints are on top of corporate agendas. What is the state of the restructuring market in Germany now? Is a recession looming around the corner, and will this lead to a wave of distressed assets arriving? 

12:10 - 12:35

Case study: Restructuring a German bond issuer under the new German StaRUG or an English Scheme

Using the example of an actual case, this case study will review the new German restructuring framework that was introduced in January 2021 and explain its pros and cons vis-à-vis an English Scheme (both from a legal and commercial perspective).

12:35 - 13:15

Fireside chat: Carve-out and transformation

Geopolitical headwinds, ESG regulation and tech innovation are causing large corporates to be more stringent in their core focus which, in turn, is leading to carve-outs and transformation activity. This session will discuss the rationale for carve-outs and transformation, what to look out for to predict activity, how the pipeline is filling over the next 12-18 months and how to prepare for deals.

13:15 - 14:15

Networking lunch

14:15 - 14:45

Fireside chat: Distressed sector focus – retail and consumer sector

The retail market was hit hard by Covid-19 and measures to curb the spread of the virus, but a big wave of restructurings has not taken place yet. As the pandemic seems to fade, supply chain issues, inflation and the war in Ukraine are the new challenges for the industry. How are businesses in Germany coping with the pressure and what’s the view from investors in the space?

Florian Kawohl
Florian Kawohl Managing Director, Bayside Capital
Joerg Tybussek
Joerg Tybussek Managing Director, Fosun Fashion Group
Fabian Graber
Fabian Graber Reporter, Debtwire
14:45 - 15:25

Panel: Energy transition

In light of the current situation, the reallocation of resources and ESG related challenges, the energy sector receives particular attention. Distressed investors’ look currently at the traditional energy companies who are affected by the decarbonisation. How will the energy transition continue to affect oil & gas companies and present opportunities for distressed debt investors? How will the investors ensure ESG goals are met?

Ralf Schmitz Member of the Board of Management, STEAG
15:25 - 16:00

Panel: Distressed sector focus – automotive

Not only, but in particular also in light of the war in Ukraine, this panel will review the global picture for the automotive industry and how that may expose Germany’s economy to risk. How will German automotive companies, lenders and investors alike adapt to the massive supply-chain distruptions, shift in auto-technology, emissions regulations, and further challenges facing OEMS due to political uncertainty? What are the opportunities and challenges for distressed investors?

16:00 - 16:05

Chair’s closing remarks

Johannes Koch
Johannes Koch Senior Reporter, DEBTWIRE

Networking drinks & conference close