Debtwire Restructuring Forum Europe 2023
The must-attend event for the European restructuring community!
The Dorchester, Park Lane, London
Agenda
Registration & networking breakfast
Chair's opening remarks
Keynote panel: 2023 European distressed & restructuring outlook
Record high levels of inflation have forced central banks across the world to take drastic action with regards to interest rates. Subsequently, the era of cheap credit in Europe has come to an end as the continent braces itself for the inevitable looming wave of corporate restructurings. In this panel, speakers will reflect on some of the key takeaways from bankruptcy cases and legislative reforms across Europe over the past year and discuss the outlook for restructurings in 2023.
- What is driving distress in Europe? Which sectors and geographies are driving distress?
- What alternative financing solutions are leveraged capital markets professionals considering in the face of increased interest rates and a lack of cheap credit?
- Which legislative reforms will be most impactful in 2023 on distressed companies?
- What is the pipeline for distressed investors in Europe and emerging markets?
Coffee & networking break
Panel: Sector focus - Energy
The energy retail market is in flux with Europe’s high dependency on Russian gas and soaring energy costs leading to an impact on consumers’ finances. The net zero agenda is also pushing the issue to crisis levels. In 2022, Ofgem made proposals which included three suggestions concerning financial resilience of energy companies including ring-fencing customer credit balances, hedging and capital adequacy proposals. However, the market will be impacted by the rulings of the insolvency proceedings of energy companies to apply to the High Court in 2021 to review judgement on the obligations of suppliers. This panel will discuss:
- Will the rulings of 2021 insolvent energy companies impact legislation for energy companies in distress now?
- What rescue opportunities are available to struggling energy companies?
- What are the implications on debt holders of the Energy Transfer Scheme as seen in Octopus Energy’s take-over of Bulb in 2022?
Panel: European insolvency & bankruptcy legislation updates 2023
During the Covid-19 pandemic, many European countries reviewed and revamped their insolvency laws introducing both new temporary and permanent measures to aid companies in financial distress during this period. Many countries have retained temporary measures to support businesses whilst others are reforming insolvency regimes and adapting relief measures as businesses face the ‘return to normal’. This legal focused panel will discuss:
- Which countries are making notable reforms to insolvency regimes in the ‘return to normal’ post pandemic? Focusing on the UK, France, and Germany.
- How will these reforms affect large and small-scale insolvencies? Is the wave of European restructurings coming?
- How are the regime reforms swinging the balance of favour towards or against debtors and creditors?
Panel: Geographic focus – Spanish restructurings
Leveraged loan issuance in Spain started off well at the start of 2022 but dropped significantly as Spanish activity moved in sync with the wider downturn across Europe due to multiple headwinds. The decline in the Spanish high yield space has been even more pronounced, with issuance down 80% year-on-year in the first half. The outlook remains challenging with high inflation and rising household prices. Experts expect to see a higher volume of restructurings following the close of an insolvency moratorium introduced by the Spanish government post-pandemic. The closure means that debtors and blocked creditors can now file for insolvency petitions against borrowers. This panel will discuss:
- Will M&A activity keep debt issuance active in 2023?
- Have restructuring situations peaked since the reforms to the country’s insolvency regime? What further legislation should we expect in 2023?
- Which sectors will prove most fruitful for debt issuance or restructuring opportunities for distressed investors? Which companies are LCM professionals keeping an eye on?
Networking lunch
Panel: The state of European ABS
After a decade of benign performance in European ABS, soaring inflation is squeezing household budgets and rising rates are pushing mortgage costs up and property valuations down. Liquidity in ABS and RMBS transactions stood up well to the liability-driven investment strategies in 2022, often performing better than corporate bonds. Experts expect tranche spreads and pricing on underlying loans to eventually level out with central banks encouraging more issuance in 2023. This panel will discuss:
- Which asset classes and jurisdictions are most exposed to the downturn?
- What opportunities are there for investors with the ability to take advantage of illiquidity?
- Which regulatory developments from the European Commission in its review of EUSR will be the most impactful?
Panel: CEEMA focus – the impact of sanctions on Russian debt holders & the Ukrainian outlook
The sanctions imposed on Russia have affected roughly $20bn of Russian sovereign bonds held by foreigners. The sanctions imposed on Russia have led to a collapse in the value of their holdings. Most western banks have been forced to pull back from trading Russian securities, but some US financial institutions keen to clear and settle their investments have returned to the market for divestment purposes. Russia has demonstrated a willingness to make debt repayments, but will alternative payment mechanisms prove maintainable? This panel will discuss:
- What are the options to defer payments or alternative payment mechanisms for foreign Russian bond holders?
- What is the outlook for Ukrainian sovereign bond holders?
- Is it sustainable to defer bond repayments for Russian or Ukrainian companies who are still operating and managing to service their debt?
Case studies: EMEA high yield to distress
Panellists will discuss opportunities for investors in European high-yield companies that have become distressed since the second half of 2022 and which are actively restructuring their debt. The panel will examine in which sectors issuers have faced increased risks of default, the role of high yield covenant packages in shaping outcomes of restructuring processes, and what fundamental factors can make attractive high yield distressed debt investments.
Two case studies will represent different geographies and sectors to demonstrate the valuable opportunities for distressed investors. Case studies will be:
- German real estate – the restructuring of Adler Group and the impact of monetizable assets in shaping bondholder outcomes.
- Consumer sector – investing in distressed retailers such as Matalan, Lycra and Takko and the impact of bondholder groups in influencing decision-making.
Chair's closing remarks & networking drinks
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Ryan Terpstra is the Chief Product Officer of ION Analytics and the former Chief Technology Officer of Acuris. Prior, he was Founder & CEO of Selerity, an AI powered contextual search and analytics company until its successful sale to Dealogic, an ION Analytics company. Before Selerity, Terpstra held several senior roles at Thomson Reuters including Director of Quantitative News and a Senior Strategist in the Corporate Strategy group. Terpstra also worked for the World Economic Forum in the Center for Global Industries, working on projects for the Forum’s financial services and alternative investment members. He was a New York Power 30 Under 30 and holds a B.A. in Finance & Entrepreneurship, graduating with honors from Miami University (Ohio).
Andrew Grimstone is the Global leader of our 2,500 strong Turnaround & Restructuring team. In the UK, he leads the Corporate Turnaround team as part of the Performance Improvement offering, working with the established VCS & DCA teams as well as the Global Special Situations teams in EMEA, Americas, and Asia Pacific.
Andrew has over 25 years’ experience dealing with complex international Turnaround, Restructuring and M&A assignments, leading reviews and assessments of corporate groups, acquisition targets and divestments for the purposes of advising corporate clients, investing institutions and creditor groups.
Based in the UK, Andrew has worked with clients and Deloitte teams in over 40 countries, and in multiple sectors including Telco, Media, Mining, Steel, Construction, Oil & Gas, Manufacturing, Chemicals, Automotive, Insurance, Infrastructure, Retail, Wholesale and Pharma. He often works with businesses facing strategic and operational challenges in their markets and under pressure to manage costs, working capital and complex debt burdens.
Mr. Woltery is Co-Head of the European investment team having joined SVP Global at the opening of the European office in 2004. From 1985 to 2004, Mr. Woltery worked at Deutsche Bank, with his last role being a Senior Research Analyst and Head of Research, Germany, in the London Distressed Products Group. Mr. Woltery received a Bachelor Professional of Frankfurt School of Finance & Management in 1991 and an MBA from Hult Ashridge Business School in 2001.
Alexis Atteslis, Co-Head of Europe & Partner, shares portfolio management responsibilities for European investments. Mr. Atteslis is a member of OHA’s investment strategy, ESG and various fund investment committees. Additionally, Mr. Atteslis heads the firm’s investment activities in the global maritime industry. Previously, Mr. Atteslis worked at Deutsche Bank in its European Leveraged Finance Group and at PricewaterhouseCoopers. He currently serves on the board of a number of OHA’s portfolio companies. Mr. Atteslis received an MA from the University of Cambridge and has earned a Chartered Accountant qualification with the Institute of Chartered Accountants in England and Wales.
Oliver Gill (London) joined KKR in 2020 and leads the firm’s financial restructuring activity as a member of the Credit team. Prior to joining KKR, Mr. Gill was an assistant director on the restructuring team at Rothschild & Co., where he provided corporate finance advice to shareholders, creditors and boards of distressed companies. Previously, he was an associate within the global restructuring group at the Royal Bank of Scotland. Mr. Gill holds a BSc in Mathematics from Durham University.
Miguel is head of Banking and Finance and head of Restructuring at Gómez-Acebo & Pombo.
He has extensive experience in credit and corporate finance transactions in both primary and secondary markets, including corporate finance, acquisition finance, asset finance (including tax lease and financial-tax structures) and project finance, special and hybrid transactions (debt/equity), acquisition of credit portfolios and debt restructuring.
He works on a recurring basis with credit institutions, companies and investment funds in credit transactions in Spain, as well as in transactions in Latin America, having participated in some of the most important deals in recent years.
He holds a degree in Law and an advanced degree in Business Law from Universidad Pontificia de Comillas – ICADE. He obtained an LL. M. in Securities and Financial Regulation from Georgetown University (Washington D.C., USA), graduating with honours.
Miguel has been ranked as Band 1 in Chambers & Partners, in the area of Restructuring, as well as Highly Regarded in recent years by IFLR 1000 for his work and extensive experience in the areas of Banking, Restructuring and Insolvency and Private Equity. In addition, he is also recognised in the prestigious legal directories Chambers & Partners and Legal500 as one of the leading practitioners in the areas of Banking & Finance, Banking & Finance: UK/US-qualified Experts, Restructuring and Insolvency, Investment Funds, Capital Markets: Debt, Capital Markets: Equity, Transport: Shipping and Transport: Other transport.
He is a speaker on financial law in several forums, author and co-author of several articles specialised in financial law, among which the publication in the Journal of International Banking Law and Regulation (Volume 19 – Issue 11) of the paper: “The Need for Substantive Regulation on Investor Protection and Corporate Governance in Europe: Does Europe Need a Sarbanes-Oxley?”) stands out.
Ferran is a Banking and Finance partner, co-head of Capital Markets and head of London office at Gómez-Acebo & Pombo.
He specialises in capital markets, corporate and project finance transactions and restructurings. Ferran advises financial institutions, credit and private equity funds, underwriters, local issuers, USPP investors and multinational groups.
He holds a law degree from the University of Navarra, a Master in Taxation from ESADE and an LL.M from New York University.
Ferran has been highlighted by the prestigious Chambers and Partners (Global) directory for his Expertise Based Abroad in Capital Markets and as a Notable Practitioner by IFLR 1000 for his work and extensive experience in the areas of Banking, Capital Markets: Debt and Capital Markets: Equity. In addition, he is also recognised by the prestigious legal directory Legal500 as one of the leading professionals in the area of Banking and Finance.
He is the author of several articles specialising in financial law, including the IFLR Global High Yield Report, and has participated as speaker or panellist in several conferences on finance or capital markets subjects.
Membership of professional bodies and associations
Barcelona Bar Association no. 25889
New York State Bar
Inter-Pacific Bar Association (IPBA)
Languages
Spanish
English
Catalan
Member of Sherpa Capital Management and Investment Committees.
Javier is Board member of several portfolio companies such as City Bike Global and Omega Spice, among others.
Previous experience as Investment Director in Castellana Asset Management and previously worked in the Investment Banking Divisions of Alantra Partners as Director and Arcano Partners, where he began his professional career.
Degree in Business Administration from the Universidad Autonoma of Madrid.
Mr. Fabián is a member of the European investment team with a focus on the Iberian market.
Prior to joining Strategic Value Partners in 2013, Mr. Fabián was a Director in the Credit Strategies Group at Arcano since 2009, a leading independent merchant bank in Spain, where he focused on investments in leveraged loans and high yield bonds. Mr. Fabián was also a member of the firm’s Credit Investment Committee. Prior to Arcano, Mr. Fabián was at Goldman Sachs in the Principal Investment Area from 2006 to 2009 and at Morgan Stanley from 2002 to 2006 in both the Leveraged Finance Group and the Energy and Utilities Group.
Mr. Fabián received a BS in Business Administration from ICADE E-2, Universidad Pontificia de Comillas in Madrid.