Debtwire Restructuring Forum Europe 2023
In-person registration is now closed.
The Dorchester, Park Lane, London
Registration & networking breakfast
play_arrow
Keynote presentation: European restructuring outlook 2023
In this keynote presentation, Deloitte will review the findings of their new report, published in partnership with Linklaters and Debtwire, highlighting the outlook for the European distressed and restructuring market in 2023.
play_arrow
Keynote panel: 2023 European distressed & restructuring outlook
Record high inflation has forced central banks across the world to take drastic action with regards to interest rates and subsequently the end of the era of cheap credit in Europe 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 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?
play_arrow
Coffee & networking break
Fireside chat: Sector focus - Energy
The energy retail market is in flux with Europe’s high dependency on Russian gas, soaring energy costs and the effect of this on consumers’ finances as well as the net zero agenda pushing the issue to crisis levels. In 2022, Ofgem made proposals which included three suggestions concerning financial resilience of energy companies including ringfencing 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 obligations of suppliers. This panel will discuss:
- Will the rulings for the 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?
play_arrow
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 in this period. Many countries have retained temporary measures to support businesses whilst others are reforming insolvency regimes and adapting relief measures as business 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 Italy.
- 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?
play_arrow
Presentation: Spanish restructuring outlook
This presentation will review new insolvency laws in Spain and the outlook for restructurings in the country.
play_arrow
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 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?
play_arrow
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 Client Confidential 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?
play_arrow
Panel: Opportunities in CEEMEA distressed debt
In the current high interest rate environment, CEEMEA sovereigns and corporates are coming under significant pressure. The panellists will discuss whether higher rates will lead to a new wave of restructuring, and the outlook for CEEMEA high yield credit. The panel will also highlight the most attractive opportunities for distressed debt investors in the region.
play_arrow
Case studies: EMEA high yield to distress
Panellists will discuss case studies of several European high-yield companies that have become distressed since the second half of 2022 and who are activity restructuring their debt. The case studies will represent different geographies and sectors to demonstrate the valuable opportunities for distressed investors.
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 decision-making.
play_arrow
play_arrow
Confirm cancellation
An error occurred trying to play the stream. Please reload the page and try again.
CloseSign-up to join the ION Analytics Community to:
- Register for events
- Access market insights
- Download reports
Ryan Terpstra is the Chief Product Officer of ION Analytics and the former Chief Technology Officer of Acuris. Prior to that, he was the 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 Senior Strategist in the Corporate Strategy group. Terpstra also worked for the World Economic Forum in the Center for Global Industries, where he worked on projects for the Forum's financial services and alternative investment members. He was recognized as 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.
Rebecca is global co-head of the firm’s restructuring and insolvency team, comprising specialists throughout Europe, the Americas and Asia and handling the world's most challenging and significant domestic and cross-border assignments.
Rebecca advises creditors, (including banks and other financial investors and steering committees) insolvency office holders, and corporate debtors and their directors in all aspects of non-contentious restructuring and insolvency work. With a remarkable breadth of practice and extensive experience, Rebecca has acted on a wide range of workouts, business recoveries, stressed financings and administrations and liquidations.
Rebecca has also advised on a series of real estate and corporate restructurings in many jurisdictions, including, currently, on the restructuring of Abengoa in Spain, the largest ever European restructuring involving three separate processes, including a Spanish judicial confirmation, an English company voluntary arrangement (CVA) and U.S. Chapter 11 proceedings.
Phil is a restructuring officer at the European Investment Bank in Luxembourg with a portfolio including project finance and corporate debt in Europe, the Middle East and Africa.
Prior to the EIB, Phil worked for seven years in the US law firm Bingham McCutchen, where he focused on Chapter 11 bankruptcies, European restructurings, and private placement note issuances. After Bingham, Phil was a lawyer at the European Investment Fund, which provides support to small businesses across the EU and beyond.
Nick specialises in restructuring, insolvency and special situations.
He has over 20 years’ experience advising stakeholders on a broad range of restructuring, insolvency and other matters involving financial distress, including acting for senior, second lien and mezzanine creditors, bondholders, distressed and special situation investors and distressed corporates. He has a particular focus on complex multi-jurisdictional financial restructurings, schemes of arrangement, restructuring plans, security enforcement exercises and insolvencies.
Work highlights
Nick has acted on a wide range of market-leading restructuring deals. Recent examples include advising:
- Various creditor-side multi-jurisdictional restructurings: recent examples include Cell C Group, Gategroup, Brisal, KCAD, Addison Lee, Global Brands, Preem, M&G Chemicals, Zinc Hotels, Carillion PLC
- Hedging / derivatives exposures: acting for creditors in relation to various hedging and derivatives arrangements connected to market dislocation
- Various energy and infrastructure restructurings: including in relation to various Biomass, EfW, and gas fired, power stations and accompanying infrastructure and service (including oil field service) providers<
- Various Middle East based restructurings: acting for creditors on the Dubai Investment Corporation, Al Jaber, Drake & Scull, JBF-Rak, Stamford Marine and Dana Gas.
- Various multi-jurisdiction financing restructurings including: TIG, Europcar, Alitalia, Saipem, Guardian Digital Communications, Metinvest, Punch Taverns, Jack Wolkskin, H.C.Starck, CPP, Affinion, Petroplus, Stabilus, Truvo, Wind Hellas, Tiscali, Crest Nicholson, Eurotunnel, Ferretti.
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.
Oliver Gill (London) joined KKR in 2020 and is a Director in Credit focusing on restructuring across KKR’s Credit strategies in Europe. Prior to joining KKR, Mr. Gill was part of the restructuring team at Rothschild & Co., where he provided corporate finance advice to shareholders, creditors and boards of distressed companies. Previously, he worked in the global restructuring group at the Royal Bank of Scotland. Mr. Gill holds a BSc (Hons) in Mathematics from Durham University.
Peter is the Global Head of Sector Analysts and Global Sector Lead, IME (Industrials, Materials & Energy) for Third Bridge's Forum business.
Prior to joining Third Bridge, he was a Director at Deutsche Bank, after spending nearly 20 years on the buyside as a Senior Analyst for Kingdon Capital, a Portfolio Manager for Galeon Group and a Vice President at ING Investment Management.
Peter has a B.A. in Economics and Spanish from Bucknell University and an MBA from University of Chicago Booth School of Business.
Outside of the office, Peter spends a lot of time transporting his two boys to their ice hockey games, and on his own time he enjoys playing paddle tennis.
Miha Žebre is a Legal and Legislative Officer in the Civil Law Unit of European Commission’s Directorate General for Justice and Consumers. There, he focuses on EU restructuring and insolvency matters and is representing the EU in UNCITRAL’s Working Group V on insolvency. He graduated law from University of Ljubljana, obtained his LL.M. degree at Heidelberg University and passed the bar exam in Slovenia. Prior to joining the Commission, he worked for the Slovenian Government, at the Court of Justice of the EU in Luxemburg and in a law firm in Ljubljana.
Sophie Jacmain specialises in insolvency and out of court or in court restructuring proceedings, having served as a trustee in bankruptcy for the Brussels Business Court for a number of years. She is an assistant lecturer in these fields at the University of Brussels (ULB) and at the Ateliers des FUCaM (ATMS) – UCLouvain FUCaM Mons (post graduate certificate for crisis managers). She is appointed as administrator by Courts to assist in the restructuring of enterprises in financial difficulties.
Her expertise in insolvency, restructuring and secured transactions is evidenced by her recent involvement in the reform of the Belgian Insolvency Code (entered into force in May 2018 ) as expert for the Minister of Justice and her appointment since years to various editorial boards, such as the Revue de droit Commercial Belge, Privilèges et Hypothèques, Revue Pratique des Sociétés.
She regularly speaks at seminars both in the fields of insolvency and litigation and is an author of several publications in these areas.
Giuseppe Farinacci joined Boston Consulting Group in 2018. He is a core member of BCG`s Transform practice and since 2022 the lead for the Special Situations unit of the practice for the EMC (“Eastern Mediterranean & Caspian”) region.
Since joining BCG, Giuseppe has been instrumental in delivering large-scale transformations and restructurings for retail and energy Clients in Italy.
He is now focused on fostering positive resolutions of pre-distress situations, combining his situational expertise and leadership with deep BCG industry and functional knowledge.
Giuseppe experience includes liquidity management, strategic options evaluation, stakeholder management and restructuring implementation for mid and large corporates.
Before coming to the firm, Giuseppe helped to establish AlixPartners’ presence in Europe, working in Milan and London, receiving their “Founder’s award” in 2009.
Giuseppe started his management consulting career at Arthur Andersen in London after a degree in Business Administration and Law at Bocconi University, Milan.
Carole joined the firm in 2009 as an Associate before being promoted to the position of Counsel in 2018. Carole has in-depth expertise in the French restructuring and insolvency arena. She specialises in complex domestic and cross-border restructurings, both in the framework of out-of-court and formal insolvency proceedings, where she advises all types of stakeholders. Her practice covers all aspects of financial and operational restructurings, including insolvency-related litigations.
As part of her contribution to community investment initiatives, Carole leads the Circle, the female lawyers network in the Paris office.
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.
Enrique is a partner in Restructuring Services within Deloitte Financial Advisory. Throughout his professional career he has directed projects for a large number of companies in the Real Estate, Construction, Industrial and Services sectors. He is a member of the EMEA committee at Deloitte for the Restructuring sector. As Head of Consumer Affairs at Financial Advisory, he has participated in more than 100 refinancing processes for large groups of companies and has been a speaker and expert at different events on Restructuring at an international level.
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.
Managing Director, Head of Spain
Leticia Ruenes is Head of Spain, responsible for developing Pemberton’s growing presence in the Spanish market and opening the office in Madrid.
Leticia joined Pemberton in 2020. Before that she spent 17 years at RBS / Natwest Bank where she held several roles including latterly Head of the European Structured Finance Portfolio, overseeing LBOs, infra and project finance assets in Europe. Prior to this she had been Global Head of project finance portfolio and distribution, and Director in the leveraged finance origination team in Spain. Before joining RBS in 2003, she was part of the M&A team at ING.
Leticia has over 20 years’ experience in investment banking, leveraged loans and European corporate and credit markets. She is a CFA Charterholder and graduated from ICADE University in Spain with a double degree in Law and Business Administration.
Elena joined TwentyFour in 2015 as an analyst in the firm's ABS team. Her primary responsibilities at the beginning involved assisting in the management and day-to-day activities of the team, focusing on underwriting and modelling of ABS/CMBS/RMBS and CLOs. Over the years, she has developed strong expertise in CLOs and CMBS. She’s currently a portfolio manager and a member of the firm's ESG Committee, where she leads on all sustainability matters related to ABS.
Elena has a 1st class MSc with honours in Finance and holds a BSc. in Management and Business Administration from the University of Bologna.
Before joining TwentyFour, Elena worked for one year as a Financial Analyst at Oakmore Investment Partners and Aqovia. She is a CFA® Charterholder and a member of the CFA Society UK.
Daniel Heine is a co-founder of Patrimonium and Managing Director of the company’s Private Debt division. Prior to the company’s formation he worked as a Financial Consultant for Merrill Lynch International and before that, as a management consultant at A.T. Kearney. He studied Business Administration at the University of St. Gallen and received a Master of Arts from the University of Oxford. He also holds a Ph.D. of the University of St. Gallen.
Tristan is currently Head of EMEA/APAC Structured Finance Syndicate at Bank of America with over 15 years of experience in executing and distributing asset-backed transactions in the primary market across a broad range of asset classes and structures. Prior to joining Bank of America in 2015, Tristan worked in a similar roles focused on securitised products at JP Morgan and Commerzbank. Tristan holds a Bachelors Degree in Economics (Hons) from The University of Warwick
Wolfgang has 21 years of experience in high yield, leveraged loans, distressed debt, re structuring, and special situations investment management and research. Until recently, Wolfgang has been partner and senior portfolio manager of Wiltshire Capital, managing funds under the brands of Wiltshire and City Financial.
Formerly Team Leader at CQS for European Distressed and Value Opportunities, and responsible for European special opportunities at Marathon Asset Management, he has consistently generated client profits and lead a series of successful cross-border restructurings and re-financings. Faced with a lack of opportunities, he liquidated most of his book in early 2008, preserving client capital.
Prior to 2005, Wolfgang was Vice President for the Deutsche Bank Distressed Products Group in London, Europe’s largest distressed desk in the last cycle, and associate at Alvarez & Marsal, where early on he had specialised as interims manager in corporate restructuring and hands-on operational turnaround.
He began his career at KPMG in Germany. Wolfgang is a German national, speaks German, English, French, Spanish and Portuguese, holds a BA (hons) from EBS London and an MBA from the University of Chicago.
Christianne is a highly regarded finance lawyer, with extensive experience advising lenders and borrowers on complex cross-border leveraged finance transactions. She has particular expertise in high yield financings for companies across Europe and emerging markets, including notably in the natural resources sector.
Christianne also regularly advises on debt liability management transactions and restructurings.