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Opening keynote presentation - A macro-economic view of the German market
The keynote speaker will review the macro-economic outlook and analyse the current state of the German distressed and restructuring market: the impact of the ongoing geopolitical turmoil, macro-economic trends and their impact on new issuance, deals pipeline and maturities wall.
Panel discussion - German restructuring outlook in 2023: Challenges for corporates and opportunities for investors
Analysing the state of the restructuring market in Germany - as the last quarter of 2022 and 2023 foreshadow a bleaker outlook from both a macro and an interest-rate perspective. Panellists will discuss how next year is likely to bring a significant uptick in restructuring activity for German credits, with rising interest rates and a volatile economic outlook.
- What went well in 2022?
- How to deal with limitations in the current economic context
- Comparison with other jurisdictions (specifically UK and The Netherlands) and what can be improved? Is an equivalent of CBA needed in Germany?
- Dealing with unfavourable legacy contracts and leases that have become unprofitable
- Liability management strategies
Panel discussion - Current state of lending in Germany
Panellists will share their views on how the increase of raw materials costs, higher borrowing costs and other macro risks are disrupting the market and adversely affecting business plans, making it challenging for companies to manage their capital structures and the additional debt raised in the past two years. How well equipped are they to weather further coming storms?
- Dealing with supply chain shortages, raw materials and energy price increase combined with rising inflation and interest rates
- Direct lending: Flexibility at times of uncertainty
- How will the tightening of terms in 2023 practically impact companies?
- Debt capital markets opening again: Is this going to last?
- The re-financing market
- Complex capital structures: Logistics, real estate, tourism
Networking coffee
Debtwire Data Presentation
Sourcing Debtwire intelligence and data, the presenter will highlight some key indicators for the market.
In Conversation - Repayment of government support loans: Combining new money and ways for the state to stay actively involved
The Economic Stabilisation Fund was created by law in March 2020 and extended in November 2022 to include the financing of the package of measures to mitigate the consequences of the energy crisis and supply much needed liquidity. Panellists will look at the impact that repayments of emergency support loans will have on companies and, potentially, the economy at large.
- Where are we and what’s next: Legacy of support measures
- How to manage a smooth transition under the new market conditions: Triggering the next wave?
- Guarantees and silent partnerships as stabilisation instruments
- The price to pay: Prohibitions on distributions and dividends, waiver of bonuses, shareholder contributions and obligations of the parent company
- Recapitalisation and measures available, refinancing and capital increases: new developments
- The Business case: The energy crisis and the Uniper story
Panel discussion - Managing distressed portfolios and complex capital structures in a downturn
The panellists will discuss their strategies for navigating growing challenges in what is for many an unprecedented reality of sluggish economic activity, higher borrowing costs and rising costs of capital goods. What portfolio work are they focusing on? How are they approaching potential investments?
- How are rising inflation and interest rates impacting companies and their ability to support and service their debt piles?
- How can companies optimise their capital structures to be better equipped to face the current macro challenges?
- What is the pipeline for loan and bond issuance in Germany?
- What tools are available for companies to overhaul their capital structures and how the legal and regulatory toolkit has changed in the past few years?
- First time experience of a downturn: How is risk changing for companies? Is this stagflation or inflation? Or both?
Networking lunch
Panel discussion - Operational and business restructuring: A combined team effort
- Dealmaking and restructuring
- CROs and CISOs combining forces
- Risk management for stressed and distressed companies
- M&A and carve up focus
Panel discussion - Distressed sectors deep-dive: Focus on retail and consumer goods
The retail and consumer industry was hit hard in recent years. Recovery from the Covid-19 shock on the high-street was intercepted by new challenges including disrupted supply chains, inflation and the war in Ukraine. As a result, while consumer sentiment is turning negative, the number of (high-profile) insolvencies is increasing. What is the outlook for the market? Which actions can companies take to navigate this environment and safeguard sustainable profits?
Networking afternoon coffee
Fireside Chat - Distressed sectors deep dive: Opportunities and challenges
As the pandemic seems to fade, new issues are growing, including, 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 those spaces?
Drinks reception
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