Debtwire Restructuring Forum Germany 2023
Connect with key players in the German restructuring community!
Sofitel Frankfurt Opera, Frankfurt
Agenda
Registration
Chair's welcoming remarks
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.
Presentation - Next Generation of Debtwire
Sourcing Debtwire intelligence and data, the presenter will highlight some key indicators for the market.
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
Panel discussion - 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
Networking lunch
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 afternoon coffee
Panel presentations - Distressed sectors deep dive: Opportunities and challenges
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, 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?
- Focus on automotive and industrial production
- Focus on retail and consumer goods
Chair's closing remarks
Drinks reception
Confirm cancellation
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Carsten Brzeski is the Global Head of Macro for ING Research. Previously, he worked at ABN Amro, the Dutch Ministry of Finance and the European Commission. He is a 2019 JFK Memorial Policy Fellow at Harvard University and member of the Advisory Council on International Affairs for the Dutch government and Parliament. Carsten has studied at the Free University of Berlin, Northeastern University in Boston and Harvard University in Cambridge, USA.
Oliver Kehren is a Managing Director at Morgan Stanley in London and Head of EMEA SSG. Activities include acquisitions/trading of distressed debt as part of portfolio and single name transactions and the restructuring/-financing of distressed corporate and sovereign situations. Oliver has extensive experience in export-/project-financing, corporate finance and financial restructurings. He is Co-Chairman of the board of Gesellschaft für Restrukturierung TMA Deutschland e.V., an author of several publications on financial restructurings and a guest lecturer at several Universities.
Frank Grell helps clients navigate distressed situations related to restructuring or insolvency. He chairs the German Restructuring & Special Situations Practice and served as Local Department Chair of the German Finance Department. Mr. Grell has earned a strong reputation from clients and leading publications for his empathetic approach and ability to craft pragmatic and commercial solutions in high-pressure or crisis situations.
Mr. Grell advises:
- Companies, management, and shareholders in a financial or operational crisis
- Creditors in all phases of financial restructurings, including debt-equity swaps, share pledge enforcements, and insolvency plan proceedings
- Investors on the acquisition of distressed companies and on restructuring, rescue financing, or refinancing transactions, including debt-equity swaps
- Insolvency administrators on M&A, restructurings, or disputes
- Complementing his transactional work, he also represents parties in claw-back and liability cases
Mr. Grell is a board member of TMA Germany e.V. and of Norddeutsches Insolvenzforum e.V. (Insolvency Forum of Northern Germany).
He regularly speaks and writes about insolvency and restructuring matters.
Head of Trade Finance & Lending DACH und Global Co-Head of Lending, Deutsche Bank AG
Based in Frankfurt, Hauke Burkhardt is leading the global corporate lending business of the Corporate Bank since October 2019. Since June 2022 he is also Head of Trade Finance & Lending DACH. At the same time he is a member of the Corporate Bank Germany Executive Committee, the Global Trade Finance & Lending Executive Committee as well as different Supervisory and Investor Boards.
Hauke Burkhardt joined Deutsche Bank in 2007 and held leadership positions in various Trade Finance and Lending areas.
Mr. Burkhardt holds a Diploma degree from the University of Cooperative Education in Stuttgart, Baden-Wuerttemberg, Germany and is an alumnus of the ZEIT-Stiftung Ebelin und Gerd Bucerius.
Chrysanth Herr is a partner in Triton’s Debt Opportunities strategy. He focuses on secondary investments in first lien debt of fundamentally sound business across Northern and Western Europe. Prior to joining Triton in 2012, Chrysanth was in Goldman Sachs’ European Special Situations Group. He holds a Diplom-Kaufmann degree from the European Business School (EBS) in Oestrich-Winkel.
Bernd is leading the Finance & Economic Promotion practice in PwC Germany. He is a renowned expert on finance advising public authorities regarding the conception, implementation and optimization in the area of economic promotion. He leads the team that is mandated by the federal government and various states to act as mandataries in guarantee matters.
Bernd joined PwC more than 20 years ago and previously worked in banking.
Bernd is leading the Finance & Economic Promotion practice in PwC Germany. He is a renowned expert on finance advising public authorities regarding the conception, implementation and optimization in the area of economic promotion. He leads the team that is mandated by the federal government and various states to act as mandataries in guarantee matters.
Bernd joined PwC more than 20 years ago and previously worked in banking.
Dr. Jörn Kowalewski has long-standing experience advising stakeholders within complex corporate restructurings, both out of court and within insolvency proceedings, as well as handling distressed M&A transactions.
Dr. Kowalewski advises distressed investors, lenders, lender groups, and steering committees, as well as the debtors, shareholders, and management in:
- Out-of-court (financial and operational) restructurings
- Distressed M&A transactions
- Debt-to-equity transactions
Dr. Kowalewski enhances his legal advice with an entrepreneurial and pragmatic approach, drawing on his prior experiences running a midsized international trading company and serving as a research fellow at the Max Planck Institute for Comparative and International Private Law.
Britta Huebner has been managing restructuring cases for 15 years.. She leads the restructuring process
in the role as Chief Restructuring or Transformation Officer, always acting out of a board position.
Britta Huebner successfully managed her cases going concern as well as through insolvency
proceedings. She gained her extensive experience either in large international family or PE owned
companies as well as in listed corporations.
In addition to her role as CRO, Britta Huebner is a member of several supervisory and advisory
boards.
Henrik Munte serves as Managing Director of Deutsche Invest Mittelstand (DIM). In this role, Henrik leads the team of senior M&A experts and is responsible for all buy- and sell-side activities of DIM. He further supports portfolio companies – as the case might be – as a board member, advisor and / or investor.
Prior to joining DIM, Henrik spent over 6 years with Quantum Capital Partners, where he was responsible for various buy- and sell-side transactions, especially in the industrials and business services sectors. Previously, Henrik worked in the M&A advisory field with Doertenbach & Co and Merrill Lynch & Co. where he accompanied numerous sell- and buy-side transactions. Henrik worked on both distressed and regular M&A transactions in various industries.
Henrik studied business administration at the University of Mannheim.