Debtwire Restructuring Forum Germany 2023

Connect with key players in the German restructuring community!

Sofitel Frankfurt Opera, Frankfurt


08:30 - 09:00


09:10 - 09:20

Chair's welcoming remarks

09:20 - 09:40

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.

09:40 - 09:50

Presentation - Next Generation of Debtwire

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

09:50 - 10:30

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
10:30 - 11:10

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
Alexandra Hagelueken Partner, Latham & Watkins LLP
Johannes Koch
Johannes Koch Senior Reporter, Debtwire
Vikas Nanda Managing Director, Bridge Street Capital Ltd
11:10 - 11:40

Networking coffee

11:40 - 12:10

The Uniper story

  • A case study: Moving through a restructuring
12:10 - 12:50

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
12:50 - 13:50

Networking lunch

13:50 - 14:30

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?
Oskar von Kretschmann Head of Loan Trading, Morgan Stanley
Elias Huchler Principal, Bayside Capital
14:30 - 15:10

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
15:10 - 15:40

Networking afternoon coffee

15:40 - 16:40

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

Tobias Wens
Tobias Wens Managing Director & Partner, BCG Frankfurt
16:40 - 16:50

Chair's closing remarks

16:50 - 19:00

Drinks reception