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EUROPEAN RESTRUCTURINGDAY 2014

9 May 2014, Frankfurt/Main

Refinancing and Restructuring Trends for

2014/2015

2

Programme (I)

9.00 am Registration and Welcome Coffee

9.30 am Opening Remarks

Dr. Thomas Hoffmann, Co-Head Restructuring and Insolvency, Noerr LLP

9.45 am Keynote Insolvency Legislation in a European Context: Group Insolvencies et al.

Prof. Dr. Heribert Hirte, Member of the German Bundestag, Member of the Committee on

Legal Affairs and Consumer Protection & Member of the Committee on the Affairs of the

European Union, German Bundestag

10.15 am Releasing the Brakes The A.T.U Case

Christian Sailer, CFO, A.T.U Auto-Teile-Unger Handels GmbH & Co. KG

Detlef Specovius, CRO, A.T.U Auto-Teile-Unger Handels GmbH & Co. KG

10.45 am Getting Back on Track The Nrburgring Experience

Dr. Alexander Jchser, Partner, Lieser Rechtsanwlte

Alexander Bischoff, Partner Corporate Finance M&A, KPMG

11.15 am Smartphone Break

11.30 am The Shipping Crisis Proposals for a Solution

Wolfgang Topp, Head of the Restructuring Unit, HSH Nordbank AG

12.00 am Sewing Company Arrangements The Miss Sixty Case, Italy

Paolo Bodo, CEO, Sixty Far East Ltd. (Miss Sixty)

Giovanni Nardulli, Legance Avvocati Associati

12.30 pm Lunch & Networking

3

Programme (II)

1.30 pm Critical Success Factors within the Restructuring Process (New) Rules of Corporate

Restructuring

Hans Joachim Weidtmann, Managing Director, Head of Group Intensive Care Corporates,

Commerzbank AG

2.00 pm New Players, New Rules?

The Role of Distressed Investors in European Restructurings and Insolvencies

Prof. Dr. Reinhard Bork, Managing Director of the Seminar for Civil- and General Procedural

Law, University of Hamburg

Mia Drennan, Principal, Global Loan Agency Services Ltd.

Oliver Kehren, Managing Director, Morgan Stanley

Hans Joachim Weidtmann, Managing Director, Head of Group Intensive Care Corporates,

Commerzbank AG

Hosted by Dr. Thomas Schulz, LL.M., Partner, Noerr LLP, London

2.45 pm Smartphone Break

3.00 pm Distressing Bonds The Global PVQ (formerly known as QCells)-Case

Martin Schoebe, LL.M., Partner, Insolvency Administrator and Sequestrator, hww wienberg

wilhelm Insolvenzverwalter Partnerschaft

3.30 pm Building New Financing The Asamer Case, Austria

Jrn Trierweiler, CRO, Asamer Holding AG

Dr. Peter E.J. Winkler, LL.M. (Harvard), Partner, Eisenberger & Herzog, Wien

4.00 pm Closing Remarks

4.15 pm Stay Together with Finger Food

RELEASING THE BRAKES

Christian Sailer, CFO, A.T.U Auto-Teile-Unger Handels

GmbH & Co. KG

Detlef Specovius, CRO, A.T.U Auto-Teile-Unger Handels

GmbH & Co. KG

9 May 2014, Frankfurt/Main

The A.T.U Case

Releasing the brakesThe A.T.U case

09 May 2014

Christian Sailer /// CFO, A.T.UDr Christoph v. Wilcken /// Schultze & Braun GmbH

2014 Restructuring

9 May 2014 /// 06

Agenda

1. A.T.U - Overview of the company

2. Restructuring liabilities and shareholders' equity: background

3. Financial restructuring plan

2014 Restructuring

9 May 2014 /// 07

A.T.U in figures

Founded by Peter Unger in 1985

Sales revenues: EUR 1.1 billion

646 branches in Germany, Austria, the Czech Republic, Italy, Switzerland and the Netherlands

Around 11,000 employees

Product range of ca. 140,000 different items

Data and facts about A.T.U

A.T.U - Overview of the company

2014 Restructuring

9 May 2014 /// 08

A.T.U: The master workshop

5.7 millionA.T.U auto repair shops handled more than 5.7 million maintenance and repair jobs in 2013. At the company's glass-facade workshops, customers can observe the speed and professional skills of A.T.U experts in real time.

A.T.U - Overview of the company

2014 Restructuring

9 May 2014 /// 09

A.T.U's auto parts shops: comprehensive & with reas onable prices

15,000 itemsThe huge product range includes tyres and rims, motor oils, replacement parts and consumables, auto-care products, anti-freeze, tools, child seats, roof cargo boxes and bicycle racks, trailers, car radios and GPS units, scooters and bicycles.

A.T.U - Overview of the company

2014 Restructuring

9 May 2014 /// 010

A.T.U logistics

60,000A.T.U's success is also based on logistics. Two distribution centres keep approximately 60,000 items organised. This means products can be delivered quickly to customers - and buying directly from manufacturers cuts out intermediaries and ensures favourable purchasing terms.

A.T.U - Overview of the company

2014 Restructuring

9 May 2014 /// 011

The lorry fleet

15.6 millionA.T.U's fleet delivers 15.6 million sets of products to 646 branches each year. Merchandise management is a closed cycle: the lorries supply branches upon arrival and dispose of old parts on the way back.

A.T.U - Overview of the company

2014 Restructuring

9 May 2014 /// 012

A.T.U's environmental approach

6.7million95% of scrap materials collected by the A.T.U branches are disposed of at the company's own recycling plants. Each year, A.T.U recycles around 6.7 million old tyres. In addition, 26,500 tonnes of scrap metal and 3.7 million litres of used motor oil are recycled.

A.T.U - Overview of the company

2014 Restructuring

9 May 2014 /// 013

Agenda

1. A.T.U - Overview of the company

2. Restructuring liabilities and shareholders' equit y: background

3. Financial restructuring plan

2014 Restructuring

9 May 2014 /// 014

Simplified corporate structure before transaction

o EUR 150 million junior bond at the level of the Investment Co

o Issuance of EUR 450 million of senior bonds (EUR 375 million + EUR 75 million) in October 2010 to refinance maturing bank loans

o EUR 45 million working capital facility with variable utilisation to finance working capital requirements

Holding Co (Holding GmbH)

Affiliated Co (Beteiligungs

GmbH)

Investment Co (Investment KG)

Trading Co (Handels KG)

(OpCo)

Oper. subsidiaries

Junior secured notesEUR 150 million (JSN)

Senior secured notes

EUR 450 million (SSN)

Working capital facility

EUR 45 million (RCF)

Lux Co

Profittransfer agreement

Restructuring liabilities and shareholders' equity: background

2014 Restructuring

9 May 2014 /// 015

Restructuring A.T.U's corporate bonds

Maturity structure of A.T.U's financial liabilities before transaction

375 150

45

May

450

Jan MarFeb Jul SepAugJun

75

Apr Oct

Senior bonds(EUR 375 bond with 11% fixed interest rate, EUR 75 million bond with variable interest of 9.75% plus 6-month Euribor)

Junior bond(EUR 150 million bond with variable interest of 7.25% plus 3-month Euribor)

2014

RCF line(EUR 45 million with variable utilisation to finance working capital)

Restructuring liabilities and shareholders' equity: background

2014 Restructuring

9 May 2014 /// 016

Restructuring of A.T.U's corporate bonds

Chronology of the restructuring

Restructuring liabilities and shareholders' equity: background

2014 Restructuring

9 May 2014 /// 017

Agenda

1. A.T.U - Overview of the company

2. Restructuring liabilities and shareholders' equity: background

3. Financial restructuring plan

2014 Restructuring

9 May 2014 /// 018

The restructuring plan at a glance

Package of measures designed to overcome the company crisis, thereby saving the A.T.U Group. Fresh money was injected into the company.

Substantial reduction in debt (including fresh money) and the associated future annual interest expense led to improvements in cash flow and the main loan covenant ratios

The three biggest investors in the secured note (Centerbridge, Goldman Sachs and Babson) entered as new shareholders, injecting fresh money to strengthen the company's capital base. KKR, previously the main shareholder, exited as an A.T.U Group shareholder

Financial restructuring plan

2014 Restructuring

9 May 2014 /// 019

Main steps in the financial restructuring plan

Comprehensive reorganisation opinion on the A.T.U G roup's ability to be reorganised, based on IDW Standard S6

The previous shareholder waived in its entirety the shareholder loan in the amount of EUR 103 millionand completely surrendered its shares for EUR 1.

The A.T.U Investment KG (Investment Co) junior bond was released , leading to a EUR 131 million debt reduction . The remaining EUR 19 million were held by A.T.U.

As part of the debt-to-equity swap , the secured notes from A.T.U Handels AG (Trading Co) (EUR 450 million) were converted into preference shares in a new foreign holding company. In addition, around 92% of these bond creditors provided a total of EUR 109 million of new funds .

The working capital loan (EUR 45 million) and the bridg e loan (EUR 25 million) were repaid from funds provided by the new shareholders. At the same time, a new financing source provided a new working capital facility in the amount of EUR 25 m

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