debtwire post event report 2009

8/14/2019 Debtwire Post Event Report 2009

1/24

L a S a g a s: A l a a s: M a a

JAnuAry 2010 pubLicAtion

DebtwireEuropeanForum Q4 2009

Post-e ent briefn


2/24

2009 Deloitte LLP. All rights reserved.

The headline news in the media may be about financial turmoil but, even now, there are success stories in business. Our Winningframework provides a structured approach to tackling the challenges of the downturn in the business environment with the goal of

achieving superior performance. Get one step ahead at www.deloitte.com

Winning is a state of mind


3/24

CONTENTS

05 Chairmans welcome speech

06 Mornin e note speech

08 Panel: Debt bu bac s

10 Panel: Rein entin the CLO

11 Panel: Restructurin fnancial ser ices inemer in Europe

13 A ternoon chairs remar s

15 Presentation: Insol enc as a restructurin tool

19 Case Stud : Usin templates rom completed dealsto ma imise returns

20 Panel: Refnancin ban debt the road to reco er

21 Historical data


4/24


5/24

5DEBTWIRE EUROPEAN FORUMoctober 2009

i h s l m s h, Ma s h s v s as s,a la l h h gh l s a , as

am g h m s s g a s h ma . th a ass

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a h ha s m l s al s v s s.th s f s h s a h l a

, als v s s a l s l ma l a s, s a g ass s

a g h s ssa lava la l la g - a G7 s.

L g a h e a h gh l s ah s a , Ma s h ghl gh h u

pa -e c mm a s (upc) al A l as h s a g h ma .

th al ha a am -a - s h l a s a a ha g h s . i all h m a fa a g a s,

ma s a m a m v a l m a a al ma s v .

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h l als a a g v s s ala v l m s am . th a sa

as s s ss l ha upc as a l aga a h ma s m h

la a al m a a llaa h a h sam m . th ha g

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l a 25% h g assa Ma s. t a , h la g cLos hahav m ma , h a has

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hall g . H ha h ss g g h s s a h

ma s s m la h ll a al s s a ss e . i

s h s a s, g v m al g amm sv a f l s

a a m v a s s m lla s ms s lv .

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as l h ecb ass h as v s, s a

als m s v s as s.Ma s al s h s a ss g

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v s l ms ma , aal a gs a ala sh s.

cHriStopHer MArkS, HeAd oF eMeA debt cApitAL MArketS, bnp pAribAS

CHAIRMANS WELCOME SPEECH


6/24

6 DEBTWIRE EUROPEAN FORUMoctober 2009

Henry nicHoLSon & Gerry LoFtuS , deLoitte LLp

MORNINg kEyNOTE SPEECH

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h s g maa h l g g a .

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ss all s ss s al ma s ha hav lla s ; a

las l , m g s ss s ha

l s ggl a v m .i h s as , h s v -l v msma hav h m sh g g h

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h m m h ll ma a g v a h a m.

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sa ha , as , ss-ss s hav als a m l a h ma . F all , h lha h hav s l gal ss s a s

as h m s hav ssa lhs h s h a g

s j s g s a s.


7/24

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ALi ALLAHbAcHAni, MAnAGinG director, AVocA cApitALSiMon dAVieS, MAnAGinG director, bLAckStonericHArd HoweLL, pArtner, pAi pArtnerSricHArd MiLLwArd, MAnAGinG director, rotHScHiLdricHArd neVinS, pArtner, cAdwALAder, wickerSHAM & tAFt LLpAdeLene Lee, editor reStructurinG, debtwire

PANEL: DEBT BUyBACkS


9/24

www.rothschild.com

Leading the way in Restructuring Advice


10/24


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neiL bASu, ceo And MAnAGinG pArtner, peArL diVer cApitALAndrew burke, Senior portFoLio MAnAGer, LeVerAGed LoAnS, cAirn cApitALpHiLippe Jodin, pArtner, ALeGrA cApitALkyrAn McStAy, MAnAGinG director cApitAL MArketS, key cApitALALexAndre MArtin-Min, HeAd oF cdo inVeSt, AxA iMGreG brAncH, MAnAGinG pArtner, Scio cApitAL LLpcHriS HAFFenden, deputy editor reStructurinG, debtwire (ModerAtor)

PANEL: REINvENTINgTHE CLO


11/24


nAzAr cHernyAVSky, pArtner, SAyenko kHArenkoStewArt wAkeMAn, HeAd oF internAtionAL FinAnce depArtMent, MizuHo corporAte bAnkMike wiLcox, Vice preSident, bLAckStoneeric ziMny, HeAd oF dcM oriGinAtion Fi, coMMerzbAnknick briGGS, editor eMerGinG europe, debtwire (ModerAtor)

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gl al s s a h la ll g h lla s L hma b h s,a ma ag m , h a .

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v s l s a a am-la has ka a hs a

A g s s l h s s a v a s g la .

pa a a as a h s ssh s a , h m m l a

em g g e s a s gsl s 2010.

PANEL: RESTRUCTURINg FINANCIALSERvICES IN EMERgINg EUROPE


12/24

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13/24


AFTERNOON CHAIRS REMARkS

ia Ha l ga h a s sss g h h s al a s h ma , mm g ha

h v s h a m 2008, m -2007as a h a sh e a

a al ma s. Ha l ha ha , l v ag l a s a a a a a m m a h as h g g h a ma ha s m ,

v la g l cLos a h g s.

H ha a la g a h cLol m ha g h as ls

h ma a s g a h s s.H a , h v , ha as ,a s als a g h h g

s . Ha l haa h m h ma a s

h l v ag l a ma , l a l h gh l v ag ms a h l s

l ha v s a s.

i h a ha a sh a h gs ha , sa Ha l . th

s m s ss s ll v hs a a ma h h

v l h cLo v a

sh s a m . i , ha ha sla a s ll h a sas h l a h s s.

Ha l h h h FAS 157 a h g g 2008,

h h gav h l s ass s l l ass s a ma val s.

th s m h h mass v s ll a s, ma h h l g

h a v - l a mama Ha l , l a m l g

l v ag l a ass s a a

l a ass s a ss h ma .th m, sa Ha l , s ha h

m a h al m as ha ll h gh h l a g

S m 2008, a h h hs a l m .

As a s l , s g s a s ah m a a . p va

as a a l m v h s h h s ll g a h

l . ba s s m gl a al sa va s a h

h g a s l g .

A s , h s av s gs h s l al s ss s h hs s s g h gh. Ha l

sa ha ash f h s s ss shas v m s l haa a a h s l a l a g

m h ma h aa - a s v lv

h s s a s g als.

Ha l s m s a m a a v h a s. th

s a l m h ha ll

a g, a s m g h ma a h sam mas v ls h sa . H l s

ha h al s s h l v ag mas s ll a l h a s a a .

iAn HAzeLton, ceo, bAbSon cApitAL europe


14/24

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pHiL bowerS, deLoitte, & ricHArd tett, FreSHFieLdS bruckHAuS derinGer LLp

ph l b s a r ha t s as a a ss h s s lvas a s g l h a a ll a h a va ag s a sa va ag sass a h s h a s a g .

Am g h h a va ag s, b s s h a l a s lv l v a

s g. F s a , s lv shav h a l l av h - -m s, am - h -mm h l s, s v val h gh

mm a sal s s h as - a s h l

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s l v h s ss sl s s a la ms.

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g g s a h l s ha l . o s , h a als s s

v lv h s lv gs ha l a l h gh h gh m

a l gal, a al, mm al a as v as s lv s l s ma g h s a a .

b s a t h gav a v v s lv g m s a ss

e a j s s. i e gla a

wal s, h g m s s -l , v g a a l a lm h l ss l sa ha

h j s s a l gal ssa s. i a , m a s a

s a s lv ss ha all sh s s. F am l , h a

- a sal s, S h m s A a g m ,c m a V l a A a g m s (cVA)a S 426. th s a s ma

h j s h H l c o c s gs ma ms.

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m l m as a H l c s ll v g o c s as sha sal s a

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i ms S h m s A a g m , ta b s ha s m h

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s l h a h m a a h ha a sal .

th al ss s ava la l S 426 h uk i s lv

A , h h m s a m a aa m s a la a s g a

v s as s h as J s G s am l . th h s

hav ass s m a l as e gla a wal s a g as a a l a ma h ass s

e gla a wal s. wha h s all ss h coMi ma a h

sa J s G s a e glaa wal s a m s a ss

s ss all al h h ass s.

t g h j s s, b sa t l a s lv ss sava la l al e . As

a l , a s lv s ss all a l l v g a s g a

s l . wha a l g s sa a ss a a

g a f h - s g,

PRESENTATION: INSOLvENCyAS A RESTRUCTURINg TOOL


16/24


-ag a g a s. ths s ha , a l , all h s a l ms h m

l g a ss s a e .

p ss s e as h uk all all ma a g s, a - -

v ss s. c a j as lv ss s e a sas s a m. i l s a h

ss s h la g e ama s s h as S av ga F a ,

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h i s lv pla G ma h aall s la v l l .

th s am l s a all ss s ha m gh g as a m a a

h ss a a l g m . tha sa , a s , a a a ssf g a g, h - ss h s j s s s all h

a , a la l as a .

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s h s a s l l g hav s m s s

m , a s h sa a h v g h s s h gh a shal g m all h gh h

g s as a H l c ss l .

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h uk, h gh s as j s ss h as h n h la s a L m g.ul ma l , l l h h h a

ha g h coMi as a s l , ss l h uk h - a s a s h m s

a a g m ma m av a l .

th al a j s s as lv ss s s ha s gl

v s s m l l ss s. o v sl , al g s hav s s ha s ah ass s a a s a ss hh l e . i s h s a s,

s av m l l s lv sh h a a m l sas h

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0 5 10 15 20 25 30

Computer: HardwareUtilities (other)Biotechnology

Internet/ecommerceComputer: Software

Medical: PharmaceuticalsTelecommunications: Hardware

Computer: SemiconductorsTelecommunications: Carriers

Services (other)Industrial: Electronics

MediaEnergy

Consumer: FoodsConsumer: Other

TransportationLeisure

Consumer:Retail

Chemicals and materialsConstruction

IndustrialManufacturing (other)

Real estateAutomotive

Financial services

Stressed Distressed

Post Restructuring

Expected

Live

Number of situations

induStry breAkdown

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