kontakt:alfredstr. 108zollhof 11 45131 essen40221 düsseldorf fon +49 (0) 201 879 040 fon +49 (0)...

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Kontakt: Alfredstr. 108 Zollhof 11 45131 Essen 40221 Düsseldorf fon +49 (0) 201 879 040 fon +49 (0) 211 175 20 57 0 fax +49 (0) 201 879 041 2 fax +49 (0) 211 175 20 57 9 email [email protected] RA Bernd Depping email [email protected] TMA Europe conference 2014 Distressed debt options in the context of subsidy cuts for renewable energy projects Munich, 13.06.2014

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Page 1: Kontakt:Alfredstr. 108Zollhof 11 45131 Essen40221 Düsseldorf fon +49 (0) 201 879 040 fon +49 (0) 211 175 20 57 0 fax +49 (0) 201 879 041 2 fax +49 (0)

Kontakt: Alfredstr. 108 Zollhof 1145131 Essen 40221 Düsseldorffon +49 (0) 201 879 040 fon +49 (0) 211

175 20 57 0 fax +49 (0) 201 879 041 2 fax +49 (0) 211

175 20 57 9 email [email protected]

RA Bernd Depping email [email protected]

TMA Europe conference 2014Distressed debt options in the context of subsidy cuts for renewable energy projects

Munich, 13.06.2014

Page 2: Kontakt:Alfredstr. 108Zollhof 11 45131 Essen40221 Düsseldorf fon +49 (0) 201 879 040 fon +49 (0) 211 175 20 57 0 fax +49 (0) 201 879 041 2 fax +49 (0)

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I. Introductiona) Economic aspects of foreign investment

– Positive: Investments as a mainspring of international integration; important economic indicator

for globalisation; governmental competition for investors (jobs)

– Negative: Resources are exploited; environmental pollution f.e.: When weighing up the positives

and negatives, countries have leeway

b) Typical structure of cross-border project financing = single-purpose company

c) Disappointed trust through the host country

example: Venezuela, Argentina, Nokia (Bochum),

but also: Reverse fear of Chinese and Russian state funds,

d) Actual: Russian-Ukrainian conflict

- Threat of dispossession

- 6000 german companies are involved in commercial transactions with Russia

- approx. 20 billion invested in Russia

e) There is no didactic literature in Germany on international investment and

expropriation law

Page 3: Kontakt:Alfredstr. 108Zollhof 11 45131 Essen40221 Düsseldorf fon +49 (0) 201 879 040 fon +49 (0) 211 175 20 57 0 fax +49 (0) 201 879 041 2 fax +49 (0)

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Page 4: Kontakt:Alfredstr. 108Zollhof 11 45131 Essen40221 Düsseldorf fon +49 (0) 201 879 040 fon +49 (0) 211 175 20 57 0 fax +49 (0) 201 879 041 2 fax +49 (0)

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Page 5: Kontakt:Alfredstr. 108Zollhof 11 45131 Essen40221 Düsseldorf fon +49 (0) 201 879 040 fon +49 (0) 211 175 20 57 0 fax +49 (0) 201 879 041 2 fax +49 (0)

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VI. Bank perspectivea) Loan collateral

• Cancellation options because of deterioration of the financial situation

covenant breaches

• Liquidation of collateral

• Shares in the svp

– Configuration: obligation to (subsequently) transfer investment

protection legislation claims

• Configuration: possibly the svp itself is entitled to claim

Page 6: Kontakt:Alfredstr. 108Zollhof 11 45131 Essen40221 Düsseldorf fon +49 (0) 201 879 040 fon +49 (0) 211 175 20 57 0 fax +49 (0) 201 879 041 2 fax +49 (0)

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b) Own claims of the banks

• No interference with the legal status of the loan receivable

• But: economic interventions are sufficient

• Competition problem with claims of the investor

• Task: Coordination and cooperation

• Insolvency administrator is the "born" mediator

VII. Administrator perspective

VIII.Debt-Investor perspective

Problem: right to sue

Page 7: Kontakt:Alfredstr. 108Zollhof 11 45131 Essen40221 Düsseldorf fon +49 (0) 201 879 040 fon +49 (0) 211 175 20 57 0 fax +49 (0) 201 879 041 2 fax +49 (0)

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Page 8: Kontakt:Alfredstr. 108Zollhof 11 45131 Essen40221 Düsseldorf fon +49 (0) 201 879 040 fon +49 (0) 211 175 20 57 0 fax +49 (0) 201 879 041 2 fax +49 (0)

[email protected]

DISCLAIMER

This document is proprietary to dnp Depping GmbH & Co. KG (“dnp Depping”) and shall serve informational purposes only. This document shall not be distributed to any third party or used for any other purpose without the prior consent of dnp Depping. The information and opinions contained in this document reflect dnp Depping's opinions as of the date hereof and are subject to change without notice. In preparing this document, dnp Depping has relied upon public sources the accuracy and completeness of which dnp Depping believes to be reliable but which dnp Depping has not independently verified. No representation or warranty, express or implied, is or will be given by dnp Depping, its directors, partners, employees or advisors as to the accuracy, completeness or fairness of the information and, as far as permitted by law, no responsibility or liability whatsoever is accepted for the accuracy or sufficiency thereof or for any errors, omissions or misstatements, negligent or otherwise, relating thereto. Our analyses are not and do not purport to be (i) legal, tax or accounting advice, (ii) appraisals of the assets, stock, business or anticipated future performance of the respective companies or (iii) an offer to sell any security or financial instrument or to participate in any investment strategy.

Alfredstraße 10845131 Essen+49 (0)201 87904-0+49 (0)201 87904-12 (fax)

Zollhof 1140221 Düsseldorf+49 (0)211 175 20 57-0+49 (0)211 175 20 57-9 (fax)