The trainer is a consultant, public speaker and author. He provides training programmes globally to a blue-chip client base on private equity, debt finance, loan documentation and restructuring. He is a senior consultant with Debt Xplained, with Grant Thornton UK (Debt Advisory) and is also a Senior Advisor to KPMG Finland.
He has spoken at conferences in the UK, Europe, Australasia & South Africa. He provides training to a wide range of clients on a bespoke in-house basis & publicly through Redcliffe Training Associates. Additionally, he is the Programme Director for the infrastructure/project finance module for the MBA programme at the Cass Business School in London.
Case Study: Review of McCarthy & Stone (Pre-packaged Administration & Schemes)
CASE: Calculating the equity warrants in distress; reviewing other recovery options; key issues for the lenders to consider post D4D or D4E
The programme will review the impact of the draft ECB guidance on leveraged transactions.
The course is aimed at lenders, sponsors, lawyers, accountants and other advisers involved in this sector, management and other professions (investment advisers) operating in the European environment who require a greater insight into the key issues which arise in financial restructurings. The course will also discuss briefly the potential impact of Brexit on existing and new documentation.
Whilst markets remain benign certain sectors continue to experience unfavourable conditions; oil & gas, mining & minerals and, for differing reasons, retail. Given these challenges businesses within these sectors, face increasing pressure to restructure to creating a viable business with a sustainable capital structure.
The global nature of many firms and financing techniques has generated a more eclectic approach to restructuring techniques with firms increasingly willing to indulge in forum shopping to access the most suitable restructuring pathway.
The flexibility offered by UK Schemes of Arrangement coupled with its availability in many jurisdictions outside the UK has seen Schemes used a diverse range of jurisdictions particularly in Germany, Spain, Holland but also GIC, Russia and Vietnam. Some EU jurisdictions have responded by introducing more flexible restructuring pathways which provide greater flexibility e.g. Spain, Germany and France.
This programme covers some of the more controversial areas in Schemes which have arisen in practice including whether and to what extent the EU Judgements Regulation applies to Schemes. Cases have relied on Art 8 or Art 25 but the current Gulf Keystone scheme is relying on a new approach.
Whilst many of the pathways available in Europe offer increasingly flexible restructuring techniques (e.g.”Pre-packs”), the U.S., through Chapter 11, provides a unique combination of tools to implement both financial and operational restructuring, such as DIP funding and the ability to terminate contracts. The recent U.S case Berau Capital case in the U.S. will also serve to expand the availability of Chapter 11 to foreign debtors.
Pre-packs have long been available in the UK but have also been applied in numerous jurisdictions on the Continent (e.g. France, Spain and Holland). Pre-packs are often more a term of art and the approach and issues are broadly similar since the issues tend to transcend jurisdictions. This programme covers Prepacks from a European perspective but draws on the experiences in the UK market.
UK Administrations provide a “wrapper” with a moratorium giving firms breathing space to implement the most effective method of restructuring. These pathways may be available to non-UK companies via a CoMi shift and have been used where the local regime is too inflexible. The programme reviews the key issues and cases in Administration as well as CVAs particularly where they have been used by non-UK firms (e.g. Schefenacker). Credit bidding has also found its way into the restructuring toolkit (vide European Directories and Stabilus cases).
In light of the ease of access to Chapter 11 together with its requirements and flexibility offered by Chapter 11, the programme will devote some time to Chapter 11, its requirements, implementation. Consideration will also be given to out of court restructurings in the U.S. finally, the programme will take a comparative view of Schemes vs Chapter 11.
Valuation lies at the heart of any restructuring and the programme looks briefly at the current approaches to valuation and analyses the approaches used. Conventional wisdom suggests that and theoretically, parties who are “out-of-the-money” play no part in proceedings since restructurings follow the priority of claims ensconced in law (e.g. employee claims) or a contractual framework via the payment waterfall. In practice this is not always the case and, particularly in more complex deals, the key issue is to get a seat at the restructuring table to influence the process.
This course explores the negotiating levers which various parties can use to obtain a seat at the negotiating table together with the restructuring methods, solutions, techniques and tactics for managing all the players as well as the practical issues which will face parties in leveraged and unleveraged deals and, drawing on the trainer’s experience, offers a practical template on how to respond to the issues they are likely to face.
“Very interactive, well-structured, good fun”
“A fusion of legal, technical and commercial issues with real life examples”
“A very comprehensive course presented by a great trainer who is very competent in his field and I learnt a lot”
“I have trained with Redcliffe Training before. Excellent communication and information delivery from the trainers.”
“Great general knowledge, interesting, extremely clever presenter”
Corporate Restructuring Course
Training Course Area
|Restructuring High Yield Bonds Course||Bond restructuring, Credit Default Swap, International Trade transactions|
|Modelling, Credit Risk|
|Advanced Debt Restructuring: For Bankers and Financiers||Cashflow forecast, External and Qualitative Risk Analysis for problem loans|