This course can be presented in-house via live webinar.
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 Explained, 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.
Intercreditor Agreements come to the fore in distress and restructurings. In essence their aim to provide lenders with the tools to implement an orderly restructuring by mimicking some (but not all) of the features available under Chapter 11. In particular, ranking/priority available under the “Absolute Priority rule (recently reaffirmed in the Jevic case), enforcement standstills (especially junior lenders), payment stop notices, turnover process and the ability to sell assets free of collateral (the so-called “intercreditor release mechanism which featured in the European Directories case).
The Intercreditor course reviews the key aspects of typical Intercreditor agreements, especially the various LMA precedents for leverage loans, pari-loan/bond deals and real estate transactions. However, as the LMA acknowledges, their precedents are simply a point of departure so the programme also reviews other approaches found in the market. Moreover the LMA does not yet boast a precedents for transactions which include ABL or Unitranche deals (although the latter is in the works at present). Dovetailing ABL with other forms of debt has proved problematical outside the EU so the course calls on the presenter’s expertise to consider some solutions to this issue.
This Intercreditor course will provide participants with an understanding of the role of the key intercreditor and how these tools are used in practice. The Intercreditor course also covers related aspects of topical issue of value and price which was central in both the IMO Carwash and the Stabilus cases. The role and importance of the Facility And Security Agents is also considered.
What Redcliffe’s clients are saying about the Intercreditor training course;
“A very energetic trainer who provided references to key deals & cases”
“The course was divided up well & had continuous themes that made it interesting throughout”
“Very well delivered; I never felt sleepy at all unlike other courses I have attended. A good use of live deals”
“Excellent examples used, particularly the case studies. Very well presented. Super engaging! ”
“Good discussion around recent case and commercial market positions”
“Really strong on current market practice and getting us to think about solutions to potential Issues (e.g. ABL)”
“Excellent overview of a number of ICA principles as applied to different types of finance. Very good use of real world examples”
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