Euromoney Legal Training

Course overview

Creditors and borrowers are facing an unprecedented and unpredictable market with many of the debt arrangements put in place during the last three to five years coming under severe pressure.

With the trend for increased leverage of corporations over the past few years driven by high levels of liquidity now resulting in many borrowers struggling to maintain their current debt levels, lenders and investors are having to look at their investment portfolios and loan books to assess the potential risks that holding such investments present.

There are a wide number of options available to manage distressed debt situations. These options range along a sliding scale of severity, from waivers for "technical" defaults to full scale liquidation and enforcement actions in situations where there is no hope of alternative action rescuing a financing arrangement.

It is essential that both creditors and borrowers understand the nature of the risks presented by the current market conditions. Proactive management of the issues arising from defaulting debt arrangements will assist creditors and borrowers in managing distressed situations in a way that should minimise destruction of value.

How this course will help you

You will:

• Examine current issues in the market
• Learn the key documentary privisions in loan arrangements and bonds
• Explore inter-creditor deeds, the options for creditors and the creditor process
• Appreciate the tactical use of litigation
• Understand UK insolvency issues
• Identify enforcement of security options
• Understand the French "safeguard" process
• Evaluate issues in emerging markets

Who should attend:

• In-house lawyers in financial institutions, hedge funds, private equity houses, asset managers and investment vehicles
• Corporate counsel
• Bankers concerned with negotiation of restructuring debt
• Lawyers in private practices who advise clients on restructuring debt

Day 1

Current issues in the international debt & loan markets

The restructuring process – stakeholders & timing

Key documentary provisions (loan arrangements)

• Triggers for default:
• Types of default
• Grace periods
• Consequences of default
• Voting arrangements and thresholds
• Waivers and amendments

Key documentary provisions (bonds)

• Triggers for default:
• Types of default
• Grace periods
• Consequences of default
• Voting arrangements and thresholds
• Waivers and amendments
• Noteholder meetings
• Tender/exchange offers

Inter-creditor deeds

• Ranking
• The role of value in restructuring
• Creditor rights and restrictions

Day 2

COMI

• Understanding the European Insolvency Regime
• Recent developments

UK insolvency issues (part 1)

• Administration
• In court
• Out of court
• Liquidation

UK insolvency issues (part 2)

• Pre-packaged administrations
• Schemes of arrangement

Debt to equity swaps

• Issues
• Process
• Documentation

Enforcement options

• Role of the agent and the trustee
• Enforcement of security

Day 3

The French “safeguard” process

• Why is it important?
• Insolvency arbitrage
• Process
• Creditors’ rights and representation
• Consequences

Options for creditors

• Waivers
• Rescheduling
• Restructuring
• Enforcement
• Liquidation
• Standstill arrangements and documentation

The creditor process

• Creditor committees
• Appointment
• Operation
• Managing the public/private information divide

High Yield as a key restructuring tool 

• The nature of high yield transactions
• High yield structures for refinancing senior bank debt
• Current trends and issues in the high yield market

• Claire Pointing

  Claire Pointing
  
  Claire is a solicitor with over 15 years experience in structured finance and capital markets in London and Paris.
  
  Claire has worked at Norton Rose, Cadwalder and Gide Loyrette Nouel, and has advised on numerous European bond, MTN and commercial paper offerings. She is currently a senior member of the debtXplained team which provides market focused reviews and information on high yield transactions, led by Stephen Mostyn-Williams.
  
  In addition to legal practice Claire has worked in strategy consulting with LEK Consulting LLP and has carried out research at Oxford University and New York University School of Law. Claire has also completed the corporate finance programme at London Business School.
  

  Courses run by this instructor

  • Bond & Debt - London
  • Advanced Bond & Debt - London

Interested in holding this course in-house? Please fill out your details and a member of our team will be in touch with more information.

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