Course background:
Cross-border debt restructurings are booming. In today’s world, the global financial crisis has exacerbated corporate financial distress to the extent that debt restructurings have become one of the hottest topics in the financial markets and are likely to be one of abiding interest for a long while.
In the current modern times, any CFO, banker, corporate executive or workout professional should have a comprehensive understanding of the restructuring process in order to decipher its dynamics and thus achieve a successful result. As such, we have prepared a practical 3-day training program that provides all elements necessary to acquiring or improving debt restructuring skills.
Course objectives:
This course is structured to provide you with a comprehensive analysis of that unique mixture of legal, business, finance, social, and psychological issues experienced in any workout transaction.
Throughout the program you will be asked to work through examples and simulation exercises. Active participation is encouraged to ensure understanding and reinforce concepts.
Who should attend:
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Workout practitioners
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Bankers (in particular US or European banks or financial institutions with cross-border activity; banks or financial institutions active in emerging markets and recovery, portfolio, asset management or distress departments of banks)
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Lawyers
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Accountants
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Auditors
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Corporate executives
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Finance professionals
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Consultants and financial advisors
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Fund managers
- Institutional investors
The course is led by Esteban C. Buljevich, author of Cross-Border Debt Restructurings published by Euromoney Books:
Day 1
The workout decalogue
Historical background on sovereign debt default – a brief summary
The London approach and INSOL principles
The new global approach to debt restructurings: the workout decalogue
Core principles of workouts
The out-of-court approach vs. the judicial approach vs. the middle-of-the-road alternative: prepackaged plans
Simulation: workout session 1 – time to meet
The sweating party or the “saddle bags”
Day 2
The ten workout banker mottos
Signs of financial distress
Main phases of a restructuring process
Standstill relief and standstill period
Steering committees
Disclosure of information
Distressed debt trading
Dealing with creditors
Simulation: workout session 2 – time to organise
The steering will behind the committee
Day 3
The restructuring dilemma: litigate or mitigate
New money financing
Analysis of restructuring alternatives
Restructuring strategies for creditors and debtors
Building the restructuring proposal – the foundation
Escalating levels of treatment
Treatment options for reschedulings and restructurings
Introduction to financial analysis
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Liquidity analysis
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Analysis of liabilities
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Analysis of assets
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Analysis of contracts
Conclusions of diagnostic analysis
Development of a new business plan
Valuation of a troubled company as a going concern
Valuation in liquidation
Sustainable debt level and capital structure analysis
Simulation: workout session 3 – time to decide
Show me the money: my bonus is at stake.
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Esteban C. Buljevich
Esteban Buljevich, admitted to practice law in Argentina, New York and the U.S. Supreme Court, is an international lawyer with almost two decades of experience in the fields of corporate finance, international restructurings, cross-border insolvency, and international banking. His global practice has involved transactions and clients located in many countries within Latin America, Asia, Europe, Middle East and Africa.
Esteban served as principal counsel in the Legal Department of the International Finance Corporation (IFC), a member of the World Bank Group, for more than 10 years. He retired in late 2007 from his position as head counsel responsible for legal affairs for South America. Before joining IFC, Esteban worked approximately six years in top-tier law firms in New York (Skadden, Arps, Slate, Meagher & Flom) and Buenos Aires.
Esteban has extensive practical experience and expertise in the area of M&A and corporate finance. While at IFC, he participated in numerous, complex financing transactions involving mergers and acquisitions as well as private equity and foreign direct investment around the globe.
Esteban co-authored Project Financing and the International Financial Markets, published by Kluwer Academic Publishers in the United States in 1990, and is also the author and editor of Cross Border Debt Restructurings, Innovative Solutions For Creditors, Borrowers and Sovereigns, published by Euromoney Books in 2005.
Esteban holds a law degree from the University of Buenos Aires, an M.B.A. in International Business from the L'Ecole des Ponts et Chaussée (Paris) and the University of Belgrano, a Masters degree in Finance and Investment Banking from New York University, and an LL.M. from Georgetown University.
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Bruno Navarro
Bruno Navarro is currently Chief of Special Operations of the International Finance Corporation, a member of the World Bank Group and is based in Hong Kong where he heads the recovery efforts of IFC primarily for Asia. Since 2002, Mr. Navarro was also temporarily relocated (expatriated) to the Buenos Aires office of IFC and lead IFC's workout efforts (the Argentina Recovery Project) in Argentina and Brazil. Prior to the Argentine crisis, Mr. Navarro spent four years in Jakarta where he led IFC's workout efforts (the Asia Crisis Task Force) in Indonesia and the Philippines. Before joining Special Operations, Mr. Navarro worked for IFC's Corporate Finance department where he was involved with privatization projects in Ecuador and companies' turn-around in Poland. Prior to joining IFC, Mr. Navarro spent four years in restructuring advisory services in Europe, Africa and South-East-Asia.
Mr. Navarro holds a master in Finance from the University of Paris and a post- graduate degree in Corporate Strategy from University of Paris and HEC.
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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