Restructuring and Workouts: Strategies for Maximising Value

The restructuring market has developed dramatically since the recession of the early 1990s. A number of factors have contributed to a trend for increasingly complex workouts. As a result, the adviser community has developed imaginative solutions to assist those who deal with businesses in distress. The current economic climate is now testing these new tools which have been created to maximise value in restructuring situations. This important title features contributions by renowned experts in the field including Blackstone, 3-4 South Square, the World Bank and the Pension Protection Fund, among others, and analyses these new tools and the context in which they can be utilised. It explores the commercial agenda that dictates the use of technical procedures such as debt-for-equity swaps and pre-packaged administration sales. This book examines the ramifications of structured finance and details the workout strategies employed by those who have exposure to those products. Further, the international nature of this area of practice is examined. This authoritative work provides advisers and principals with the information they need to navigate their way through the challenges of the workout marketplace as the world economies move into an environment of reduced liquidity.

Table of Contents:
Table of contents Preface 5 The current restructuring 7 and workout environment Martin Gudgeon Shirish Joshi The Blackstone Group International Limited The economic and 15 political context for international restructuring Mahesh Uttamchandani The World Bank Debt for equity swaps 27 Karl Clowry Cadwalader, Wickersham & Taft LLP Pre-packs at an 47 operational level Mark Shaw BDO Stoy Hayward LLP Valuation of distressed 63 businesses Alastair Beveridge Paul Hemming Graeme Smith Kroll Talbot Hughes Schemes of arrangement 81 for long-tail liability claims Dan Schwarzmann PWC Jurisdiction Shopping 101 Christine L Childers Jenner & Block LLP Ronald DeKoven 3-4 South Square France 117 Matthieu Barthelemy Jacques Henrot Philippe Dubois De Pardieu Brocas Maffei Germany 131 Heinrich Meyer Beiten Burkhardt United States 157 Matthew Williams Kramer Levin Naftalis & Frankel LLP Workouts of structured 177 vehicles Phil Bowers Deloitte & Touche LLP Role of security trustees 185 Tamara Box Berwin Leighton Paisner LLP Rescue financing 193 Laura Barlow AlixPartners New stakeholders 209 Richard Favier Pension Protection Fund Darren Redmayne Lincoln International LLP About the authors 229

About the Author :
Consulting Editor Ben Larkin is head of the restructuring and insolvency department of Berwin Leighton Paisner LLP. He has specialised in insolvency since qualifying as a solicitor in 1993 and has a significant reputation as an expert in real estate-related workouts. Mr Larkin is recognised as a leader in his field and is a regular speaker at industry events.

Review :
"There are certainly not enough such books, in particular in terms of dealing with the careful analyses of the more specialist corners of the subject, eg. debt for equity swaps, pre-packs, valuation and SIVs." David Marks QC, 3-4 South Square, Journal of International Banking Law and Regulation "This book is exactly what the restructuring and workout professional will need on their desk as they navigate through the current economic downturn." EW (Sandy) Purcell, Managing Director, Houlihan Lokey International Corporate Rescue "While the book provides detailed technical analysis, the text is split into digestible paragraphs and is user-friendly with a comprehensive index." PLC magazine "Uniformly, the articles in this book are clearly written and exhibit the great familiarity of the authors with their respective subject matter." Shalom L Kohn Futures and Derivatives Law Report The authors of each individual article did an excellent job of including technical information without causing the reader to be bogged down in minutiae. In other words, this does not read like a textbook, but somehow manages to be as informative as a textbook: A fantastic accomplishment! Frank Voisin Frankly Speaking