Registration and breakfast
Chair's opening remarks
Keynote sessionKamen Zahariev
Director – Corporate Recovery, EBRD
Kamen Zahariev is Director, Corporate Recovery at the European Bank of Reconstruction and Development since October 2008. He oversees the work of the global Corporate Recovery Team which is responsible for EBRD’s significant portfolio of impaired assets: loans to problem banks and other financial institutions, impaired corporate loans and equity investments in Central and Eastern Europe and the CIS.
In the last 20 years Kamen Zahariev has participated in over 120 significant transactions including workouts, multiparty restructurings, project finance, M&A, and private equity. He is familiar with both the business and legal aspects of international finance, having worked for 15 years in the London Headquarters of EBRD and over five years in Kiev managing EBRD's operations in Ukraine.
Kamen Zahariev served on the supervisory boards of numerous industrial companies and investment funds in Central and Eastern Europe. He is member of the British Institute of Directors and has been member of several associations of foreign investors with interest in Eastern Europe.
Other positions previously held at EBRD include that of Country Director, Ukraine managing for over 5 years EBRD’s operations in Ukraine and Head of the Corporate Recovery and Litigation Team within the Legal Department of the EBRD in the aftermath of the Russian debt crisis of 1998.
- Events leading up to the filing for extraordinary administration
- Lex Agrokor – why was it established, how it differs from existing pre-insolvency processes
- Latest developments – status of the restructuring (based on Debtwire Intelligence)
Managing Editor, CEEMEA, Debtwire
Panel discussion: Agrokor, impacts for the Croatian economy and the Balkans
- Banking sector and other financial institutions exposure to Agrokor
- Suppliers, will they also fall into distress?
- What are the Croatian authorities doing to mitigate the impact on the economy?
- Likely effects on Agrokor’s non-Croatian operations, and other Balkan economies
Senior Partner, Savoric & Partners
Boris Šavorić is a founding and senior partner of top tier Croatian law firm Šavorić & Partners. For more than 20 years, Boris has been advising multinational corporations and financial institutions in major corporate, M&A, capital markets and project finance transactions in Croatia. Boris participated in most of the strategic and infrastructural projects in Croatia, including privatizations, take overs and IPOs.Dominik Dolenec
Managing Partner, Emona CapitalPaolo Crespo
Partner, PillarstoneRaj Apte
Head of Restructuring for Central and Southeast Europe , EYStefan Selden
Partner, 720 Restructuring & AdvisoryMehdi Khouadja
Deputy Head Loan Syndication, Raiffeisen Bank International
Mehdi Khouadja started his career with JPMorgan and held several positions in their Investment Banking Division, on the debt capital market side for 13 years. His last position at JPMorgan was on the secondary loan trading desk trading leveraged and distressed loans. After JPMorgan, he moved to IKB Deutsche Industrie Bank to set up their leveraged loan and high yield bond trading desk. After 4 years, he joined Raiffeisen Bank International in 2014 as a senior director on the Loan Syndication desk responsible for the secondary loan trading activity. At RBI Mehdi leads and transacts the sale of non-performing loans across Western Europe and the CEE/SEE network banks. Mehdi studied at the Ecole Supérieure de Commerce in Reims in France and at the Fachhochschule Reutlingen in Germany.Chris Haffenden
Managing Editor, CEEMEA, Debtwire
Updates on European Harmonisation laws
- An in-depth review of the framework and overview of the legislative process
- Examining the success rates and concerns from different regions
- What are the benefits of a revised framework?
- What the implications might be?
- What standards are non-EU countries following? Are there any specific guidelines?
Networking Coffee Break
Where have all the restructurings gone?
Now new money is now available will restructurings continue? Will high yield bonds prevail over restructuring? European leverage debt vs. loans?Dorian Macovei
Managing Director, EMSA CapitalIlija Plavcic
Regional Director of Central Europe, B2kapitalIgor Tsibelman
Managing Partner, Charitable Chevalier d'Aglerais
Igor Tsibelman concentrates on complex conflict resolution, special situations and distressed M&A. His career in executive positions and board memberships has been combined with advisory roles in the leading international consultancies and enables him to bring a unique blend of professional expertise and operational experience to the restructuring and distressed M&A practice.
Igor started his professional career as a commercial litigator in White & Case, New York in 2001. In 2007, he moved to Moscow and until 2012 worked for Gazprom Neft, where he rose to Deputy General Counsel in charge of international projects, and advised on the strategy and execution of major M&A deals. Igor was instrumental in the ultimate resolution of conflict over control of the Moscow Oil Refinery in 2008, and in the hostile acquisition of Sibir Energy plc in 2009. Igor served as the CEO of Sibir Energy in 2009-2010, and successfully negotiated global settlement of claims exceeding $1 billion and recovered over $300 million for Sibir Energy in the process. Igor worked for Stroytransgaz in 2012-14 as Special International Counsel, and for Rostec as General Counsel of its investment arm RT-Global Resources in 2014-2015. Igor was recruited by SBERBANK CIB in 2015. At SBERBANK, Igor was in charge of the restructuring of SBERBANK’s credit exposure in Ukraine, and negotiated and executed the deleveraging transaction with DTEK in 2016. Since 2017, Igor has been in private practice, assisting Rothschild & Co., with the restructuring of Privat Bank’s distressed loan portfolio ($8 billion) allegedly taken by its former shareholders.Florian Klimscha
Florian Klimscha is a partner of Freshfields Bruckhaus Deringer based in Vienna and a member of our international finance practice group. Florian specialises in corporate and real estate restructuring, distressed debt and insolvency work as well as banking law and debt financing transactions.
Florian is recognized by the market as a key specialist and regularly acts on significant restructuring and insolvency matters. He has been involved in some of the largest European, and, specifically, CEE restructurings and insolvencies acting both for creditors as well as for debtors, with lead roles in many of the most significant and high profile cases in the downturn as well as bank reorganisations and various kinds of NPL processes.
Presentation: Comprehensive structuring of CEE entities
- Process of “level setting” stakeholder expectations
- Sourcing new equity for M&A
- Debt restructuring / haircut
- Challenges / lessons learnt
Head of Restructuring for Central and Southeast Europe , EY
Roundtable Discussions: Evaluating the best toolkit for future restructurings in the region
Join an informal roundtable and discuss with peers where you think the future of restructuring in CEE lies. The table leaders will present their findings and discussions on stage at the end of the session. This session provides a chance to network and have topical discussions with a mix of industry professionals
- What does the community need to do to facilitate restructuring?
- What is missing from the toolkit? And what solutions does the industry need?
- What are the next game changers in the industry?
Networking Lunch Break
Spotlight Session: Around Europe with Richard Tett
- Discussing the new European insolvency law – practical experiences
- Will the new Dutch scheme be implemented? What will the biggest impacts be? How similar is it to the UK’s “Scheme of arrangement”?
- What does Brexit mean for restructuring in the region? EU vs Non – EU members in the CEE region
Richard is a partner and heads Freshfields London international Restructuring & Insolvency Team.
With over 20 years of restructuring experience, he has worked extensively on ‘in court’ and ‘out of court’ restructurings/refinancings, intercreditor agreement disputes, formal insolvency appointments, high yield bond and CMBS bond restructurings, distressed M&A, English schemes of arrangement, US Chapter 11s and s363 sales, pension deficits, insurance workouts, telecoms, and insolvency aspects of structured finance.
Richard has particular cross border restructuring experience involving the UK, Europe, the US and across the globe. .
Presentation: Discussing bank restructurings in Bulgaria and MoldoviaFriedrich Jergitsch
Friedrich Jergitsch has been a partner of Freshfields Bruckhaus Deringer since 2003 and is based in the Vienna office. He is a member of our international finance practice group and specializes in structured finance transactions, bank regulatory law and insolvency law. He advises a wide range of financial institutions, including commercial banks, investment banks and insurances in Austria and CEE / CIS. Friedrich has had leading roles in advising creditors and debtors on the largest Austrian restructurings and insolvencies, both in the corporate and banking sector, during the past 15 years.
Country Focus – Time to reassess Ukraine
- Sovereign and corporates returning to the cap markets
- Improved insolvency regime, tackling corruption
- Several large deals restructured, more to come?
- NPLs – still too difficult to tackle?
Director , Schottentor Capital
Jon Nighswander is a director at Schottentor Capital and a distressed debt investor with over two decades of experience working with lenders and debt-holders seeking to recover value. Jon began his career in Central and Eastern Europe in 1993 leading privatization and advisory projects in Russia, Kazakhstan, Ukraine and the Balkans. He subsequently spent a decade as a Managing Director in the US based business advisory practice of a global turnaround management firm, where he advised private equity sponsors and other stakeholders in a number of high profile restructurings and acquisitions. In 2011 Jon returned to CEE to join a private equity group acquiring distressed assets in the region, including investments in Poland and Romania. In 2017 he and a partner teamed up with New York-based Chatham Lane Capital to create an alternative asset management platform focusing on distressed debt opportunities in CEE.Roman Nikitov
Director, ICUVictor Gladky