Debt transactions in Spain- key operational issues
Sergio Velez, Senior Managing Director and Responsible for FTI Consulting Madrid Office joined us on Markets Day to highlight the pre and post transaction key operational aspects to bear in mind in Spanish debt transactions. The presentation looked at the common grounds between lenders and investors and the strategies used in debt restructurings, with case studies used as real world examples.
The largest restructuring in CEEMEA – year to date, Agrokor, was covered on Restructuring Day by our Managing Editor in CEEMEA, Chris Haffenden. As part of the presentation, Chris gave an overview of the Agrokor group and the capital structure of the business. The events leading up to the appointment of a Croatian extraordinary administrator were also covered as well as the impact of the ‘Lex Agrokor’ law and whether it favoured local suppliers and local banks.
The shipping and offshore panel on Restructuring Day examined investments and restructuring strategies around the shipping & offshore sectors. The panel looked at where the opportunities are for non-bank financing and whether more large scale restructurings like Seadrill Limited, Ocean Rig, or Toisa Limited are on the agenda.
We were joined by leading retail industry experts on Restructuring Day, with a speech by an industry veteran outlining some personal views on how management teams are prepared for trading conditions in the year ahead and the impact on financing.
The Private Equity Outlook in Spain panel on Markets Day provided an overview of the Private Equity market in Spain and asked why is Spain experiencing such an increase in primary activity, how are valuations compared to other European markets and the opportunities for LBOs and alternative financings.
Continuing on the Italian Restructuring stream of Markets Day, our panelists discussed the opportunity for distressed investors to deploy capital in Italy, the key drivers of restructuring in the year ahead and the recent changes to Italian insolvency regime.
The second day of Debtwire Week, Markets Day, focused on the Spanish, Italian and Real Estate sectors. As part of the Italian Restructuring stream, we looked at the best methods to generate returns from nonperforming loans in the Italian market, with the panel highlighting the level of risk that investors need to consider when investing in Italian NPLs and the best recipe for a deal to conclude
We heard a variety of buyside and syndicate views on the prolonged flurry of high yield issuance on Leveraged Finance Day of Debtwire Week, with the discussion also looking at the erosion of covenant terms, record tight pricing, loan market cannibalisation and the impact of the market abuse directive on reporting requirements.