Registration and Breakfast
Keynote Presented by Gary W. Loveman, Ph.D., Former President, Consumer Health and Services of Aetna, & Former CEO of Caesars Entertainment Corporation
Prior to joining Aetna in September 2015, Gary Loveman had run Caesars Entertainment Corp for 12 years where he was responsible for establishing the company’s Total Rewards program and growing the company into the largest casino operator in the world.
Listen to Loveman discuss how Caesars was able to eventually exit bankruptcy by enduring highly contentious issues, establishing new precedents in court and finding common ground with creditors that left some subordinated holders with 66 cents of every dollar they were owed. The former CEO will also hash out in what he perceives as the best path forward for Caesars and its stakeholders to achieve long-term growth in an economy full of new competition from online gambling and new gaming hubs throughout the country.
Topics to be discussed include:
- How did Loveman manage the different warring creditors during the restructuring process?
- What was the experience like working with Apollo Global Management on directing the restructuring?
- Looking back, what did Loveman wish he knew at the outset, and what kind of advice would he give other executives facing a similar situation?
With higher rates on the horizon and demand for refinancing set to grow over the next several years, distressed debt investors are adjusting their strategies. Meanwhile, in Washington DC, the Republican majority continues to pursue a reform agenda making changes to tax law and regulation, which has presented a mixed outlook for distressed firms.
Delegates will have an opportunity to listen to panelists discuss changing distressed debt strategies and investment ideas under the current environment.
- What sectors are heading for trouble in near future and what distressed strategies will fund managers employ to take advantage?
- How have various political reforms affected distressed debt strategies?
- How are activist investors changing the game for distressed investors?
Coffee Networking Break
Presentation: Bankruptcy Data Spotlight
Jack Tracy, Head of Legal Analysis for the Americas, will present trends and takeaways from our one-of-a-kind restructuring database, which holds comprehensive stats on US bankruptcy filings since January 2016.
Hot Topics in Bankruptcy
2017 saw a wave of new energy bankruptcies tapering off, just as the current retail meltdown began in earnest. 2018 is poised to present a fresh set of issues for the restructuring world. Between the impact of ride-sharing services like Uber and Lyft, and the growth of electric cars that require a fraction of the parts needed in traditional vehicles, the automotive industry is in the midst of a profound shift. From auto rental companies to auto parts makers, distress is already starting to spread. Meanwhile, the rise in litigation funding and a fresh debate over bankruptcy forum shopping could dramatically change corporate restructuring for years to come.
Panelists will discuss the latest in bankruptcy trends, along with a sector outlook.
- Litigation funding in bankruptcy: Everyone's doing it now, but how often does it really pay off?
- Auto meltdown: What will the next wave of restructuring in the industry look like, and how will it be different this time?
- Bankruptcy venue reform: How will a bipartisan bill proposal impact forum shopping, especially at a time when large cases are already being filed in more districts? Will it gain traction this time?
Presentation: Primary Issuance Data Spotlight
CJ Doherty, Global Head of Primary Market Analysis, will present full-year 2017 and possibly 1Q18 findings from our brand new high yield and leveraged loan new issuance database. He’ll highlight trends in volumes, deal quality and pricing as well as other interesting takeaways from the year.
In 2017, U.S. retailers announced more than 3,000 store openings, which also went along with roughly 6,800 chain store closures. In that same period only USD 100m of high yield retail borrowings matured, which is dwarfed by the USD 1.9bn that is set to mature in 2018, according to Fitch Ratings Inc. On an average annual basis USD 5bn will mature each year between 2019 to 2025. While the retail industry's prospects remain challenged, opportunities abound for distressed debt funds and other types of investors who are betting on its long-term future.
Panelists will discuss the changing contours of the retail business and where the opportunities lay ahead.
- Is the worst of the retail downturn still ahead?
- How are market players valuing real estate given the wave of store closures, and in particular those of anchor retailers?
- 2017 was the year of aggressive asset maneuvers, but the year ended with a victory for Hot Topic bondholders. Will the settlement give sponsors pause?
- Foreign assets and IP value: the collateral that everyone wants? Is this truly where the value lies?
Coffee Networking Break
What’s Next for Oil & Gas?
With the wave of oil & gas related bankruptcies now behind us, what’s next for the industry? Plenty of opportunities still lurk in the offshore space, as well as prospects for "zombie" operators that already restructured. With oil prices still depressed, how can distressed investors generate returns?
Delegates will listen to panelists discuss where investors can find the remaining distressed opportunities in the O&G industry and what lays ahead.
- Drawing lessons from the 2014/16 commodities bust – recovery rates, perfection of assets, covenants and returns.
- How will OPEC cuts and US production move markets over next 12 – 18 months?
- How are oilfield service companies surviving and what are their long-term prospects?
*Agenda is subject to change