Welcoming RemarksJou Yu
Assistant Editor, Restructuring , Debtwire
Keynote address: The robots are coming
We look to the future and the impact of digitalisation on traditional industries, prompting the question about how investors trade on the automation trend.
Keynote Panel: Distressed investing in the year ahead
Against a backdrop of improved economic growth and a scaling back of QE, a panel of opportunistic credit funds will explore where value lies in European credit in the coming year. We will also challenge fund managers on sourcing opportunities after recent years of cov-lite issuance.David Beckett
Head of Sourcing , SC Lowy
David has over 15 years’ experience within the restructuring and corporate finance markets, both as an advisor and investment professional. He has led SC Lowy’s sourcing capabilities since inception in 2009.
In 2014, David relocated from Head Office in Hong Kong to London to lead the expansion of SC Lowy’s European business, designed to replicate the proven model of providing value and liquidity options in the region.
David is a Qualified Chartered Accountant (ICAEW) and holds a BA (Hons) in Economics.Kon Asimacopoulos
Partner , Kirkland & Ellis
Kon is a Partner in Kirkland's European Restructuring Group and acts for a range of stakeholders in national and international financial restructuring, insolvency and complex dispute resolution matters.
Kon is recognised in Chambers & Partners, Legal 500, IFLR 1000, the Euromoney Guide to the World's Leading Insolvency and Restructuring Lawyers, Who’s Who Legal and other ranking publications as a leading corporate restructuring and insolvency lawyer, and is often engaged to act in the following scenarios:
Acting for debtors and insolvency practitioners of national and multinational corporations in cross-border insolvencies and reorganisation transactions.
Acting for debt and equity investors - including a number of leading investment banks, private equity houses and hedge funds - in par, stressed and distressed transactions. These engagements extend to acting for committees of lenders and shareholders in distressed and restructuring scenarios.
Acting for a range of stakeholders in complex commercial disputes including administrators in contentious insolvency scenarios, investors in rights enforcement actions, and corporations and individuals in a variety of disputes.
In 2013 Kon was recognised as one of “40 under 40: Rising Stars of Legal Services” for the Financial News publication. Kon was also recognised as one of the "Hot 100" lawyers in Europe for 2011 in The Lawyer publication along with fellow restructuring partner Partha Kar. Kon was also nominated as one of the “Power 100” insolvency practitioners for 2011 in the Insolvency Today publication. In 2016 Kon was admitted to the Financial News Hall of Fame.
Kon routinely acts for many of the world’s investment firms in respect of their distressed investments, and the European Restructuring Group has led many of the marquee restructurings over the past decade.
Kon speaks regularly at restructuring and distressed investing conferences, and is often quoted in financial and legal media on restructuring, insolvency and distressed related subjects.Robert Schach
Managing Editor - Europe , Debtwire
Rob manages the editorial team in London, overseeing the leveraged loan, high yield, restructuring and mid-market desks. He joined Debtwire in 2007 as a high yield reporter covering primary markets, going on to head the desk and ramping up its secondary market coverage. He became deputy editor at the start of 2011 and took over as managing editor mid 2012.
Prior to joining Debtwire, Rob reported for two years on the European securitization market at EuroWeek, where he covered new ABS asset classes such as catastrophe bonds, as well as the development and subsequent collapse of the sub-prime RMBS market.
He began his career as a chemical engineer, initially working as a research technician for ICI Explosives in South Africa, before moving to Europe taking up a technical sales role in the European industrial water treatment sector.
Behind the scenes
Overview of a recent case and specific learnings.
Business pioneer: Retail under the stormcloud
UK retailers have been tackling currency headwinds ever since the Brexit vote. The buoyant consumer spending which followed now looks shaky, as inflation pressures begin to bite. The restructuring industry will be watching closely. This speech by an industry veteran will outline some personal views on how management teams are prepared for trading conditions in the year ahead and the impact on financing.
Following the presentation, we ask investors and advisors to respond in order to determine possible investment themes and entry strategies.Richard Hyman
Retail Industry Advisor
Richard is one of the few retail consultants out there who can truly claim to have worked with nearly every leading retailer in the UK. Over 30 years he has built up a peerless insight into every sector of the retail market, the leading companies in each and the management teams that lead them. Richardtalksretail provides access to this insight and opinion.
Richard started his career as a researcher at the Financial Times in the 1970s. He went on to work first as an analyst then a Director of Mintel. In September 1984 he left to launch his own business, Verdict, formed to focus on delivering a new breed of insight and analysis of the retail sector. He sold Verdict to Datamonitor in 2005 and went on to be Strategic Advisor to Deloitte.
Over this period Richard has provided strategic advice to most of the leading retailers in the UK, their product suppliers, landlords, bankers and institutional shareholders.Gavin George
CEO , Alteri InvestorsLutz Jade
Partner , Oliver Wyman
Dr. Lutz Jäde is a Partner at Oliver Wyman in Munich. He leads the Corporate Restructuring practice and supports corporates, financial investors, and banks in the turnaround and value growth of companies in a crisis situation. He has experience in a broad range of sectors, with a particular focus on the manufacturing, automotive supplier, and high-tech industries.
Business pioneer: Shipping
This session will examine investment strategies around the shipping sector – assets versus portfolios. As traditional shipping lenders (those that remain) continue to retreat, where are the opportunities for non-bank financing.
Following the presentation, we ask investors and advisors to respond in order to determine possible investment themes and entry strategies.Marion Halftermeyer
Reporter , Debtwire
Marion Halftermeyer isa restructuring reporter for Debtwire Europe, with a focus on the offshoreenergy and shipping sectors. She writes breaking news stories and analyticalarticles on borrowers in need of liquidity and financial solutions as well asdebtors undergoing in and out of court restructuring processes. Recent coverageincludes Seadrill Limited, Teekay Offshore Partners, and Danaos Corporation.Marion previously worked on Debtwire’s North America- Middle Market team whereshe covered the energy bust that led to over 150 energy companies goingbankrupt. Marion has a masters’ degree in journalism with a focus in business& economics reporting from Columbia University and a bachelor’s degree fromBoston College.
The largest restructuring in CEEMEA – year to date, the presentation will comprise
- Overview of the Agrokor group and capital structure
- Events leading up to the appointment of a Croatian extraordinary administrator
- Motivations of the various stakeholders
- Impacts of the ‘Lex Agrokor’ law – favouring local suppliers and local banks?
- Reciprocal actions in other Balkan countries – what did they do to protect themselves from the fallout
- Lessons to be learned – cautionary tale for international investors?
Managing Editor , Acuris
Keynote panel: Hunting for opportunities in distressed EM credit
- What jurisdictions/sectors will offer the best investment opportunities for 2017
- Where is the next restructuring wave likely to happen?
- How has the landscape changed this year – what have we learnt?
- Is there still value to be had, and how can this be maximised?
Portfolio Manager, Distressed and High Yield Credit , Amundi
Stefan has been working in European distressed debt since 1991 and Emerging Market debt since 2002. Prior to joining Pioneer Investments, he was a Partner in Alloro Capital from 2010 and an Investment Manager at Thames River Capital LLP which he joined in 2002. He also worked at Klesch & Company Limited as an Investment Manager (European distressed debt & private equity), Charterhouse Bank Limited as a Corporate Finance Executive and KPMG as an Assistant Manager (Financial Sector)Martin Gudgeon
Partner , PJT Partners
Mr. Gudgeon is a Partner at PJT Partners and Head of the EMEA Restructuring and Special Situations Group based in London. Prior to joining Blackstone/PJT Partners, Mr. Gudgeon was the Chief Executive and Head of European Special Situations Advisory at Close Brothers Corporate Finance in London, where he established the restructuring practice and had primary oversight for the firm’s corporate restructuring activities. Prior to that, Mr. Gudgeon was at Hill Samuel and spent two years on secondment to Macquarie Bank in Sydney, Australia. Mr. Gudgeon is a qualified Chartered Accountant and a member of the Chartered Institute of Electrical Engineers. Mr. Gudgeon’s undertook his training as a Chartered Accountant at Price Waterhouse and re ceived his BSc in Engineering from Durham University.Chris Haffenden
Managing Editor , Acuris
These insights will help investors understand in more detail the landscape, opportunity and risks of local markets from fellow fund managers with deep knowledge gained on the ground.
- 15:00 Middle East
- 15:15 Russia & CIS
- 15:30 Africa
Head of Special Operations Unit , African Development Bank GroupAhmad Alani
Co-founder , Sancta Capital
Ahmad Alanani, CFA is a Founding Partner and the Chief Executive Officer (CEO) of Sancta Capital where he is responsible for deal origination, structuring and execution. In addition, Ahmad takes a leadership role in the firm’s management and business development.
Ahmad has over 13 years of experience on the buy and sell side. He was most recently a Managing Partner at Exotix Partners LLP, a frontier market investment banking boutique, and served as the firm’s Senior Executive Officer in Dubai. He joined Exotix in 2008 as a Director in the fixed income sales and trading team in London, before relocating to Dubai in 2010 to establish the firm’s regional office and expand its franchise. In Dubai, he led a team of 10 professionals focused on distressed debt and special situations and successfully executed more than US$2.0bn of secondary and primary transactions across the region. This included a landmark US$135M NPL liquidation for a Malaysian institution and over US$500M worth of structured debt buybacks.
Prior to Exotix, Ahmad was a director for a family office in London where he was tasked with liability management and term securitization within targeted portfolio companies. Ahmad also worked for MD Sass Investor Services, a New York based hedge fund with over US$7bn under management, as part of the distressed and leveraged buyouts strategy.
International Arbitration – route to recovery, negotiating leverage for foreign creditors
- Legal options available for foreign creditors
- Secondary market in arbitration claims
- Litigation funding
- Sovereign arbitration debt insurance products
Senior Reporter, CEEMEA Restructuring , Debtwire
Restructuring project finance: lessons learned
This session will examine how project finance deals are structured in jurisdictions where the sovereign is not able to provide guarantees.
The aim is to explore what are the lessons learned from previous projects that didn’t reach completion in time and deadlines for payments had to be renegotiated.
- Structure of projects compared to five years ago
- Restructuring framework for project financingPriscila Rocha
Senior Reporter , Debtwire
Behind the scenes: Abengoa
Towards a European Chapter 11
This session will consider forthcoming modernisation of restructuring frameworks across the EU, in light of the draft directive published by the European Commission last year; the outlook for forum shopping (including use of the UK scheme of arrangement by foreign debtors); which European jurisdictions are hot on the heels of the UK and what action the UK is taking to ensure it remains in the driving seat post-Brexit.Dawn Grocock
Legal Analyst , Acuris
Overview of how the secondary claims and NPL market is evolving and how e-bidding could change the landscape.Timur Peters
CEO , Debitos
How will the terms of today impact the restructurings of tomorrow?
The proliferation of cov-lite deals in European loan markets will make for an interesting landscape when the credit cycle turns. Whilst it will give borrowers more control over negotiations, the increased popularity of transferability restrictions could present a challenge for existing lenders and potential investors. The practice of blacklisting certain hedge funds even in the event of default from trading into debt could make distressed opportunities even more sparse, and this could narrow options for some distressed borrowers. We assemble a panel of industry veterans to discuss the issues and explore how funds navigate these challenges.