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08:30
Registration
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09:15
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09:30
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10:00
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10:30
Panel: What weaker covenants will mean for distressed situations
Underwriting standards have been deteriorating for debt investors across the world, and the CEE region is no exception. What terms have changed in CEE deals over the last few years? How will these changes affect the supply and timing of future restructurings? What will the ultimate impact be on recovery rates and value creation for new money?
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11:00
Networking Break
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11:30
Fireside Chat: Agrokor – the story isn’t over yet
Don’t throw away your Agrokor notes just yet, as everyone’s favourite distressed name is back in the news as the company seeks to refinance its rescue package. In the fireside chat Debtwire sits down with two of the main parties involved in the original situation to discuss the future for Agrokor, and what lessons can be learned for similar situations in the future
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12:00
Presentation: Innovative Approaches to Debt Restructuring in CEE
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12:30
Lunch Break
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13:30
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14:15
Panel: Ukraine – case closed?
Most of the main Ukrainian corporates that were forced to restructure their debt following the crisis have now completed their restructuring transactions. What were the biggest obstacles to securing a deal with creditors, and what lessons can other jurisdictions that haven’t developed a restructuring market learn from Ukraine?
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14:50
Networking Break
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15:10
Panel: Restructuring Project Finance debt
A number of CEE jurisdictions have retroactively changed their renewable energy programmes, making projects that borrowed project finance debt unsustainable and forcing restructurings. But this new opportunity also has complicated challenges around enforceability and government action. Added to that many of the big creditors are Development Finance Institutions, which may take a very different approach to restructuring negotiations. Should investors dive in, or keep away?
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15:40
Panel: Retail, a problem sector everywhere
Whichever country or region you focus on retail names are in trouble as disruptive technology drives ever greater distress. Are there any cultural or technical differences for CEE retail names? What pipeline can we expect? And with so many recent retail restructurings ending in contentious liquidations is this sector still a good target for investors?
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16:20
Closing remarks and networking drinks
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David is an associate editor at Debtwire CEEMEA, where his coverage focuses on high yield, distressed debt and restructuring situations across the region – reporting on high profile situations such as Agrokor, Steinhoff and Dana Gas. He previously reported on new bond and loan issuance from the Middle East. Prior to joining Debtwire, David completed an MA in Medieval History at the University of St Andrews.
Mauro Giorgio Marrano is a senior CEE economist at UniCredit Research. He previously worked in UniCredit Strategy and M&A department coordinating the team focusing on CEE and in UniCredit Research as a UK economist. Before joining UniCredit, he worked as an economist at the European Commission and HM Treasury.
Richard is a finance partner and heads our London international Restructuring and insolvency Team. He has over 20 years of restructuring experience and has worked extensively on ‘in court’ and ‘out of court’ restructurings/refinancings, English schemes of arrangement, inter-creditor agreement disputes, formal insolvency appointments, high yield bond and CMBSbond restructurings, distressed M&A, US Chapter 11s, pension deficits, insurance workouts, telecoms, and insolvency aspects of structured finance.
Richard has acted across the capital structure for all the key stakeholders including corporates, shareholders, private equity sponsors, lenders, bondholder/lender committees, creditors, distressed debt investors and asset purchasers, directors, security trustees, administrators and liquidators.
Richard has particular UK and cross border experience – often involving the US, jurisdictions around Europe and beyond.
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.
Based in Vienna, Austria, Jon Nighswander is a partner 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 EasternEurope 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 NewYork-based Chatham Lane Capital to create Schottentor Capital, an alternative asset management platform focusing on distressed debt opportunities in CEE, Spain and Italy.
MaxZiff is the CEO and co-founder of Ziff-Ivin Associates, founded in2014 to provide financial advisory, restructuring and dispute resolution services with speciality focus on CEE and CIS regions, with offices in London and Sofia.
In recent years, Max Ziff has led both operational and financial restructuring and conflict resolution projects in Bulgaria, Poland, Hungary, Slovenia, Romania, Ukraine and Russia. Mr. Ziff’scollaborative style ensures an easy and seamless fit with existing operational and financial management teams and is a trusted figure well known to major banks across the CEE-CIS region.
Over the last year, Max Ziff has been running the CRO team of Bulstacom EOD - the leading Bulgarianpay-TV provider, which is in the process of completing its financial and operational restructuring. He will be staying on as the interim CEO pending the identification of a long-term CEO.
Max is an expert in the analysis of complex assets across the capital structure (from senior debt, through the different levels of junior debt, to preferred and ordinary equity as well as derivative instruments). He has specific skills in distressed valuation, due diligence, and corporate restructuring and has been an expert witness in major litigation cases both in the UK high court and international tribunal disputes under the auspices of the ICC and UNICITRAL.
Prior to setting up Ziff-Ivin Associates, Mr.Ziff held a number of senior positions at Houlihan Lokey, Deutsche Bank, Barclays Capital, UBS, and National Westminster Bank PLC.
Mr.Ziff holds a bachelor’s degree in Accounting, Corporate Law, and Econometrics from Manchester University and is a member of the Institute of CharteredAccountants in England & Wales (ICAEW), having qualified as a chartered accountant with PricewaterhouseCoopers.
James spent 22 years as a finance lawyer, 12 as a partner, at Herbert Smith LLP, a leading City of London-based international law firm. His long experience includes acting for borrowers and lenders in new money, refinancing and restructuring work in the syndicated loan, bond, private equity and project finance markets. He joined Xtract Europe in October 2010 as the senior English covenant analyst on high yield bonds and syndicated loans.
Mr. de Reuver is a member of Houlihan Lokey’s Financial Restructuring Group. He has over 20 years of investment banking experience, including corporate restructurings, M&A, and the issuance of debt and equity securities. He advised on a broad range of financial restructuring engagements across Europe involving, among others En+ Group, Findus Group, Schoeller Arca Systems, Mercator, Endemol Group, Zim, Imtech, Autobar, van Gansewinkel, Vroon and Agrokor.
Prior to joining Houlihan Lokey, Mr. de Reuver co-managed the long-short portfolio strategy at Cycladic Capital and provided merger, acquisition, and issuance advice at Goldman Sachs.
Mr. de Reuver holds an MSc in Electrical Engineering from Delft University of Technology and an MBA from the University of Chicago Booth School of Business
Until recently Chris Haffenden was Managing Editor for Debtwire CEEEMA, covering debt capital markets across Central and Eastern Europe, CIS/Russia, Middle East and Africa.
Debtwire CEEMEA’s coverage includes loans, bonds, sovereign debt, project and Islamic finance. He is an expert in debt restructuring and a former banker, specialising in distressed debt and Emerging Markets.
His new role is Special Project Lead exploring the potential of enhanced project finance coverage for the Acuris group.
Prior to CEEMEA, he established Debtwire’s European ABS product and was former Deputy Editor of Debtwire Europe.
Erinc is the head of corporate restructurings at Yapi Kredi. Before joining Yapi Kredi /Unicredit, Erinc has over 15 years of experience in project finance at Dexia and investment banking at Standard Bank including M&A, DCM &ECM. Last three years he has focused on distressed debt where he leads the largest restructuring and turnaround management deal within Turkey. Erinc holds a major in Finance and a LLM in Economics Law from Galatasaray University.
Asli Orbay is a reporter working for Debtwire CEEMEA, with a focus on arbitration, litigation and distressed situations. Prior to joining Debtwire, Asli worked as a banking and finance lawyer for Clifford Chance in Istanbul. Asli holds an LLM in international economic and trade law and a she is currently a PhD candidate studying at Brunel University.
Alexander is Director, Corporate Finance and Treasury at Metinvest Group over the last 5 years.
Before joining Metinvest Group, Alexander had over 10 years of experience being as CFO of such Ukrainian companies as Donetsksteel and DANKO as well as worked for SCM bank in Ukraine being Head of FI and documentary operations.
Last five years he has focused on successful managing of Metinvest debt and IR stream as well as cash flow of $10bn. On an annual basis.
He managed to extend the maturity and restructure the debt of Metinvest in 2017 and less than 1 year after refinanced both Bonds and PXF with the issuance of first ever in the history of Metinvest 8 year bond, together with extension of PXF and other bonds for 5 years.
Alexander holds a master degree in International Business Administration of Donetsk State Technical University and just was enrolled to EMBA program of the University of Chicago Booth Business School.
Roman Shulyar is a Partner atNobles. His practice focuses on banking and finance, debt restructuring and insolvency and corporate law. Roman has more than 10 years’ experience advisingUkrainian and foreign clients on various matters of Ukrainian law, structuring complex transactions and solving complicated legal issues. Roman has deep and long-standing experience in Ukrainian restructuring transactions, as well as in insolvency procedures assisting the banks, financial intermediaries and companies.
Mr. Arsen Miliutin holds the position of Director of restructuring (workout) and collection department Oschadbank (State Savings Bank of Ukraine). He has around 20 years of high-level litigation experience in the wide range of spheres and industries, including collection for banks, corporate conflicts, tax disputes and complex cross-border cases. He successfully advised Todini Costuzioni Generali, Iceland Central Bank, Cyprus Popular Bank Public Co., Irish Bank Resolution Corporation Limited (Ireland, nationalized bank), Erste Bank, Home Credit Bank, Teva Pharmaceuticals Industries, Merck Export GmbH, Damen Shipyards, Gruma Foods, Dogus and other major clients.
In 2018 Mr. Miliutin joined to Oschadbank, now leading the most successful workout and collection team in Ukraine. The team was named the best internal legal department on the market in 2018.
Prior to joining Oschadbank, for many years Mr. Miliutin was a key litigator in Egorov, Puginsky, Afanasiev and partners (Ukraine) (now Asters, previously Magisters). At the beginning of the career, Mr. Miliutin worked in the office of the Government’s Agent of Ukraine in the European Court of Human Rights.
Mr. Miliutin has been highly ranked by the Chambers, Legal 500 and World Tax.
Mr. Miliutin holds the law and economics degree from the National Academy of Management (Kyiv, Ukraine).
David is an associate editor at Debtwire CEEMEA, where his coverage focuses on high yield, distressed debt and restructuring situations across the region – reporting on high profile situations such as Agrokor, Steinhoff and Dana Gas. He previously reported on new bond and loan issuance from the Middle East. Prior to joining Debtwire, David completed an MA in Medieval History at the University of St Andrews.
Anouschka is the head of the English law finance team in Vienna with a special focus on the CEE region. She is qualified as a Solicitor in England and Wales as well as a German lawyer (‘Rechtsanwältin’). Anouschka speaks English, German, French and Italian.
Steffen is a senior banker in the European Bank for Reconstruction and Development’s (EBRD) Corporate Recovery Unit. Since joining EBRD 10 years ago, he has been working across the Banks’ countries of operations on distressed equity and debt assets on both, corporates and FIs. Currently he is dedicating the majority of his time on corporates in the mining and manufacturing and services sectors as well as on project financings (green energy and PPPs) in CEE, Mongolia and Turkey. Before joining EBRD, Steffen had spent his professional career in the corporate and investment banking sector with roles ranging from credit, new business origination to workout including hand-on experience in the late 1990s Asian debt crises through an assignment in SE Asia.
Until recently Chris Haffenden was Managing Editor for Debtwire CEEEMA, covering debt capital markets across Central and Eastern Europe, CIS/Russia, Middle East and Africa.
Debtwire CEEMEA’s coverage includes loans, bonds, sovereign debt, project and Islamic finance. He is an expert in debt restructuring and a former banker, specialising in distressed debt and Emerging Markets.
His new role is Special Project Lead exploring the potential of enhanced project finance coverage for the Acuris group.
Prior to CEEMEA, he established Debtwire’s European ABS product and was former Deputy Editor of Debtwire Europe.
Matthew has 17 years of a turnaround, workout and restructuring experience working for a wide range of stakeholders across a variety of industries during a career which has taken him from a ‘Big 4’ accountancy firm to a major international bank, a global consultancy practice and to building his own successful business, before joining BM&T.
As well as having held COO/CRO positions in struggling debtor companies, Matthew has built and led a trans-European workout team for a major international bank as part of a divisional restructure within the bank, so understands the challenges both lenders and their NPL customers face in attempting to preserve, extract & grow value for all stakeholders in different cultures and jurisdictions. Matthew’s experience includes managing turnaround and workout strategies pre, post and involving distressed transactions and he also has experience outside of Europe in the Middle East and USA.
Matthew leads BM&T European Restructuring Solutions’cross-border retail group in partnership with their US affiliate firm Conway MacKenzie. This group has advised and led turnarounds, restructurings and performance improvement projects in a variety of retail businesses in NorthAmerica, the Middle East, the UK, France, Finland, Spain, Italy, Germany, Greece and the Balkans.
David is an associate editor at Debtwire CEEMEA, where his coverage focuses on high yield, distressed debt and restructuring situations across the region – reporting on high profile situations such as Agrokor, Steinhoff and Dana Gas. He previously reported on new bond and loan issuance from the Middle East. Prior to joining Debtwire, David completed an MA in Medieval History at the University of St Andrews.