Andreas Ziegenhagen, European Head of the Restructuring, Insolvency and Bankruptcy at Dentons tells us where he sees European restructuring heading in the next 12 months and what he learned from the past year.
2016 proved to be another challenging year for the restructuring community, mostly as a result of a continued slim pipeline of workouts and distressed opportunities. Hedge fund returns remained well off the pace of their previous years, although bets on commodities, especially oil & gas, paid out handsomely, enabling many funds who had jumped in too early the prior year to make good their previous losses.
With the largest restructuring in CEEMEA having taken place, we took a look at the events leading up to the appointment of a Croatian extraordinary administrator, the reciprocal actions in other Balkan countries and the lessons that can be learned by international investors with the Managing Editor for CEEMEA, Chris Haffenden, taking the lead.
As part of Restructuring Day at Debtwire Week we hosted the CEO of Debitos, Timur Peters, for his presentation on insights into how the secondary claims and NPL market is evolving and how e-bidding could change the landscape.
The Abengoa case tested the Spanish insolvency laws, which is why we decided to take a look at the episode on Retsurtcuirng Day, highlighting the timeline of the controversial restructuring and outlook post restructuring.