Debtwire Germany Forum

10 September 2019


Villa Kennedy
Frankfurt
#GermanRestructuring
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Join your peers in the restructuring and special situations communities at the Villa Kennedy in Frankfurt on 10 September 2019 for the definitive German restructuring event.

Each year the event brings together 150+ local investors and advisers to forge new relationships and gain insight into best practice, hot sectors and macro challenges.

150+
Attendees
50+
Buysiders
20+
Expert Speakers
6
Presentations and Panels

  • 09:30

    Registration and coffee

  • 10:00
  • 10:15
  • 10:45

    Presentation: 5 charts on German restructuring trends

    How much debt has been restructured in Germany during the last few years? To what extent has the credit migration impacted the country’s borrowers? Sourcing Debtwire intelligence and data, the presenter will highlight some key indicators for the market.

    Nicholas  Smith-Saville
    Nicholas Smith-Saville
    Global Head of European Credit Research, Debtwire
  • 11:00

    Panel: Value preservation for Sponsor-backed buyouts - shareholder contribution vs. lender led/ debt driven solutions

    The conversation among the restructuring community has been dominated by how the next downturn will be different from the last. The LBO market, in particular, is in markedly different shape, as sponsors have aggressively pursued all they ever wanted (and more) from terms in the leveraged loan market. Creeping leverage levels, loose covenants, substantial EBITDA-adjustments and evolving capital structures pose a different challenge for lenders when things move southwards, especially in light of a looming economic downturn. In this panel, our speakers will talk about their stance when it comes to restructuring stressed and distressed PE deals. Through the lens of active LBO banks and advisors, they’ll be asked about their views on recent high-profile restructuring cases and how willing they are to pursue a lender-led solution in Germany if the sponsor would (or could) not offer a viable restructuring option.   

    Thomas Dohrmann
    Thomas Dohrmann
    Managing Director, Head of Restructuring and Workout, NORD/LB
  • 11:45

    Networking Coffee

  • 12:15

    Presentation + Panel: Schemes of Arrangement post-Brexit

    In this regulatory update, panellists will try to clarify the legal situation for Schemes of Arrangement in a world after Brexit. If the option of a reliable and comfortable legal route is taken off the table, the spotlight lands firmly on the alternative options of Dutch or EU schemes. Whilst the difference between UK and EU scheme is in reputation rather than substance, the lack of confidence in the EU framework presents a headache for creditors and investors.

    Claudia Tiggemann
    Claudia Tiggemann
    Head of VPG Germany, BNP Paribas
  • 13:00

    Keynote: Building a European distressed portfolio

    In recent years, distressed debt strategies have attracted strong inflows, as the market prepares itself for the downturn. Yet with a limited number of German names coming to market, attention has drifted to other countries with a more plentiful supply of troubled credits. That may now be changing. An international fund manager will give their view on the current opportunity set in European distressed debt and special situations. The presentation will shed some light on where origination efforts are being focussed and where Germany ranks within a European investment mandate.

  • 13:30

    Networking lunch

  • 14:30

    Presentation: Exploring the importance of cash management in wind turbine sector

    The globalisation of wind turbine production and radical changes to the charging and service models are changing the landscape for manufacturers. This presentation will take an in-depth look at the current health of the global wind turbines, helping lenders and investors in the room benchmark different players and better understand their business models. Calling on years of experience from working capital optimisation projects, Rob will offer a working capital overview of the market players, prospects for cash challenges and typical cash drivers and potential in these organisations.

  • 15:00

    Keynote: Macro headwinds intensify for all things automotive

    Our keynote presenter will offer their outlook on the global macro picture and how German industry is exposed to economic risks. With auto-production at home and abroad such a critical engine of growth in Germany, the session will talk through the implications of global shifts in auto-technology, emissions regulation, OEM strategy and economic protectionism.

  • 15:30

    Opportunity to invest in supply chain

    The opportunity around automotive can come in many forms. Manufacturers of intake systems, fuel systems, cladding, steering and combustion engine production, look to be greatest affected by the transformation taking place, according to PwC. Related industries in the machinery sector that provide equipment to the supply chain will also need to adapt. In this session, we hear from a number of investors about various strategies that could be deployed within the sector and their relative merits and risks.

  • 16:15

    Closing remarks

  • 16:30

    Drinks

 

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