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09:30
Registration and coffee
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10:00
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10:15
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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.
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11:00
Panel: Value preservation for private equity portfolios
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. Yet creeping leverage levels and evolving capital structures pose a different challenge for control investors. In this panel, our speakers will talk to the attitudes of PE houses in the next wave of restructuring. Through the lens of funds, advisors and management teams, they’ll be asked how attractive it is to invest in Germany and present an investment thesis in light of how LBOs are being managed.
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11:55
Networking Coffee
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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.
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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.
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13:30
Networking lunch
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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.
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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.
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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.
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16:15
Closing remarks
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16:30
Drinks
Robert Schach
Managing Editor
Debtwire
Rob joined Debtwire Europe in 2007 to cover the European high-yield market and went on to become Managing Editor, overseeing its stressed debt and restructuring, leveraged loan, high yield bond and sovereign coverage. Based in London, he specialised in the chemicals sector but has broad experience of reporting on all aspects of the high yield market. He was instrumental in the launch of Debtwire’s ABS product, and more recently in the development of its sovereign debt coverage.
Previously, Rob reported for two years on the European securitization market at EuroWeek, where he covered the development and subsequent collapse of the sub-prime RMBS market.
Rob began his career as a chemical engineer, initially working as a research technician for ICI Explosives in South Africa, and subsequently in the European industrial wastewater treatment sector. On the foundation of his broad industrial experience, he completed a specialist degree for business journalists and has been covering debt capital markets since.
Dirk Schumacher
European Head of Macro Research and Managing Director
Natixis
Dirk Schumacher is European head of macro research and a Managing Director at Natixis. He joined Natixis in 2018. Prior to joining Natixis, Dirk worked for a year at the European Central Bank in the economics department. Before that, he worked for 17 years in the investment research department at Goldman Sachs in Frankfurt and London, where he was a Managing Director. Dirk earned a master’s degree in economics from Bonn University in 1997 and a PhD from Frankfurt University in 2002.
Robert Schach
Managing Editor
Debtwire
Rob joined Debtwire Europe in 2007 to cover the European high-yield market and went on to become Managing Editor, overseeing its stressed debt and restructuring, leveraged loan, high yield bond and sovereign coverage. Based in London, he specialised in the chemicals sector but has broad experience of reporting on all aspects of the high yield market. He was instrumental in the launch of Debtwire’s ABS product, and more recently in the development of its sovereign debt coverage.
Previously, Rob reported for two years on the European securitization market at EuroWeek, where he covered the development and subsequent collapse of the sub-prime RMBS market.
Rob began his career as a chemical engineer, initially working as a research technician for ICI Explosives in South Africa, and subsequently in the European industrial wastewater treatment sector. On the foundation of his broad industrial experience, he completed a specialist degree for business journalists and has been covering debt capital markets since.
Frank Grell
Partner
Latham & Watkins
Frank Grell is partner in Latham & Watkins’Hamburg office and chairs the German Restructuring and Insolvency Practice. His practice focuses on insolvency and restructuring, including corporate reorganizations, debt restructuring and out-of-court and in-court representation of creditors of distressed companies and investors in such companies, including in particular protective shield/insolvency plan proceedings and loan-to-own strategies.
JUVE names him as a “leading name”. Chambers Europe lists him as “key individual” and describes him as “highly experienced in cross-border restructuring cases.”
HJ Woltery
Managing Director
SVP Global
Mr. Woltery is Co-Head of the European investment team having joined SVP at the opening of the European office in 2004. From 1985 to 2004, Mr. Woltery worked at Deutsche Bank, with his last role being a Senior Research Analyst and Head of Research, Germany, in the London Distressed Products Group. Mr. Woltery received a Diploma in Banking from Bank Academy in Aachen/Coburg in 1991 and an MBA from Ashridge Management College in 2001.
Rob Kortman
Partner
PwC
Rob Kortman is a partner at PwCs and heads up the PwC Europe Working capital Management practice and brings over 20 years of dedicated working capital and advisory experience.
The PwC working capital management practice focuses on operational working capital management, supporting companies to optimize and release cash from their Procure-to-Pay, Forecast-to-Fulfill (Inventory) and Order-to-Cash operations.
Rob has worked for a wide range of clients across many geographies and industries. In the process, he helped to deliver billions of Euros in working capital improvements for his clients. He is the author of numerous publications in international journals and newspapers and is often quoted in the press as a subject matter expert for working capital.
Markus Hunold
Director
KKR
Markus Hunold joined KKR in 2013 and is a Director of KKR, focusing on the Special Situations funds and portfolios. Prior to joining KKR, Mr. Hunold was a member of the principal investment area of Goldman, Sachs & Co., where he invested across industries in private equity and principal debt transactions. Mr. Hunold started his career in finance at Citigroup in the mergers & acquisitions group. Mr. Hunold graduated from the European Business School Oestrich-Winkel (Germany) and the University of Hong Kong.
Jurij Puth
Managing Director
GSO Capital Partners
Jurij Puth, Managing Director. Mr. Puth is a Managing Director with GSO based in the London office. Mr. Puth is involved in various performing and distressed investments, including direct financing, secondary trading, and portfolio purchases, across various target sectors. Before joining GSO Capital Partners in 2006, Mr. Puth was an analyst at Credit Suisse European Financial Sponsors Group in London. During this period, he focused on financing of a variety of deals including leveraged buyouts, recapitalisations, and public-to-private transactions. Mr. Puth holds a Master of Science in International Management, specialized in Finance and Accounting from Cass Business School in London, as well as a Diplôme Grand Ecole and a Diplom Kaufmann (German and French equivalents) from ESCP-EAP, Paris and Berlin. He is fluent in English, German and French and has intermediate knowledge of Spanish.
Jörn Kowalewski
Partner
Latham & Watkins
Dr. Jörn Kowalewski is a partner in the German Restructuring, Insolvency & Workouts Practice. He focuses on advising in corporate restructurings as well as in the acquisition of companies and of distressed debt.
He focuses his practice on advising distressed investors, lenders, lender groups and steering committees as well as the debtors in out-of-court (financial and operational) restructuring, acquisition of distressed companies and corporate groups and representation in bankruptcy proceedings and in the context of insolvency plan negotiations
Mr. Kowalewski is regularly “recommended” as a lawyer for Restructuring and Insolvency, inter alia by JUVE.