Highlighting restructuring opportunities in the German market

Villa Kennedy
Frankfurt
10 September 2019
#GermanRestructuring
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  • 09:30

    Registration and coffee

  • 10:00

    Chair’s welcome remarks

  • 10:15

    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.

  • 10:30

    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.

  • 11:15

    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.

  • 12:00

    Networking Coffee

  • 12:30

    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.

  • 13:00

    Networking lunch

  • 14:00

    Presentation: Investment themes in the renewable sector

    This session will consider the outlook for the renewable energy sector. Following the recent case of Senvion, the German wind turbine manufacturer, the presenter will focus on wind farms, turbine manufacturers and related industries. The aim is to inform investors and creditors in the room about the strategies to manage financial stress in the sector including some of the macro and balance sheet challenges that companies in the industry could face.

  • 14:30

    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.

  • 15:00

    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.

  • 15:45

    Closing remarks

  • 16:00

    Drinks

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