Brexit is the main macroeconomic factor likely to drive a European restructuring wave in 2019, according to Debtwire’s 15th European Distressed Debt Market Outlook.

Italy produces half of total volume of NPL sales whilst sales slow in Spain. 

Cerberus pursues German bank purchases. 

Debtwire launched the 14th edition of the European Distressed Debt Market Outlook today (14 February), produced in association with Greenhill and Orrick.

• Continued covenant erosion to hit call protection and see signs of market overheating

• EUR 209bn has already been deployed this year across leveraged loans and high yield bonds
• Leveraged loans experienced a record year during the first half of 2017
• Refinanced capital took 61% of transactions during first three quarters of 2017

Stefan Schwertel, Senior Retail Expert of PwC, discussed with us exactly how the German retail market is changing, as well as what the future may hold in this industry that is now so heavily influenced by the online world.

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. 

The UK scheme of arrangement will face stiff competition following Brexit and the European Commission’s directive, according to a panel of investors and lawyers at Debtwire’s Germany Forum held at Frankfurt’s Villa Kennedy on Wednesday (13 September). The panel, moderated by Latham & Watkins partner Frank Grell, considered the restructuring routes available to investors; whether the UK scheme will lose its appeal post-Brexit, and what alternative restructuring tools may be available, particularly in light of the EU harmonisation initiative.

Alternative lenders have positioned themselves as a compelling new financing source in the German LBO market with plenty of firepower for deals.

On the sidelines of Debtwire's Germany Forum in Frankfurt, the chair of Latham & Watkins' German insolvency practice Frank Grell, summarises what updates to the ESUG regime hope to achieve.