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Book Details
Abstract
The European distressed debt market has grown exponentially during the last few years, experiencing very significant development. Many investors have entered that market with the intention of profiting from the opportunities that this market is offering them. However, navigating the waters of the European distressed debt market has not always been easy, because this market is far from homogeneous and legal fragmentation is the norm.
This co-publication with TMA Europe provides an overview of the European distressed debt market, covering debt trading, non-performing loans, direct lending, restructuring and workouts. It analyses these topics and others from a pan-European point of view, and is intended as a practical guide for anyone seeking a better understanding of the commercial and legal complexities involved in a highly fragmented market where different jurisdictions, legislative frameworks and market practices apply.
Ignacio Buil Aldana, a partner in the finance and restructuring team at the London office of Spanish law firm Cuatrecasas, Gonçalves Pereira, has acted as consulting editor for the publication, which also features contributions from other leading experts in the field. Whether you are a lawyer in private practice or in industry, a financial advisor or an investor, this title aims to give you comprehensive insight into all the significant aspects of the European distressed debt market.
Table of Contents
Section Title | Page | Action | Price |
---|---|---|---|
Front Cover | 1 | ||
Title | 2 | ||
Copyright | 3 | ||
Table of contents | 4 | ||
Foreword Lukas Fecker TMA Europe President | 8 | ||
Preface Ignacio Buil Aldana Cuatrecasas, Gonçalves Pereira | 10 | ||
Part I: Introduction | 14 | ||
Investing in distressed debt in Europe: an overview Tom Cox Damian Malone Mark Sinjakli Alix Partners | 14 | ||
Part II: Acquisition of distressed debt | 34 | ||
Credit agreement and indenture analysis from a European perspective\rJacqueline Ingram\rCadwalader, Wickersham & Taft LLP | 34 | ||
Anatomy of an LMA distressed trade transaction and transfer mechanisms under English law\rElizabeth Bilbao\rMandel, Katz & Brosnan LLP | 44 | ||
Overview of distressed trading in selected jurisdictions: France, Germany, Italy and Spain | 60 | ||
Part III: The European non-performing loans (NLP) market | 82 | ||
‘Bad banks’ and their role in the financial sector deleveraging process in Europe\rFernando Mínguez\rCuatrecasas, Gonçalves Pereira | 82 | ||
Anatomy of a non-performing loan portfolio sale\rPaul Dunbar\rVinson & Elkins LLP | 94 | ||
Part IV: Direct lending | 110 | ||
The direct lending landscape in Europe\rNerea Pérez de Guzmán\rFTI Consulting | 110 | ||
Trends in direct lending\rAndrew Perkins\rSarah Ward\rMacfarlanes LLP | 120 | ||
Legal structuring of direct lending deals in selected European jurisdictions | 134 | ||
Legal structuring of direct lending deals: France Jérémie Bismuth Marie Dubarry de Lassalle Olivia Locatelli Caroline Texier Gide Loyrette Nouel | 134 | ||
Legal structuring of direct lending deals: Germany Sacha Lürken Wolfgang Nardi Oded Schein Kirkland & Ellis LLP | 142 | ||
Legal structuring of direct lending deals: Italy Giorgio Cappelli Andrea Martino Giovanna Randazzo Chiomenti Studio Legale | 150 | ||
Legal structuring of direct lending deals: Spain Iñigo de Luisa Iñigo Rubio Cuatrecasas, Gonçalves Pereira | 158 | ||
Part V: Restructuring and workouts | 168 | ||
Recent trends in European cross-border restructurings\rArturo Gayoso\rDeloitte Financial Advisory | 168 | ||
Schemes of arrangements: theory and practice\rGraham Lane\rIben Madsen\rWillkie Farr & Gallagher LLP | 176 | ||
Developments in the European legal framework for restructuring | 200 | ||
Developments in the legal framework for restructuring: France Jérémie Bismuth Marie Dubarry de Lassalle Olivia Locatelli Caroline Texier Gide Loyrette Nouel | 200 | ||
Developments in the legal framework for restructuring: Germany Sacha Lürken Kirkland & Ellis International LLP | 216 | ||
Developments in the legal framework for restructuring: Italy Giulia Battaglia Antonio Tavella Chiomenti Studio Legale | 238 | ||
Developments in the legal framework for restructuring: Spain Cristóbal Cotta Andrea Perelló Fedra Valencia Cuatrecasas, Gonçalves Pereira | 250 | ||
Restructuring high-yield bonds in Europe\rPaul Durban\rGrégoire Hansen\rBrown Rudnick LLP | 262 | ||
The recast EU Insolvency Regulation and its impact on distressed investing\rJames Bell\rDouglas Hawthorn\rJeremy Walsh\rTravers Smith LLP | 280 | ||
Part VI: Taxation | 296 | ||
Structuring the acquisition and disposal of distressed debt\rRebeca Rodríguez\rCuatrecasas, Gonçalves Pereira\rLuke Vassay\rMilbank, Tweed, Hadley & McCloy LLP | 296 | ||
About the authors | 318 |