Investing in Distressed Debt in Europe: -

Investing in Distressed Debt in Europe:

The TMA Handbook for Practitioners

Ignacio Buil Aldana (Herausgeber)

Buch | Hardcover
327 Seiten
2016
Globe Law and Business Ltd (Verlag)
978-1-911078-10-4 (ISBN)
189,95 inkl. MwSt
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This publication 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.
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.

Foreword 7
Lukas Fecker
TMA Europe President

Preface 9
Ignacio Buil Aldana
Cuatrecasas, Gonçalves Pereira

Part I: Introduction

Investing in distressed debt in Europe: an overview 13
Tom Cox
Damian Malone
Mark Sinjakli
AlixPartners

Part II: Acquisition of distressed debt

Credit agreement and indenture analysis from a European perspective 33
Jacqueline Ingram
Cadwalader, Wickersham & Taft LLP

Anatomy of an LMA distressed trade transaction and transfer mechanisms under English law 43
Elizabeth Bilbao
Mandel, Katz & Brosnan LLP

Overview of distressed trading in selected jurisdictions 59

France
Jérémie Bismuth
Olivia Locatelli
Dimitrios Logizidis
Gide Loyrette Nouel

Germany
Sacha Lürken
Wolfgang Nardi
Oded Schein
Kirkland & Ellis International LLP

Italy
Gregorio Consoli
Federica Scialpi
Chiomenti Studio Legale

Spain
Beatriz Causapé
Cuatrecasas, Gonçalves Pereira

Part III: The European nonperforming loans (NLP) market

‘Bad banks’ and their role in the financial sector deleveraging process in Europe 81
Fernando Mínguez
Cuatrecasas, Gonçalves Pereira

Anatomy of a non- performing loan portfolio sale 93
Paul Dunbar
Vinson & Elkins LLP

Part IV: Direct lending

The direct lending landscape in Europe 109
Nerea Pérez de Guzmán
FTI Consulting

Trends in direct lending 119
Andrew Perkins
Sarah Ward
Macfarlanes LLP

Legal structuring of direct lending deals in selected European jurisdictions

France 133
Jérémie Bismuth
Marie Dubarry de Lassalle
Olivia Locatelli
Caroline Texier
Gide Loyrette Nouel

Germany 141
Sacha Lürken
Wolfgang Nardi
Oded Schein
Kirkland & Ellis International LLP

Italy 149
Giorgio Cappelli
Andrea Martino
Giovanna Randazzo
Chiomenti Studio Legale

Spain 157
Íñigo de Luisa
Íñigo Rubio
Cuatrecasas, Gonçalves Pereira

Part V: Restructuring and workouts

Recent trends in European cross-border restructurings 167
Arturo Gayoso
Deloitte Financial Advisory

Schemes of arrangements: theory and practice 175
Graham Lane
Iben Madsen
Willkie Farr & Gallagher LLP

Developments in the European legal framework for restructuring

France 199
Jérémie Bismuth
Marie Dubarry de Lassalle
Olivia Locatelli
Caroline Texier
Gide Loyrette Nouel

Germany 215
Sacha Lürken
Kirkland & Ellis International LLP

Italy 237
Giulia Battaglia
Antonio Tavella
Chiomenti Studio Legale

Spain 249
Cristóbal Cotta
Andrea Perelló
Fedra Valencia
Cuatrecasas, Gonçalves Pereira

Restructuring high-yield bonds in Europe 261
Paul Durban
Grégoire Hansen
Brown Rudnick LLP

The recast EU Insolvency Regulation and its impact on distressed investing 279
James Bell
Douglas Hawthorn
Jeremy Walsh
Travers Smith LLP

Part VI: Taxation

Structuring the acquisition and disposal of distressed debt 295
Rebeca Rodríguez
Cuatrecasas, Gonçalves Pereira
Luke Vassay
Milbank, Tweed, Hadley & McCloy LLP

About the authors 317

Erscheinungsdatum
Verlagsort London
Sprache englisch
Maße 160 x 240 mm
Gewicht 570 g
Themenwelt Recht / Steuern EU / Internationales Recht
Recht / Steuern Wirtschaftsrecht Bank- und Kapitalmarktrecht
ISBN-10 1-911078-10-0 / 1911078100
ISBN-13 978-1-911078-10-4 / 9781911078104
Zustand Neuware
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