Debt Restructuring. London. Manchester. Bristol Registration starts at May 2011 Hilton Tower Bridge. CPE accreditation: 6 hours

Transcription

1 The Voice of Business Recovery Registration starts at ONE DAY COURSE London 24 May 2011 Hilton Tower Bridge CPE accreditation: 6 hours Debt Restructuring Manchester 7 June 2011 Renaissance Manchester Bristol 12 July 2011 Marriott City Centre 2011

2 Course directors: This one day programme is a mix of presentation, panel session and case study with hands on interactive scenario planning and decision making. Be prepared to state your case and take part in discussions. Following its success in previous years, this course has been expanded to a full day. It will provide an overview of the restructuring market for bilateral and/or syndicated facilities and the intercreditor and stakeholder issues which arise in both consensual and non-consensual situations. Bankers, buyers, junior lenders and other stakeholders will give their views first hand. A range of restructuring options will be explored, with distressed mergers and acquisitions in the spotlight. In addition there will be an examination of the legal issues related to using CVAs and schemes of arrangement to execute a debt restructuring. The second half of the day will be dedicated to a set of interactive case study sessions surrounding a consensual restructuring involving complex structures and a number of lenders each with differing interests. Given that the case study centres on a wholly consensual process, participants will be prompted to sharpen the hard technical skills and softer people skills used to persuade stakeholders of the merits of proposed solutions and the need to take action. Who is the course aimed at? This course is aimed at accountants, insolvency practitioners, bankers and lawyers, with at least three years experience. One of the very best courses I have been on Joanne Robinson, Ernst & Young LLP Karl Holmes, PNC Business Credit Excellent, practical and intellectually stimulating. Speakers Andy Hodson has over 20 years experience in the credit insurance market, the last ten as regional risk manager for Euler Hermes in the north of England, Scotland and Ireland. Ben Wildsmith has worked in transaction advisory services for ten years, specialising in restructuring. Recently he has concentrated on accelerated M&A and refinancing propositions. Bob Hedger is responsible for large corporate and leveraged finance restructurings. A banker for 36 years, Bob has specialised in restructurings and workouts for 20 years. Garry Wilson has over 20 years turnaround and restructuring experience. Before founding Endless, Garry acted as an advisor to private equity houses and banks on underperforming investments. Joanne Robinson has 16 years experience in insolvency and restructuring, specialising in trading insolvencies, restructurings of complex groups, contingency planning and advisory. Karl Holmes is an IP who formally specialised in reorganisation and recovery for asset based lenders. He now originates and structures facilities for PNC Business Credit. Kevin Dolan is an insolvency adviser at the Pension Protection Fund. He helps to maximise recoveries in insolvencies and recoveries of the employer companies of pension schemes. Kris Macauley is head of risk information at Euler Hermes. He has ten years credit insurance experience and was previously head of the construction and metals underwriting team. Mark Boughey is a director in transaction advisory services at Ernst &Young. He has led and worked on numerous business reviews, restructurings and formal insolvency assignments. Matthew Williams has over ten years experience in the financial services sector and joined Euler Hermes in He is regional risk manager for the Midlands, south west and Wales. Nick Leitch has 20 years experience in industry, professional practice and private equity, built initially in financial services and banking markets, thereafter in advisory and equity investment. Paul Anderson has over 16 years experience in the credit sector, the last eight in credit insurance. He is regional risk manager for Euler Hermes in East Anglia and the south east. Peter Finlay has over 25 years experience in the origination, structuring and management of debt and equipment finance to middle and large companies in Europe. Richard Favier is head of recoveries at the Pension Protection Fund. He has commercial insolvency and recovery experience, and has held policy roles at the Insolvency Service and UNCITRAL. Susan Moore is recognised as a leading expert in the restructuring field in Chambers UK and the Legal 500. Her more recent experience includes many high profile cross-border restructurings. Warwick Ley has over 16 years experience in private equity, banking and professional advisory. He has led several investments across the phases of acquisition, portfolio management and exit.

3 Programme Registration and coffee Chairman s introduction and a market update The impact on the restructuring market of the changing financial market and the comprehensive spending review as well as a high level overview of the different restructuring options available The bank s perspective An insight into the bank s perspective, with a focus on bilateral and/or syndicated facilities, including: The most problematic issues / markets for the banks The approach banks are taking in reaching a solution How banks are interacting with advisors Bob Hedger, The Royal Bank of Scotland plc (London) Representatives TBC (Manchester and Bristol) M&as accelerated disposals and what buyers are looking for A restructuring between the various stakeholders may not be achievable but, in the current economic environment, what other external solutions are available? When a bank led solution is most likely Identifying turnaround investors Running a successful accelerated M&A process Common blockages to deals and resolving them Garry Wilson, Endless LLP (London) Warwick Ley, Endless LLP (Manchester) nick Leitch, Endless LLP (Bristol) Coffee break CVas and schemes of arrangement How CVAs and schemes of arrangement are being used to execute debt restructurings and recent legal issues which could impact negotiations. Making the choice between a scheme or CVA Structuring the deal: valuation issues and other considerations Compromise of third party liabilities Cross-border issues: foreign recognition of CVAs and schemes susan Moore, SNR Denton (London and Bristol) Robert Russell, DLA Piper (Manchester) o ther stakeholders at the negotiating table A panel of other stakeholders who could impact negotiations during a debt restructuring, including representatives from HMRC, the PPF, a trade insurer and a boutique investment firm. When and if they should be brought into discussions Securing additional liquidity or ensuring current levels continue Levels of disclosure required for them to make a decision Solutions seen in the market Gordon Smith, HMRC Peter Finlay, Icon Capital Corp. Richard Favier and Kevin Dolan, Pension Protection Fund Paul anderson and Kris Macauley, Euler Hermes UK plc (London) andy Hodson, Euler Hermes UK plc (Manchester) Matthew Williams, Euler Hermes UK plc (Bristol) Lunch Chairman s introduction to the case study Reaching a solution Part one A case study of a consensual restructuring and an exploration of the issues which may be encountered. This will be an opportunity to discuss the issues in groups and to generate ideas on how to reach a solution Coffee break Reaching a solution Part two Interactive session where role players will take on the role of each of the key stakeholders in the case study. The audience will observe them and participants can freeze frame the case study to ask questions or make suggestions Chairman s close Book now courses@r3.org.uk

4 Course prices Debt Restructuring o ther Please stakeholders tick appropriate at the negotiating membership table category A panel The of fee other includes stakeholders all refreshments who could impact negotiations during a debt restructuring, including representatives from HMRC, the PPF, a trade insurer and London a boutique investment firm. When 24 May and if 2011 they - should Hilton be Tower brought Bridge into discussions Securing 285 additional + VAT ( 342) liquidity Fellows or ensuring current levels continue Levels 310 of disclosure + VAT ( 372) required Members for them to make a decision Solutions 340 seen + VAT in the ( 408) market New professionals Gordon 380 Smith, + VAT HMRC ( 456) Associates Peter Finlay, Icon VAT Capital ( 564) Corp. Non-members Richard Favier and Kevin Dolan, Pension Protection Fund Paul Manchester anderson and Kris Macauley, Euler Hermes UK plc (London) andy 7 Hodson, June Euler Renaissance Hermes UK plc Manchester (Manchester) Matthew 245 Williams, + VAT ( 294) Euler Hermes FellowsUK plc (Bristol) Lunch VAT ( 312) Members VAT ( 354) New professionals Chairman s 335 introduction + VAT ( 402) to Associates the case study Reaching 405 a solution + VAT ( 486) Non-members Part Bristol one A case study of a consensual restructuring and an exploration of the issues which may be encountered. This will be an opportunity to discuss 12 July the issues in Marriott groups and City to Centre generate ideas on how to reach a solution VAT ( 294) Fellows Karl Holmes, PNC VAT ( 312) Business Members Credit (London) Ben Wildsmith, VAT Ernst ( 354) & Young New LLP professionals (Manchester) VAT ( 402) Associates Coffee 405 break+ VAT ( 486) Non-members Reaching VAT is charged a solution at 20% from January 2011 Part two Interactive session where role players will take on the role of each of the key stakeholders in the case study. The audience will observe them DVD and participants can freeze frame the case study to ask questions or make suggestions VAT ( 108): DVD training package (plus 3.65 p&p) Karl Holmes, 25: additional PNC Business handbooks Credit (plus (London) p&p at cost) Mark Boughey, I will be using Ernst a & Farringdon Young LLP (Bristol) training voucher in payment for Chairman s the course close I will be making payment by credit card Please invoice me Book now I enclose a cheque payable to Association of Business Recovery Professionals one Day CouRsE courses@r3.org.uk! Application form Surname Surname CPE Surname accreditation The Firm course constitutes structured CPE to meet the requirements of the A of Certified Address Chartered Accountants (ACCA), the Institute of Chartered Ac England and Wales (ICAEW), the Insolvency Practitioners Association (IP for Turnaround (IFT), Solicitors Regulation Postcode Authority (SRA) and the Bar C Tel no. Fax no. Solicitors Regulation Authority/Bar Council CPD accreditation: Ref: ABR/RTAB 6 hours Contact name (if not delegate) P.O. number Key sponsorship partners Credit/debit payment form We accept any of the following payment methods (please tick): Visa Mastercard Switch Visa Electron Card holder s name *Card no *Card issue no or valid from not already an R3 member? / *Expiry date / Payment amount R3 is the leading trade body of Business Recovery Professionals operating a *Security code authoritative (last 3 numbers body on for the the back Insolvency of the card) Profession. R3 members represent over insolvency practitioners, business recovery and turnaround professionals wor Signature: How do I join? Date If you would like to receive discounts on R3 courses and take advantage of it / / (*indicates mandatory field) please visit the R3 website R3 takes your privacy seriously. We will retain and use your personal data to provide you with information on our services. Your name and firm will be published in the delegate pack for every course you attend, unless otherwise association requested. Cheques of to be Business made payable Recovery to Association Professionals Business Recovery Professionals. Bookings will only be accepted on receipt of registration form by post, fax, (courses@r3.org.uk) or through the 8th R3 website, floor Tel: Delegate substitutions 120 Aldersgate are permitted Street but a supplement Fax: will 020 be charged 7566 where 4225there is a difference in membership London category. Credit notes will only be issued if cancellations courses@r3.org.uk are received in writing no less than two working EC1A days prior 4JQ to the date of the course. Refunds will not be available. A VAT receipt will be issued.

5 CPE accreditation The course constitutes structured CPE to meet the requirements of the Association of Certified Chartered Accountants (ACCA), the Institute of Chartered Accountants in England and Wales (ICAEW), the Insolvency Practitioners Association (IPA), the Institute for Turnaround (IFT), Solicitors Regulation Authority (SRA) and the Bar Council. Solicitors Regulation Authority/Bar Council CPD accreditation: Ref: ABR/RTAB 6 hours Key sponsorship partners not already an R3 member? R3 is the leading trade body of Business Recovery Professionals operating as the most authoritative body for the Insolvency Profession. R3 members represent over 97% of all licensed insolvency practitioners, business recovery and turnaround professionals working within the UK. How do I join? If you would like to receive discounts on R3 courses and take advantage of its member benefits, please visit the R3 website association of Business Recovery Professionals 8th floor 120 Aldersgate Street London EC1A 4JQ Tel: Fax: courses@r3.org.uk