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7th Annual European Corporate Restructuring Summit

Date: 12 February 2009 - 13 February 2009
Venue: Hyatt Regency – The Churchill, London, UK

Discussions:

  • 12/02/09 00:00 - STREAM B: Will pre-packaging be done quickly and effectively in the current market?

    • Garry Wilson, Chief Executive Officer, Endless LLP Download
  • 12/02/09 09:00 - Keynote address: The TMA’s view on the current market

    • Tyrone Courtman, President, Turnaround Management Association Download
  • 12/02/09 10:15 - Fixing airline balance sheets in a high fuel cost and weak consumer demand world

    • John E. Luth, Chairman, President & Chief Executive Officer, Seabury Group Download
  • 12/02/09 14:30 - Keynote address: Bonanza time in restructuring

    • Jon Moulton, Founder, Alchemy Partners Download
  • 13/02/09 10:15 - The fund managers’ viewpoint: what are buyers looking for in turnaround investments?

    • Jakub Crhonek, Chief Executive Officer, Clearsight Investment AG Download
  • 13/02/09 12:30 - Will the coming years bring a bumper crop for the turnaround industry?

    • Iain Lynam, Partner, Aaronite Partners Download
  • 13/02/09 14:30 - Initial assessment of distressed businesses prior to investment

    • Tim Harrison, Partner Buyouts, 3i Investments plc Download
  • 13/02/09 15:00 - Income based valuations using cash flows

    • Edward Eyerman, Managing Director, Fitch Ratings Download
  • 13/02/09 15:30 - Asset based valuations

    • Doug MacDonald, Director, The MacDonald Partnership Download
  • 13/02/09 16:00 - Value given by the market

    • Alan Tilley, Principal, Bryan Tappy & Tilley LLP Download

Event agenda

DAY ONE: Thursday 12th February 2009                                
                                                                                               
8:00 Registration and Coffee
 
8:45 Chairman’s Opening Remarks
Eugen M. Angster, Chairman, Corporate Restructuring Association Germany
 
9:00 Keynote address: The TMA’s view on the current market
Tyrone Courtman, President, Turnaround Management Association
 
9:30 Balance sheets, banks and risk – what happened to the banking industry, how will it be turned around and where are the opportunities?
Neil Cooper, Partner, Zolfo Cooper (Moderator)
Simon Davies, Managing Director, Blackstone
Nora Wouters, Senior Associate, Arendt & Medernach
Richard Millward, Managing Director, Rothschild
 
10:15 Fixing airline balance sheets in a high fuel cost and weak consumer demand world
John E. Luth, Chairman, President & Chief Executive Officer, Seabury Group

10:45 Morning refreshments and networking break
 
11:30 Lite covenants leading to sudden insolvencies — dealing with little or no warning of a corporates slide into trouble
Ashley Katz, Partner, Mayer Brown (Moderator)
Joel Feldmann, Head of Leveraged Finance, Bank of America
Paul McKenna, European Head of Leverage Syndicated Finance, ING Bank
Paul Kirkbright, Partner, KPMG
Graeme Smith, Director, Zolfo Cooper
 
12:15 The private equity elephant in the room and the future of turnaround
Henry Jackson, Managing Partner & Chief Executive, Merchant Equity Partners (Moderator)
Michael Langdon, Chairman, Rutland Partners
Nadim Nsouli, Partner, Providence Equity Partners
Justin Bickle, Vice President, Oaktree Capital Management
Phil Dougall, Partner, Sun European Partners
 
13:00 Lunch
 
14:30 Keynote address:  Bonanza time in restructuring
Jon Moulton, Founder, Alchemy Partners
 
 

STREAM A

 

Chaired by:

Tony Groom, Managing Partner, K2 Partners

 

15:00 A new frontier – what have we learnt about Spain’s restructuring and turnaround industry?

Stefaan Vansteenkiste, Managing Director, Alvarez & Marsal (Moderator)

Hamish Mackenzie, Assistant Director, Rothschild

Kathleen Verelst, Managing Director, Morgan Stanley 

Alberto Núñez-Lagos Burguera, Partner,Uria Menendez 

 

15:45 Afternoon refreshments and networking break

 

16:15 The changing face of Germany’s recovery and turnaround profession

Gerald Corbae, Managing Director, Alvarez & Marsal (Moderator)

Dr. Adam Bolek, Managing Director, Rothschild

Bernd Richter, Partner, Ernst & Young

Jens Alsleben, Managing Director, H.I.G. European Capital Partners GmbH

 

17:00 Clearing up the uncertainty of fixing corporates and making turnaround investments in Italy

Giancarlo Poli, Managing Director, Alix Partners (Moderator)

Marco Fumagalli, Partner & Managing Director, 3i 

Giorgio Cherubini, Partner, Pirola Pennuto Zei & Associati

 

 

STREAM A End 17:45

STREAM B

 

Chaired by:

Eugen M. Angster, Chairman, CRAG

 

15:00 Will pre-packaging be done quickly and effectively in the current market?

Garry Wilson, Chief Executive Officer, Endless LLP

 

15:45 Afternoon refreshments and networking break

 

16:15 Dealing with competing economic interests in complex creditor bases

Ian McDonald, Partner, Mayer Brown (Moderator)

Neil Chesterton, Partner, The MacDonald Partnership

Richard Adkins, QC,3-4 South Square

Mark Shaw, Partner,BDO Stoy Hayward LLP

Stephen Day, Partner, Mayer Brown

 

17:00 Debt buy-backs for control, deleveraging or speculation?

Tyrone Courtman, President, Turnaround Management Association (Moderator)

Jonathan Broome, Director, European Debt Advisory Team, Close Brothers

Walter Butler, Founding Partner, Butler Capital Partners

Eugen M. Angster, Chairman, Corporate Restructuring Association Germany

 

 

 

 

STREAM B End 17:45


17:45 Close of Day One followed by drinks reception





DAY TWO: Friday 13th February 2009
 
8:45 Registration and Coffee
           
9:15 Chairman’s Opening Remarks
Neil Cooper, Partner, Zolfo Cooper
             
9:30 Financing a rescue in a credit drought
Robin Menzel, Partner, Augusta & Co (Moderator)
Steven Chait, Head of New Business, Burdale Financial
Richard Millward, Managing Director, Rothschild
Tanneguy de Carne, Co-Head of European Loan Syndicate, Société Générale
 
10:15 The fund managers’ viewpoint: what are buyers looking for in turnaround investments?
Jakub Crhonek, Chief Executive Officer, Clearsight Investment AG
 
10:45 From creditor to shareholder – swapping debt for equity
Peter Marshall, Managing Director, Houlihan Lokey
 
11:15 Morning refreshments and networking break

11:45 Rating agencies and the future of European corporate recovery
Alex Chambers, Fixed Income Editor, Euromoney Magazine (Moderator)
Richard Hunter, EMEA Regional Credit Officer, Fitch Ratings
Blaise Ganguin, Chief Credit Officer, Standard & Poor’s
David Staples, Managing Director, Moody’s Investors Service
 
12:30 Will the coming years bring a bumper crop for the turnaround industry?
Iain Lynam, Partner, Aaronite Partners
 
13:00 Chairman’s closing remarks followed by lunch and close of conference
 

14:15 Separately Bookable Workshop: Valuation techniques for European distressed businesses
 
Chaired by:
Tony Groom, Managing Partner, K2 Partners
 
14:15 Introduction
Tony Groom, K2 Partners

14:30 Initial assessment of distressed businesses prior to investment
·         Dealing with management teams
·         Getting under the skin of a business
Tim Harrison, 3i Investments plc

15:00 Income based valuations using cash flows
·         Deciding on a valuation method:
      §         Modelling uncertain growth
      §         Adjusting the cost of capital due to increased probability of bankruptcy (cost of debt) and risk of loss to investors (cost of equity)
      §         Deciding on factors
            -        Adjusting for risk of future financial distress
            -        Cash flow haircuts and cash flow multiples
            -        Determining the value of different classes of debt
Edward Eyerman, Fitch Ratings

15:30 Asset based valuations
      §         Extracting value using formal insolvency procedures
      §         Finding arbitrage opportunities in insolvency options
Doug MacDonald, MacDonald Partnership

16:00 Value given by the market
      §         Capitalizing earnings
      §         Finding adequate comparables in unpredictable times
Alan Tilley, Bryan, Tappy & Tilley LLP

16:30 Panel session
      §         Consider valuing businesses in the future
      §         Reference to examples including high profile company failures in the press
With above speakers chaired by Tony Groom

17:15 Closing remarks
Tony Groom, K2 Partners