Customised Three-Day Corporate Restructuring Course

  • Example

An Example of a Customised Three-Day Corporate Restructuring Course

... sponsored by a conference organiser for seven international participants

DAY ONE

Background

  • Historical overview
  • Forces driving the market
  • What is restructuring
  • When and why does it happen

Preliminary considerations

  • Rationale
  • Assets or shares
  • Pre-sale hive-downs
  • Financial assistance
  • Strategic assessment

Equity restructuring

  • Sell-offs
  • Spin-offs, split-offs & split ups
  • Carve-outs & spin-outs
  • Tracking stock
  • Reduction of capital
  • Equity buy backs
  • Vendor placings
  • Open offers
  • Rights issues
  • Capitalisation issues
  • Share splits
  • Convertible loan stocks
  • Equity warrants

Management buy-out deal structure

  • Equity, quasi equity and ratchets
  • PIK and vendor loan notes
  • Senior debt, mezzanine and junior debt
  • High yield bonds

DAY TWO

Public-to-Private deals

  • Comparison with private MBOs
  • Reasons for increasing number of P2Ps
  • Risk management
  • Funding procedures

Debt restructuring

  • Wrongful and fraudulent trading
  • Directors’ responsibilities & liabilities
  • Debt priority on insolvency
  • Force majeure & MAC clauses
  • Debentures & mortgages
  • Charges, pledges & liens
  • Loan representations, warranties & covenants
  • Default, remedies, waiver & reserving rights
  • Cross default & cross acceleration

Rescheduling to avoid insolvency

  • Financial distress & the slippery slope
  • Gradual decline/quick descent
  • Conflicting interests
  • Negotiating with bondholders
  • Handling vultures & freeloaders
  • The distressed debt market

Corporate turnarounds

  • Is it worth it?
  • Selecting a turnaround manager
  • Assessment of the management team
  • Immediate action & crisis mentality
  • Cash flow focus & crisis stabilisation
  • Formulating a workable restructuring plan
  • Sink or swim

DAY THREE

The content of Day Three was identical to the content of the one day open course on Joint Ventures & Strategic Alliances.

 

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