Investing in Distressed Debt in Europe
The TMA Handbook for Practitioners
Samenvatting
Throughout the COVID-19 pandemic, opportunities for distressed-debt investors continued to appear in the European market despite high numbers of state-backed loans and financial injections from EU member states. Such opportunities are set to increase significantly as this financial assistance is gradually withdrawn, and especially in light of the EU Directive 1023/2019 on Preventive Restructuring (the ‘Restructuring Directive’), which gives a more central role to distressed creditors who will benefit from more flexible pre-insolvency instruments with a broader scope.
This second edition, co-published with TMA Europe, provides an overview of the European distressed-debt market and covers, among other topics:
- non-performing loans;
- direct lending; and
- restructuring and workouts.
It explores these subjects from a pan-European viewpoint and includes a comprehensive analysis of how the - Restructuring Directive has been implemented. Chapters have been written by leading experts in the field, supported by consulting editors Ignacio Buil Aldana and Patricia Alvarez Alonso, partners in the restructuring, insolvency and special situations team at Spanish law firm Cuatrecasas.
Whether you are a lawyer in private practice or in-house, a financial adviser or an investor, this practical guide will provide you with invaluable insight and a better understanding of the commercial and legal complexities involved in the European distressed-debt market.
Specificaties
Inhoudsopgave
Eva Ringelspacher 7
President, TMA Europe
Alan Tilley 8
BM&T European Restructuring
Solutions
Preface 11
Ignacio Buil Aldana
Patricia Álvarez Alonso
Cuatrecasas
Part I. Acquisition of distressed debt
Anatomy of an LMA distressed trade transaction and transfer mechanisms under English law 15
Elizabeth Bilbao
Mandel, Katz & Brosnan LLP
Overview of distressed trading in selected jurisdictions 35
-France
Jérémie Bismuth
Nadia Haddad
François Lépany
Antoine Texier
Gide Loyrette Nouel
-Germany
Daniel Hiemer
Alexander MH Längsfeld
Sacha Lürken
Kirkland & Ellis International LLP
-Italy
Gregorio Consoli
Federica Scialpi
Chiomenti
-Spain
Beatriz Causapé
Adriana Serra
Cuatrecasas
Part II. The European non-performing loan market
The European non-performing loan market and its policy drivers 65
Fernando Mínguez Hernández
Cuatrecasas
Anatomy of the non-performing loan and real-estate owned portfolio market in Spain 81
Iñigo Rubio Lasarte
Cuatrecasas
Part III. Direct lending
Direct lending – market trends 95
Mark Fine
McDermott Will & Emery UK LLP
Legal structuring of direct lending deals in selected jurisdictions
-England and Wales 109
Elisabeth Baltay
Alex Griffith
Rafael Serrano
Proskauer
-France 123
Jérémie Bismuth
Jean-Gabriel Flandrois
Nadia Haddad
Antoine Texier
Akim Zellami
Gide Loyrette Nouel
-Germany 133
Daniel Heimer
Alexander MH Längsfeld
Sacha Lürken
Kirkland & Ellis International LLP
-Italy 145
Giorgio Cappelli
Maurizio Fresca
Andrea Martino
Alessandro Pappadà
Matteo Venuta
Chiomenti
-Spain 151
Patricia Álvarez Alonso
María Lérida
Cuatrecasas
Part IV. Restructuring and workouts
Developments in the European legal framework for restructuring
-France 165
Jérémie Bismuth
Jean-Gabriel Flandrois
Nadia Haddad
François Lépany
Antoine Texier
Gide Loyrette Nouel
-Germany 191
Sacha Lürken
Kirkland & Ellis International LLP
-Italy 221
Giulia Battaglia
Antonio Tavella
Chiomenti
Restructuring plans in Spain 245
Ignacio Buil Aldana
Francisco Marzá Tornel
Cuatrecasas
The sale of business units in Spain 261
Andrea Perelló
Fedra Valencia
Cuatrecasas
Restructuring plans in the United Kingdom 271
Daniel Stathis
Kate Stephenson
Kirkland & Ellis International LLP
Part V. Taxation
Structuring the acquisition and disposal of distressed debt 289
Javier Calle
Rebeca Rodríguez
Cuatrecasas
David Burke
William Fogarty
Maples and Calder (Ireland) LLP
About the authors 311
About Globe Law and Business 323
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