Restructuring in LBOs and Leveraged Transactions

Redcliffe Training Associates

Course

Inhouse

£ 3001-4000

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Description

  • Type

    Course

  • Methodology

    Inhouse

  • Class hours

    12h

  • Duration

    2 Days

  • Start date

    Different dates available

The past few years have seen rising leverage, the evolution of more complex-laminated structures and the erosion of lender protection in loan documentation.

This has created a volatile cocktail which is now being shaken by economic forces in the shape of rising interest rates and higher costs. It is against this background that defaults are expected to revert to normal levels and will presage a wave of restructurings.

Matters have been complicated further by the absence of any direction on how the new market will respond to the new dispensation featuring laminated structures, the transferability of loans and ability to relocate corporate jurisdiction.

This program explores the practical issues, options and tactics which parties will face in leveraged deals as they pick their way through the corporate debris. Many important topics will be covered, such as directors' duties and insolvency, formal procedures and legal and regulatory issues. The programme will also appeal to those involved in general debt restructurings.

This course can be delivered in-house to a team of people.

For further information about the course, trainer or to request an in-house quote, please contact the center.

Important information

Documents

  • Restructuring in LBOs and Leveraged Transactions

Facilities

Location

Start date

Inhouse

Start date

Different dates availableEnrolment now open

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Reviews

Subjects

  • LBO's
  • Restructuring
  • Leveraged transactions
  • Defaults
  • Event of Defaults
  • Insolvency
  • Wrongful Trading
  • Syndicated Debt
  • Covenant Waivers
  • Regulatory Issues
  • Pensions Regulator
  • Moral Hazard

Teachers and trainers (1)

Former Practitioner

Former Practitioner

Contact us for details enquiries@redcliffetraining.co.uk

Course programme

Course Content:

Background

Evolution of LBO debt

Higher risk – the case for and against

Timing – credit or economic crunch

Players in the Capital structure – different roles & angles

Triggers

Defaults vs Events of Default

Insolvency & Wrongful trading (Cheyne case)

Directors’ Duties & Insolvency

Types of Directors

Directors’ duties (2006 Act)

Tests for Insolvency

Mitigating risk

Issues with Syndicated debt

Role of the Agent Bank (especially Security Trustee)

Syndicate composition – who is in /out (sub-participations)

Transfer rights and restrictions

Waivers & Restrictions (Majorities & Super majorities)

Events of Default & Sponsor flexibility

Restructuring Route Map

Valuation (where is the fulcrum capital)

Review of the Loan docs (Senior, Mezz and Inter-creditor)

Review your Weapons

Inter-creditor – Theory vs Reality (why the payment waterfall doesn’t always flow as expected)

Restructuring Options and Issues

Covenant waivers / resets

Debt buyback – methods & practical issues

Hamburger strategy (buy either side of your debt to protect interests and give information)

M&A Demergers

New money (internal)

New money (external)

Consensual vs non-consensual

Pre-packaged sales as a tool for reconstruction in LBOs

Formal Procedures

CVA

Scheme of Arrangement

Appointment of an Administrator

Winding up (compulsory or voluntary)

Administrative Receivership

Hot Legal / Regulatory issues

Jurisdiction & Impact of COMI

Overview of UNCITRAL

Pensions Regulator & Moral Hazard

See related categories

Restructuring in LBOs and Leveraged Transactions

£ 3001-4000

The best Corporate Finance courses

See all

See all