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Investing in Distressed Debt in Europe: The TMA Handbook for Practitioners, 2nd Edition

Investing in Distressed Debt in Europe: The TMA Handbook for Practitioners, 2nd Edition

Author: Ignacio Buil Aldana
Publisher: Globe Law and Business
ISBN: 9781787429376

Previous Edition ISBN: 9781787420458
Published In: August 2023
Format: Hardback , 323 pages
Jurisdiction: European Union ? Disclaimer:
Countri(es) stated herein are used as reference only

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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 Such opportunities are set to increase significantly as this financial assistance is gradually withdrawn, and especially in light of the EU Directive 1023/2019 on Preventive Restructuring (the ‘Restructuring Directive’), which gives a more central role to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 the London office of 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.

Part I: Introduction

Patricia Álvarez Alonso & Ignacio Buil Aldana of Cuatrecasas, Gonçalves Pereira

Part II: Acquisition of distressed debt

Anatomy of an LMA distressed trade transaction and transfer mechanisms under English law

Elizabeth Bilbao

Mandel, Katz & Brosnan LLP

Overview of distressed trading in selected jurisdictions:

France

Jérémie Bismuth, Nadia Haddad, François Lepany, Antoine Texier & Akim Zellami of Gide Loyrette Nouel

Germany

Daniel Hiemer, Alexander MH Längsfeld & Sacha Lürken of Kirkland & Ellis International LLP

Italy

Gregorio Consoli & Federica Scialpi of Chiomenti Studio Legal

Spain

Beatriz Causapé & Adriana Serra of Cuatrecasas, Gonçalves Pereira

Part III: The European non-performing loans (NPL) market

The European NPL market and its policy drivers

Fernando Mínguez Hernández of Cuatrecasas, Gonçalves Pereira

Anatomy of the NPL and REO portfolio market in Spain

Iñigo Rubio Lasarte of Cuatrecasas, Gonçalves Pereira

Part IV: Direct lending

Trends in direct lending

Mark Fine of McDermott Will & Emery

Legal structuring of direct lending deals in selected European jurisdictions:

France

Jérémie Bismuth, Nadia Haddad, François Lepany, Antoine Texier & Akim Zellami of Gide Loyrette Nouel

Germany

Daniel Hiemer

Alexander MH Längsfeld

Sacha Lürken of Kirkland & Ellis International LLP

Italy

Giorgio Cappelli, Maurizio Fresca, Andrea Martino, Alessandro Pappadà & Matteo Venuta of Chiomenti Studio Legale

Spain

Patricia Álvarez Alonso & María Lérida of Cuatrecasas, Gonçalves Pereira

United Kingdom

Rafael Serrano, Alex Griffith & Elisabeth Baltay of Proskauer

Part V: Restructuring and workouts

Developments in the European legal framework for restructuring

France

Jérémie Bismuth, Nadia Haddad, François Lepany, Antoine Texier & Akim Zellami of Gide Loyrette Nouel

Germany

Sacha Lürken of Kirkland & Ellis International LLP

Italy

Giulia Battaglia & Antonio Tavella of Chiomenti Studio Legale

Spain

Ignacio Buil Aldana & Francisco Marzá Tornel of Cuatrecasas, Gonçalves Pereira

Sales of business units

Andrea Perelló & Fedra Valencia of Cuatrecasas, Gonçalves Pereira

Restructuring plans and pre-packs in the UK

Daniel Stathis & Kate Stephenson of Kirkland & Ellis International LLP

Part VI: Taxation

Structuring the acquisition and disposal of distressed debt

Javier Calle & Rebeca Rodríguez of Cuatrecasas, Gonçalves Pereira; David Burke & William Fogarty of Maples Group

Consulting editor: Ignacio Buil Aldana

Consulting editor
Cuatrecasas Gonçalves Pereira	Ignacio Buil Aldana
Contributing firm	Author(s)
AlixPartners UK LLP	Tom Cox
	Mark Sinjalki
Brown Rudnick LLP	Paul Durban
	Grégoire Hansen
Cadwalader Wickersham & Taft LLP	Jacqueline Ingram
Chiomenti Studio Legale	Giulia Battaglia
	Giorgio Cappelli
	Gregorio Consoli
	Andrea Martino
	Luisa Federica Scialpi
	Antonio Tavella
Cuatrecasas Gonçalves Pereira	Beatriz Causapé
	Cristóbal Cotta
	Fernando Mínguez Hernández
	Íñigo De Luisa
	Andrea Perelló
	Rebeca Rodríguez
	Íñigo Rubio
	Fedra Valencia
Damian Malone	Damian Malone
Deloitte Financial Advisory	Arturo Gayoso
FTI Consulting Inc	Nerea Pérez de Guzmán
Gide Loyrette Nouel	Jérémie Bismuth
	Marie Dubarry de Lassalle
	Olivia Locatelli
	Dimitrios Logizidis
	Caroline Texier
Kirkland & Ellis International LLP	Sacha Lürken
	Wolfgang M Nardi
	Oded Schein
Lawyer	Giovanna Randazzo
Macfarlanes LLP	Andrew Perkins
	Sarah Ward
Mandel Katz & Brosnan LLP	Elizabeth Bilbao
Milbank Tweed Hadley & McCloy LLP	Luke Vassay
TMA Europe President	Lukas Fecker
Travers Smith	James Bell
	Douglas Hawthorn
	Jeremy Walsh
Vinson & Elkins LLP	Paul Dunbar
Willkie Farr & Gallagher LLP	Graham Lane
	Iben Madsen