Law Banking / Finance

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

By Ignacio Buil Aldana
Globe Law and Business August 2023

Specifications

ISBN-13
9781787429376
Publisher
Globe Law and Business
Publication
August 2023
Format
Hardback , 323 pages
Jurisdiction
European Union ? Countri(es) for reference only

Details

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 Such opportunities are set to increase significantly as this financial assistance is gradually withdrawn, and especially in light of the EU Directive 1023/2019 on Preventive Restructuring (the ‘Restructuring Directive’), which gives a more central role to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

Table of Contents

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

About the Author

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


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