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Vol 21 No 9 Sept/Oct 2016

Book of the Month

Cover of Goode on Commercial Law

Goode on Commercial Law

Edited by: Ewan McKendrick
Price: £170.00

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Investing in Distressed Debt in Europe: The TMA Handbook for Practitioners

Edited by: Ignacio Buil Aldana

ISBN13: 9781911078104
To be Published: November 2016
Publisher: Globe Law and Business
Country of Publication: UK
Format: Hardback
Price: £155.00

The European distressed debt market has grown exponentially during the last few years, experiencing very significant development. Many investors have entered that market with the intention of profiting from the opportunities that this market is offering them. However, navigating the waters of the European distressed debt market has not always been easy, because this market is far from homogeneous and legal fragmentation is the norm.

This publication provides an overview of the European distressed debt market, covering debt trading, non-performing loans, direct lending, restructuring and workouts. It analyses these topics and others from a pan-European point of view, and is intended as a practical guide for anyone seeking a better understanding of the commercial and legal complexities involved in a highly fragmented market where different jurisdictions, legislative frameworks and market practices apply.

Ignacio Buil Aldana, a very experienced lawyer in the finance and restructuring team at the London office of Spanish law firm Cuatrecasas, Gonçalves Pereira, has acted as consulting editor for the publication, which also features contributions from other leading experts in the field. Whether you are a lawyer in private practice or in industry, a financial advisor or an investor, this title aims to give you comprehensive insight into all the significant aspects of the European distressed debt market.

Insolvency Law, Banking and Finance
Part I: Introduction
Overview of the European distressed debt market

Part II: Acquisition of distressed debt
Trends in the secondary market
Legal due diligence: credit agreement and indenture analysis from a European perspective
Anatomy of a LMA trade and transfer mechanisms under English law
Overview of distressed trading in selected jurisdictions

Part III: The European non-performing loans (NLP) market
The deleveraging process in Europe
The ‘bad banks’ and their role in the deleveraging process in Europe
Anatomy of an NPL deal

Part IV: Direct lending
The direct lending landscape in Europe. Access to private debt by European borrowers
Trends in direct lending
Legal structuring of direct lending deals in selected European jurisdictions

Part V: Restructuring and workouts
Recent trends in European cross-border restructurings
Schemes of arrangements: theory and practice
Developments in the European restructuring legal framework
Restructuring high yield bonds in Europe and is Chapter II a viable tool to restructure European debtors
The new EU Insolvency
Regulation and its impact on distressed investing

Part VI: Taxation
Structuring of acquisition and disposal of distressed debt