On 29 September 2010 DLA Piper held a briefing in its New York office on the latest strategies and insight into the maze of European corporate restructuring options.
An estimated $2.1 trillion of debt issued by European companies and banks is scheduled to mature over the next three years. As a result, issuers and their lenders are exploring complex and innovative restructuring alternatives, including cram-down processes designed to expedite the recapitalisation process. While a financially distressed corporation and its stakeholders may have several options regarding restructuring its debt and reorganizing its business, it is important that lenders and stakeholders understand the practical effects of local insolvency laws on investor/creditor rights, which will be key to the success of any restructuring.
Sarah Coucher, Partner, DLA Piper (London), Peter Jark, Head of Restructuring, Germany, DLA Piper (Frankfurt am Main), Marc Molhuysen, Head of Restructuring, Netherlands, DLA Piper (Amsterdam) and Catherine Burton, Chief EMEA Restructuring Coordinator, DLA Piper (UK) reviewed practical case studies and discussed how stakeholders' interests may be enforced, affected and protected, as well as potential market opportunities where value may be maximized. The briefing was moderated by H. Jeffrey Schwartz, Chair, US Restructuring, DLA Piper (New York).