Further Details
The following sets out the content of the course in the approximate order in which it will be discussed during the day.
Background
• Historical overview
• Forces driving the market
• What is restructuring
• When and why does it happen
Equity restructuring & divestitures
• Rationale
• Carve-outs & partial spin offs
• Spin-offs, split-offs & split ups
• Tracking stock
• Valuation of a subsidiary
• Assets or shares
• Pre-sale hive-downs
• Share buy backs
• Reduction of capital
Demerger mechanics
• Overview
• Preliminary considerations
• Direct dividend and triangular structures
• Statutory demergers
• Schemes of reconstruction
• S.110 liquidation schemes
• S.425 schemes of arrangement
• Tax planning and tax reliefs
Debt restructuring
• Events of default & remedies
• Financial covenants
• Shadow directors
• MAC clauses
Major rescheduling
• Out of court/in court
• Conflicting interests
• The role of the lead bank
• Negotiating with bondholders
• Handling vultures & freeloaders
• The distressed debt market
Managing a turnaround
• Is it worth it?
• Financial distress & the slippery slope
• Gradual decline/quick descent
• Qualities required in a turnaround manager
• Assessment of the management team
• Immediate action & crisis mentality
• Cash flow focus & crisis stabilisation
• Formulating a workable restructuring plan
• Negotiating the options
Guide price
£3,200 per day + VAT |
