Early Warning Signals, Problem Loans and Restructuring

4 days 25-28 Mar 2018, Dubai UAE £4,195.00 Download brochure Add to basket
4 days 30 Oct - 2 Nov 2018, London UK £4,195.00 + VAT* Download brochure Add to basket

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Overview

This course is made up of two separately bookable modules:

Module 1: Problem Loans: Early Warning Signals

Module 2: Distressed Debt & Restructuring

 

Many lending institutions across the world are still burdened with a high level of actual or potential non-performing loans or other credit exposures. In these situations, lenders need to maximize their recovery rates and optimize their long term returns, subject to prevailing insolvency laws, the lender’s own capital situation and sometimes to the wider interests of other stakeholders in the firm.
Specialist knowledge is required to analyse the cause of the borrower’s problems and to design and implement an optimal restructuring solution. These can involve both operational and capital restructurings, including debt for debt swaps, full or partial debt for equity swaps, discounted debt buybacks, equity cures, shareholder loans etc. In some cases, the best outcome may be full or partial asset liquidation. Cash flow forecasting is key to creating an optimal debt restructuring solution and the course covers distressed debt restructuring solutions in Excel. Case studies focus on a range of sectors including property, retail, infrastructure, house building, media and industrial

Methodology
The teaching methodology used on this course combines formal theoretical instruction with frequent reference to market data, use of exercises and case studies. Case studies are based on real situations and are designed to help delegates implement new valuation techniques and to learn from empirical experience. Delegates are expected to know how to use Excel at a basic level and should bring a personal computer with them. The course is intended to be practical and interactive, with delegates encouraged to ask questions. The techniques taught to delegates are intended to be of immediate practical use in the workplace.

Who should attend

  • Bank credit officers
  • Investment bankers
  • Management consultants
  • Bond credit analysts
  • Fixed income/credit traders
  • Fixed income/credit sales people
  • Fund managers
  • Treasurers
  • Compliance officers
  • Financial decision makers in corporations

Instructors

We work with a series of expert instructors, please select the course location of interest to review the credentials of who will be delivering the programme.

Dubai
Sarah Martin

Former Executive Director of CSFB and Lehman Brothers, the Course Director has spent seventeen years working as an investment banker in Europe and the US. She has principally worked in the credit markets and has experience of the US and European high grade and high yield markets, the European new issue markets, the Asian convertible bond markets and of corporate restructurings of distressed credits. She specialised in the telecoms sector and was closely involved in the structuring, raising and/or trading of bank and public debt for telecoms companies in many countries, including Europe, South Africa, Asia and Latin America. She also has extensive experience of corporate finance transactions, including mergers, disposals, privatisations, IPOs and capital raisings. Until 2003, she was an Executive Director at Lehman Brothers in Fixed Income Research in London, having also worked for CS First Boston and Kleinwort Benson. She now works on an independent basis advising the legal and private equity professions on credit analysis and company valuation. She has a degree in economics from the London School of Economics and stock exchange qualifications from London and New York.

London
Sarah Martin

Former Executive Director of CSFB and Lehman Brothers, the Course Director has spent seventeen years working as an investment banker in Europe and the US. She has principally worked in the credit markets and has experience of the US and European high grade and high yield markets, the European new issue markets, the Asian convertible bond markets and of corporate restructurings of distressed credits. She specialised in the telecoms sector and was closely involved in the structuring, raising and/or trading of bank and public debt for telecoms companies in many countries, including Europe, South Africa, Asia and Latin America. She also has extensive experience of corporate finance transactions, including mergers, disposals, privatisations, IPOs and capital raisings. Until 2003, she was an Executive Director at Lehman Brothers in Fixed Income Research in London, having also worked for CS First Boston and Kleinwort Benson. She now works on an independent basis advising the legal and private equity professions on credit analysis and company valuation. She has a degree in economics from the London School of Economics and stock exchange qualifications from London and New York.

Venue

Dubai

Dubai Hotel

This programme takes place on a non-residential basis at a central Dubai hotel. Non-residential course fees include training facilities, documentation, lunches and refreshments for the duration of the programme. Delegates are responsible for arranging their own accommodation, however, a list of convenient hotels (many at specially negotiated rates) is available upon registration.

Dubai has an incredible number of hotels. Courses held here are mainly held at the J.W. Marriot hotel, Sheraton Dubai Creek and Le Meridien all in central Dubai.
 
J.W. Marriott Hotel – Abu Baker Al Siddique Road, PO Box 16590, Dubai, U.A.E
Phone +971 4 607 7811; Fax +971 4 607 7011
www.marriott.com
 
At the JW Marriott Dubai you will enjoy luxury on your terms; impeccable service and elegant surroundings allow you to relax and focus on your own agenda. With 344 luxuriously appointed rooms and suites the J.W. Marriott provides an oasis of calm in a busy city while the award-winning restaurants have the recipe for satisfying a taste for international flavour.        
 
Sheraton Dubai Creek – Baniyas Street, PO Box 4250, Dubai, U.A.E
Phone +971 4 228 1111; Fax +971 4 221 3468
www.starwoodhotels.com
 
After undergoing a complete renovation, the Sheraton Dubai Creek Hotel& Towers reopened October 10th, 2002 with a fully refurbished interior and exterior. The 255 room hotel now offers more creek-view rooms, redesigned atrium lobby, outstanding food and beverage facilities, upgraded rooms with state-of-the-art data connectivity, and Dubai's newest conference facilities. 

Le Meridien – PO Box 10001, Airport Road, Dubai, U.A.E
Phone +971 4 282 4040; Fax +971 4 282 5540
www.lemeridien-dubai.com
 
Le Meridien Dubai is a five star deluxe hotel built on two floors and surrounded by 38 acres of landscaped gardens. The hotel is elegantly furnished with a french accent that incorporates the individual character and flair of the local culture. The hotel is minutes away from the commercial districts and shopping centres and a short distance from Dubai International Airport. Facilities include a choice of 15 restaurants and bars, 24-hour room and laundry service, two fully equipped business centres and a state-of-the-art Spa and fitness club.

 
 

London

Central London Hotel Venue

All courses are held at four or five star venues in Central London, Zone 1. We strive to provide you with a training environment of the highest quality, to ensure that the whole learning experience exceeds your expectations.

Your training venue will be confirmed by one of our course administrators approximately 3-4 weeks before the course start date.

Related Courses

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Do you have five or more people interested in attending this course? Do you want to tailor it to meet your company's exact requirements? If you'd like to do either of these, we can bring this course to your company's office. You could even save up to 50% on the cost of sending delegates to a public course.

To find out more about running this course in-house:





Our Tailored Learning Offering

If you want to run this course at a location convenient to you or if you want a completely customised learning solution, we can help.

We produce learning solutions that are completely unique to your business. We'll guide you through the whole process, from the initial consultancy to evaluating the success of the full learning experience. Our learning specialists ensure you get the maximum return on your training investment.

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We can offer any of our public courses delivered at your office or we can devise completely tailored solutions:


Read more about our offering or complete a call back request to speak to a learning specialist.

 

Agenda

Agendas are localised, please select your preferred location.

Topic 1: Situation Audit – Integrating Business and Financial Strategies

 
Firms get into financial trouble because of poor business performance, often exacerbated by an unsustainable capital structure. Diagnosing the most important source of stress – business weakness or capital structure – is a critical first step in restructuring. 
 
Business Stresses

  • Sector
    - Sector consolidation or excessive capacity
    - New competitor entry or heightened rivalry from existing competition
    - Long-term sector problems: Product obsolescence, competitiveness
     
  • Firm-level
    - Product/service problems
          Obsolescence
          Excessive product offerings or SKUs
          Weak distribution or lack of pricing power
    - Costs
          Lack of discipline and competitiveness
          Unhedged cost exposures
          Insufficient R&D spending
    - Assets
         Poor working capital management
         Insufficient capital spending and investment
    - Labour
         Collective bargaining issues
         Lack of ability to hire, develop, motivate, and retain talent
    - Agency problems:
        Self-seeking, unethical, or illegal management behaviour
        Fraud: Aggressive or fraudulent accounting or representation

Financial Stresses

  • Asset/Liability Mismatch: Short-term Assets funded with Long-term Liabilities
    - Excessive short-term debt vs long-term debt
    - Excessive floating rate vs fixed-rate debt
    - Foreign currency mismatch
  • Inappropriate Capital Structure:
     - Excessive debt
     - Excessive dependence on one kind of debt: bank debt, bonded debt
     - Excessive dependence on one source of debt: banks, bond investors
  • Non-interest Bearing Liabilities
     - Pension or post-retirement healthcare liabilities
     - Tax liabilities
     - Legal judgments or penalties: product recalls, worker compensation
     - Contingent claims: Derivatives Contracts, Warrantee liabilities

 
Case Firm
: Transportation Displays (A), with Excel model
 
 

Topic 2: Financial Claims and Capacity Assessment

 
When firms experience financial distress, creditors and other stakeholders have to develop a strong understanding of the existing hierarchy of claimants, as well as the future debt capacity of the firm.

Claims Hierarchy

  • Secured claims: secured bank debt and mortgage bonds
  • Super priority claims: D-I-P financing
  • Priority Claims
     - Restructuring professionals: Legal, accounting Wages, salaries commissions
     - Employee benefit claims
     - Alimony/child support
     - Customer deposits
     - Tax claims
  • General unsecured claims: Unsecured debt, trade creditors
  • Preferred stock
  • Common stock
  • Jurisdictional Differences: U.S. bankruptcy law vs. UK, European law

 
Debt Capacity

  • Forecasted income statement
     - Revenues, costs, margins
  • Forecasted cashflow statement
     - Working capital needs, capital expenditure
  • Free cashflow generation vs existing claims: interest, principal, other
  • Forward-looking debt capacity

 
Case Firm:
Transportation Displays (B), with Excel model

 

Topic 3: Restructuring Options - Operational and Organizational

When firms experience financial distress, often there are opportunities to make operational and organizational changes – independent of the impaired capital structure or the claims hierarchy – that can greatly improve financial condition.
 
Operational Restructuring Options

  • SKU “editing” and product-line “trimming”
  • Process redesign: Streamlining operational processes to improve productivity
  • Cost reductions: Procurement and supplier consolidation, labor rates, overhead, R&D, maintenance – “zero-based budgeting”
  • Elimination of redundant capacity and staff and plant and office consolidation
  • Reduction of capital outlays
  • Shift of production to lower-cost jurisdictions
  • Outsourcing of non-critical functions: IT, security, transportation
  • Common IT infrastructure

 
Organizational Restructuring Options

  • Redrawing divisional boundaries
  • Flattening hierarchies, reduction of management layers
  • Revising compensation, especially sales compensation
  • Changing business unit structures and reporting responsibilities – increased P&L accountability
  • Revised performance measurement schemes
  • More frequent, more intensive management oversight, e.g. weekly sales calls
  • Change of pension benefits
  • Reduced use of ex-patriots
  • New Leadership from Outside the Firm

 
Case Firm:
Transportation Displays (C), with Excel Model
 
 

Topic 4: Restructuring Options – Operational Financial Changes

 
When firms experience financial distress, often there are opportunities to make changes in the operational fnancing of the firm – again, independently of the impaired capital structure or the claims hierarchy – that can greatly improve financial condition.
 
Short-Term Balance Sheet Management Options

  • Accounts Receivable: More aggressive collections
  • Inventories: Reduction
  • Prepaid Expenses: Reduction
  • Accounts Payable: Expansion
  • Accrued Liabilities: Expansion
     
Topic 5: Restructuring Options – Changes in the Claims Hierarchy and the Nature of the Claims

 
Firms experiencing financial distress will almost always have to restructure the outstanding claims against their assets, and often the very nature of those claims themselves.

Financing Alternatives: Debt

  • Introduction of DIP financing
  • Extension of Debt Maturities
  • Increased or Decreased Coupons
  • Reduction or “zeroing” of junior claims
  • Shift to PIK or partial PIK interest instruments
  • Debt-for-Debt Swaps
  • Debt-for-Equity Swaps or Introduction of “Equity Kickers”
  • New Debt from Distressed Lenders: Mezzanine, Convertible Loans, Warrants
  • Restructuring fees and Success fees
  • Factoring of Receivables
  • Securitization of Assets and/or Revenue Streams
  • Strategic or Private Equity Investment
  • Rights offerings
  • A Caveat: “Nuisance Value” of Equity holders

 
Case Firms:
Infinity Carpets: Negotiating Claims Changes in Bankruptcy, with Excel model Lyondell Chemical Restructuring

Topic 6: Financial Restructuring – Valuation

 
Financial restructuring of distressed firms virtually always involves enterprise valuation, if only to attribute and allocate the firm’s value among a reconfigured claims hierarchy. The restructured firm generally has to be sound from a credit standpoint in order for claimants to realize recovery, over time, from that value.
 
Enterprise Valuation

  • DCF Approaches:
     - Appropriate discount rates
     - Sound terminal value assumptions
  • Comparable firm valuation
     - Identifying the relevant peer firms: “Dimensions of Comparability”
     - Identifying relevant valuation metric
          Price/Earnings
          Price/Cash Earnings
          Price / FCF
          EV/EBITDA
          Price/Book
          Replacement Cost
  • Comparable transaction valuation
     - Identifying the relevant comparable transactions
     - Identifying relevant valuation metric
  • Post-restructuring Creditworthiness
     - Credit assessment
     - Ratings of publicly-traded instruments
     - Financial flexibility going forward

 
Case Firms:
Restructuring Navigator Gas Transport PLC and Delaware Worldwide

Topic 7: Restructuring Options – Strategic

 
Sometimes financial restructurings, or the recovery of value following such restructuring, involve strategic changes such as major asset sales or selective re-leveraging.
 
Strategic Restructuring via Asset Sales

  • Which Assets to Sell? How to Decide?
  • How to Maximize Disposal Proceeds without Selling All the Most Attractive Assets
  • Integration of Financial Recovery with Future Enterprise Strategy: forward/backward integration
  • Bundling of Assets

 
Process

  • Outright Sale of Discrete Operating Assets to Strategic Buyer
  • Outright Sale of Operating Units to Strategic Buyer
  • Outright Sale of Discrete Operating Assets to Opportunistic Buyer
  • Outright Sale of Operating Units to Opportunistic Buyer
  • Sale of Assets via Capital Markets
     - IPO of Equity in Operating Units
     - Sale of Securities Convertible into Ownership in Operating Unit
  • Realization of Latent Value in Real Estate
     - Outright Sale
     - Sale/leaseback
     - Securitization
  • Leveraged Sales of Operating Assets/Units
     - Leveraged Buyout
     - Management Buy-out
     - Management Buy-in
  • Reconciling Asset Sales and Disposals with Covenants on Existing Debt
  • Laying-off Liabilities to Buyers in Disposals
     - Lease liabilities
     - Pension and Other Benefits-related Liabilities
     - Environmental Liabilities
     - Contingent Claims
  • Impacts of Asset Sales on Shareholder Value
     - Ratings Impact
     - Cost of Capital
     - Financing Flexibility for Future Growth
     - Enterprise Valuation
     - Equity Valuation

 
Case Firm:
Donald Salter Communications PLC
 
 

Topic 8: Distressed Debt Investing and Investors

 
Often existing creditors in a distressed firm have to contest their claims with newer arrivals, namely distressed debt investors. Such hedge funds and specialized “special situation” private equity funds often purchase debt claims in troubled firms at big discounts, and then enter the resolution process to try to earn out-sized returns. Conventional creditors should have familiarity with their organization and tactics, as such investors can be adversaries in the restructuring process.
 
Case Firms: Oaktree Capital Management and Countrywide PLC, Oaktree Capital Management and Diamond Foods

Course summary and close

Topic 1: Situation Audit – Integrating Business and Financial Strategies

 
Firms get into financial trouble because of poor business performance, often exacerbated by an unsustainable capital structure. Diagnosing the most important source of stress – business weakness or capital structure – is a critical first step in restructuring. 
 
Business Stresses

  • Sector
    - Sector consolidation or excessive capacity
    - New competitor entry or heightened rivalry from existing competition
    - Long-term sector problems: Product obsolescence, competitiveness
     
  • Firm-level
    - Product/service problems
          Obsolescence
          Excessive product offerings or SKUs
          Weak distribution or lack of pricing power
    - Costs
          Lack of discipline and competitiveness
          Unhedged cost exposures
          Insufficient R&D spending
    - Assets
         Poor working capital management
         Insufficient capital spending and investment
    - Labour
         Collective bargaining issues
         Lack of ability to hire, develop, motivate, and retain talent
    - Agency problems:
        Self-seeking, unethical, or illegal management behaviour
        Fraud: Aggressive or fraudulent accounting or representation

Financial Stresses

  • Asset/Liability Mismatch: Short-term Assets funded with Long-term Liabilities
    - Excessive short-term debt vs long-term debt
    - Excessive floating rate vs fixed-rate debt
    - Foreign currency mismatch
  • Inappropriate Capital Structure:
     - Excessive debt
     - Excessive dependence on one kind of debt: bank debt, bonded debt
     - Excessive dependence on one source of debt: banks, bond investors
  • Non-interest Bearing Liabilities
     - Pension or post-retirement healthcare liabilities
     - Tax liabilities
     - Legal judgments or penalties: product recalls, worker compensation
     - Contingent claims: Derivatives Contracts, Warrantee liabilities

 
Case Firm
: Transportation Displays (A), with Excel model
 
 

Topic 2: Financial Claims and Capacity Assessment

 
When firms experience financial distress, creditors and other stakeholders have to develop a strong understanding of the existing hierarchy of claimants, as well as the future debt capacity of the firm.

Claims Hierarchy

  • Secured claims: secured bank debt and mortgage bonds
  • Super priority claims: D-I-P financing
  • Priority Claims
     - Restructuring professionals: Legal, accounting Wages, salaries commissions
     - Employee benefit claims
     - Alimony/child support
     - Customer deposits
     - Tax claims
  • General unsecured claims: Unsecured debt, trade creditors
  • Preferred stock
  • Common stock
  • Jurisdictional Differences: U.S. bankruptcy law vs. UK, European law

 
Debt Capacity

  • Forecasted income statement
     - Revenues, costs, margins
  • Forecasted cashflow statement
     - Working capital needs, capital expenditure
  • Free cashflow generation vs existing claims: interest, principal, other
  • Forward-looking debt capacity

 
Case Firm:
Transportation Displays (B), with Excel model

 

Topic 3: Restructuring Options - Operational and Organizational

When firms experience financial distress, often there are opportunities to make operational and organizational changes – independent of the impaired capital structure or the claims hierarchy – that can greatly improve financial condition.
 
Operational Restructuring Options

  • SKU “editing” and product-line “trimming”
  • Process redesign: Streamlining operational processes to improve productivity
  • Cost reductions: Procurement and supplier consolidation, labor rates, overhead, R&D, maintenance – “zero-based budgeting”
  • Elimination of redundant capacity and staff and plant and office consolidation
  • Reduction of capital outlays
  • Shift of production to lower-cost jurisdictions
  • Outsourcing of non-critical functions: IT, security, transportation
  • Common IT infrastructure

 
Organizational Restructuring Options

  • Redrawing divisional boundaries
  • Flattening hierarchies, reduction of management layers
  • Revising compensation, especially sales compensation
  • Changing business unit structures and reporting responsibilities – increased P&L accountability
  • Revised performance measurement schemes
  • More frequent, more intensive management oversight, e.g. weekly sales calls
  • Change of pension benefits
  • Reduced use of ex-patriots
  • New Leadership from Outside the Firm

 
Case Firm:
Transportation Displays (C), with Excel Model
 
 

Topic 4: Restructuring Options – Operational Financial Changes

 
When firms experience financial distress, often there are opportunities to make changes in the operational fnancing of the firm – again, independently of the impaired capital structure or the claims hierarchy – that can greatly improve financial condition.
 
Short-Term Balance Sheet Management Options

  • Accounts Receivable: More aggressive collections
  • Inventories: Reduction
  • Prepaid Expenses: Reduction
  • Accounts Payable: Expansion
  • Accrued Liabilities: Expansion
     
Topic 5: Restructuring Options – Changes in the Claims Hierarchy and the Nature of the Claims

 
Firms experiencing financial distress will almost always have to restructure the outstanding claims against their assets, and often the very nature of those claims themselves.

Financing Alternatives: Debt

  • Introduction of DIP financing
  • Extension of Debt Maturities
  • Increased or Decreased Coupons
  • Reduction or “zeroing” of junior claims
  • Shift to PIK or partial PIK interest instruments
  • Debt-for-Debt Swaps
  • Debt-for-Equity Swaps or Introduction of “Equity Kickers”
  • New Debt from Distressed Lenders: Mezzanine, Convertible Loans, Warrants
  • Restructuring fees and Success fees
  • Factoring of Receivables
  • Securitization of Assets and/or Revenue Streams
  • Strategic or Private Equity Investment
  • Rights offerings
  • A Caveat: “Nuisance Value” of Equity holders

 
Case Firms:
Infinity Carpets: Negotiating Claims Changes in Bankruptcy, with Excel model Lyondell Chemical Restructuring

Topic 6: Financial Restructuring – Valuation

 
Financial restructuring of distressed firms virtually always involves enterprise valuation, if only to attribute and allocate the firm’s value among a reconfigured claims hierarchy. The restructured firm generally has to be sound from a credit standpoint in order for claimants to realize recovery, over time, from that value.
 
Enterprise Valuation

  • DCF Approaches:
     - Appropriate discount rates
     - Sound terminal value assumptions
  • Comparable firm valuation
     - Identifying the relevant peer firms: “Dimensions of Comparability”
     - Identifying relevant valuation metric
          Price/Earnings
          Price/Cash Earnings
          Price / FCF
          EV/EBITDA
          Price/Book
          Replacement Cost
  • Comparable transaction valuation
     - Identifying the relevant comparable transactions
     - Identifying relevant valuation metric
  • Post-restructuring Creditworthiness
     - Credit assessment
     - Ratings of publicly-traded instruments
     - Financial flexibility going forward

 
Case Firms:
Restructuring Navigator Gas Transport PLC and Delaware Worldwide

Topic 7: Restructuring Options – Strategic

 
Sometimes financial restructurings, or the recovery of value following such restructuring, involve strategic changes such as major asset sales or selective re-leveraging.
 
Strategic Restructuring via Asset Sales

  • Which Assets to Sell? How to Decide?
  • How to Maximize Disposal Proceeds without Selling All the Most Attractive Assets
  • Integration of Financial Recovery with Future Enterprise Strategy: forward/backward integration
  • Bundling of Assets

 
Process

  • Outright Sale of Discrete Operating Assets to Strategic Buyer
  • Outright Sale of Operating Units to Strategic Buyer
  • Outright Sale of Discrete Operating Assets to Opportunistic Buyer
  • Outright Sale of Operating Units to Opportunistic Buyer
  • Sale of Assets via Capital Markets
     - IPO of Equity in Operating Units
     - Sale of Securities Convertible into Ownership in Operating Unit
  • Realization of Latent Value in Real Estate
     - Outright Sale
     - Sale/leaseback
     - Securitization
  • Leveraged Sales of Operating Assets/Units
     - Leveraged Buyout
     - Management Buy-out
     - Management Buy-in
  • Reconciling Asset Sales and Disposals with Covenants on Existing Debt
  • Laying-off Liabilities to Buyers in Disposals
     - Lease liabilities
     - Pension and Other Benefits-related Liabilities
     - Environmental Liabilities
     - Contingent Claims
  • Impacts of Asset Sales on Shareholder Value
     - Ratings Impact
     - Cost of Capital
     - Financing Flexibility for Future Growth
     - Enterprise Valuation
     - Equity Valuation

 
Case Firm:
Donald Salter Communications PLC
 
 

Topic 8: Distressed Debt Investing and Investors

 
Often existing creditors in a distressed firm have to contest their claims with newer arrivals, namely distressed debt investors. Such hedge funds and specialized “special situation” private equity funds often purchase debt claims in troubled firms at big discounts, and then enter the resolution process to try to earn out-sized returns. Conventional creditors should have familiarity with their organization and tactics, as such investors can be adversaries in the restructuring process.
 
Case Firms: Oaktree Capital Management and Countrywide PLC, Oaktree Capital Management and Diamond Foods

Course summary and close

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