Table of Contents

Preface 5 The current restructuring 7 and workout environment Martin Gudgeon Shirish Joshi The Blackstone Group International Limited The economic and 15 political context for international restructuring Mahesh Uttamchandani The World Bank Debt for equity swaps 27 Karl Clowry Cadwalader, Wickersham & Taft LLP Pre-packs at an 47 operational level Mark Shaw BDO Stoy Hayward LLP Valuation of distressed 63 businesses Alastair Beveridge Paul Hemming Graeme Smith Kroll Talbot Hughes Schemes of arrangement 81 for long-tail liability claims Dan Schwarzmann PWC Jurisdiction Shopping 101 Christine L Childers Jenner & Block LLP Ronald DeKoven 3-4 South Square France 117 Matthieu Barthelemy Jacques Henrot Philippe Dubois De Pardieu Brocas Maffei Germany 131 Heinrich Meyer Beiten Burkhardt United States 157 Matthew Williams Kramer Levin Naftalis & Frankel LLP Workouts of structured 177 vehicles Phil Bowers Deloitte & Touche LLP Role of security trustees 185 Tamara Box Berwin Leighton Paisner LLP Rescue financing 193 Laura Barlow AlixPartners New stakeholders 209 Richard Favier Pension Protection Fund Darren Redmayne Lincoln International LLP About the authors

Reviews

Several chapters in the book provide practical tools to maximise value in restructuring situations and the market will still undoubtedly provide opportunities for their use. Bob Wessels, Emeritus Professor of International insolvency law University of Leiden School of Law Review for first edition: There are certainly not enough such books, in particular in terms of dealing with the careful analyses of the more specialist corners of the subject, eg. debt for equity swaps, pre-packs, valuation and SIVs. David Marks QC, 3-4 South Square