This course is designed to provide participants with an in-depth analysis of the legal and tax issues related to Debt and Financial Restructuring in the context of current financial crisis. More specifically, it describes the legal and tax aspects that have to be taken into account in making the restructuring decisions and it gives a detailed overview of the structures and techniques used in daily practice.
The course is articulated into two and a half days. After a general introduction and overview of restructuring principles, Day 1 is dedicated to the legal aspects of debt and financial restructuring, focusing on the best practices currently used. Day 2 deals with the tax aspects of corporate debt restructuring and provides a case study to enable participants to gain confidence in applying the skills acquired during the course. Finally, Day 3 provides for a description of restructuring opportunities for banks, private equity funds and real estate investments. The course will be taught by experienced international practitioners specialized in the field of corporate and financial restructuring.

Day 1


08.30 - 09.00 Registration

09.00 - 09.20 Welcome and IBFD Overview

09.20 - 11.00 Introduction and Overview of Restructuring Principles

• Identification of causes of financial distress
• Typical strategies for distressed companies
• The stakeholders’ perspective in a distressed situation
• The strategies of banks, private equity funds, mezzanine lenders and equity holders upon entering a restructuring process

11.00 – 11.20 Break - Refreshments

11.20 – 12.45 Legal Aspects of Debt and Financial Restructuring
(Jan Peters)

• Introduction
• Debt restructuring techniques
- Amendment of terms and/or conditions of existing debt
- Waiver of debt/interest
- Assignment of debt to another party
- Refinancing with new debt
- Debt-asset swap
- Debt-equity swap
• Sale of the business
• Liquidation of the business
• Re-purchase of bonds/loans
• Secondary transactions
• Securitization of non-performing loans

12.45 - 14.00 Lunch

14.00 - 15.20 Legal Aspects of Debt and Financial Restructuring
(continued)

15.20 - 15.40 Break - Refreshments

15.40 - 17.00 Legal Aspects of Debt and Financial Restructuring
(continued)

Day 2

09.00 - 10.40 Tax Aspects of Debt and Financial Restructuring

• Overview of tax issues
• Tax consequences of debt restructuring tools
- Amendment of terms and/or conditions of existing debt
- Waiver of debt/interest
- Assignment of debt to another party
- Refinancing with new debt
- Debt-asset swap
- Debt-equity swap
• Tax effects of the sale of the business
• Tax effects of the liquidation of the business
• Tax consequences of re-purchase of bonds/loans
• Tax effects of secondary transactions
• Tax aspects of the securitization of non-performing loans

10.40 - 11.00 Break - Refreshments

11.00 - 12.45 Tax Aspects of Debt and Financial Restructuring
(continued)

12.45 - 14.00 Lunch

14.00 - 15.20 Tax Aspects of Debt and Financial Restructuring
(continued)

15.20 - 15.40 Break - Refreshments

15.40 - 17.00 Case Study

Day 3

9.00 - 10.40 Tools and Opportunities for Banks, Private Equity Funds and Other Investors

• Distressed debt trading
• Distressed debt: control and non-control strategies
• Restructuring-turnaround strategies
• Practical cases and examples

10.40 - 11.00 Break - Refreshments

11.00 - 12.30 Restructuring for Real Estate Investments


• Overview of real estate financing models
• Consequences of distress of real estate portfolios
• The sponsor’ s perspective
• The lender’s perspective
• The investor’s perspective

Jan Peters, Baker & McKenzie, the Netherlands
Marcello Distaso, Baker & McKenzie, the Netherlands
Bas Castelijn, Fortis Bank, the Netherlands
Joop Kluft, PriceWaterhouseCoopers, the Netherlands