Financial Restructuring and Bankruptcy
This course deals with the background and resolution of issues related to changes in risk profile that require renegotiation of the terms of the debt agreements, including pricing and covenants, and effects of a downward migration that range from a change in credit ratings to outright default or insolvency. This course also aims to provide a complete restructuring of the debt and the techniques.
- Understand the concepts related to financial reorganization
- Develop a plan to address different financial problems
- Evaluate alternative strategies
- Stay up to date with the recent changes in international insolvency practice
The course will utilize lectures with presentations and interactive class discussion. Trainees will also be encouraged to brainstorm ideas during seat works/activities.
- Introductions and Objectives
- Credit risks & causes of credit migration
- Corporate changes/accounting failures
- Identifying the problem
- Restructuring objectives and concepts
- The features of restructuring
- Typical bankruptcy regimes
- Recent international changes
- The concept of Universalism
- COMI & “Forum shopping”
- Substantive consolidation
- Cram downs
- Automatic stays
- Settlement
- Secured creditors
- Priority of claims
- Reclamation & “Striking out”
- Debt restructuring – How/when & where
- Debt restructuring – Alternative strategies
- Debt restructuring – The exit route
- Debt restructuring Action plan –Objectives
- Steering committees
- New monies
- Capital structures
- Business Value Plans
- Enterprise value