Friday, September 23, 2005

8:00–9:00 am

Registration and Continental Breakfast

9:00–9:15 am

Opening Remarks and Welcome

Michael P. Richman, ABI Immediate Past President, Mayer Brown Rowe and Maw, New York

Ian Williams, Program Chair, Co-chair ABI International Committee, Edwards Geldard, Nottingham

9:15–10:00 am

Opening Keynote: Views from the Bench

Sir Gavin Lightman, Chancery Division High Court of Justice, London

10:00–11:15 am

International Forum Shopping

This session will focus on the use of domestic insolvency procedures by foreign corporates. Is access to the U.S. system too easy? Should Cenargo and Yukos have ever happened? In the EU does the “Centre of Main Interest” concept mean anything? How can we bridge jurisdictional disputes between the two continents?

11:15–11:30 am

Coffee Break

11:30 am–1:00 pm

Hands Across the Pond: Identifying Best Practices

What can the United States and the EU learn from each other when it comes to corporate restructurings? Should the EU gravitate toward a rehabilitative restructuring regime like the U.S. chapter 11 system? Do chapter 11 features such as post-petition financing, creditor cram-down, substantive consolidation and executory contract rejection have a place in the EU? What are the unique challenges faced by financial advisors and interim managers in a European restructuring?

1:00–2:30 pm

Lunch

Including an address by ABI President John Penn, Haynes and Boone, Fort Worth, Texas

2:30–3:45 pm

Restructuring Trends in Europe

Activities in the German NPL market, extensive law reform and a general shift away from formal insolvencies have altered the landscape in European restructurings. Different restructuring and financial techniques (including U.S. style DIP financing) are part of this trend. Who are the players in this growing market, what are their roles and how do the various stakeholders interact? What does the future hold? The panel will look at these complex and interesting issues, calling on their wealth of experience in the European market.

3:45–4:15 pm

Afternoon Tea

4:15–5:30 pm

Managing an International Reorganisation

As business becomes more global, so does finance. But then so do the consequences when things go wrong. Add the complexity of modern finance instruments, different layers and structures of debt and equity, multiple players, much more powerful credit committees, and the problems begin to seem insurmountable. Are out-of-court or consensual workouts still possible? Will the formal process become increasingly necessary to enforce creditor consensus? How does one manage an international reorganisation? How does one handle the divergent interests? This session will bring together some of the themes from the earlier sessions and identify future challenges.