Investing in Distressed Debt in Europe, Second Edition

Forewords
Eva Ringelspacher 7
President, TMA Europe

Alan Tilley 8
BM&T European Restructuring Solutions

Preface 11
Ignacio Buil Aldana
Patricia Álvarez Alonso
Cuatrecasas

Part I. Acquisition of distressed debt

Anatomy of an LMA distressed trade transaction and transfer mechanisms under English law 15
Elizabeth Bilbao
Mandel, Katz & Brosnan LLP

Overview of distressed trading in selected jurisdictions 35

France
Jérémie Bismuth
Nadia Haddad
François Lépany
Antoine Texier
Gide Loyrette Nouel

Germany
Daniel Hiemer
Alexander MH Längsfeld
Sacha Lürken
Kirkland & Ellis International LLP

Italy
Gregorio Consoli
Federica Scialpi
Chiomenti

Spain
Beatriz Causapé
Adriana Serra
Cuatrecasas

Part II. The European non-performing loan market

The European non-performing loan market and its policy drivers 65
Fernando Mínguez Hernández
Cuatrecasas

Anatomy of the non-performing loan and real-estate owned portfolio market in Spain 81
Iñigo Rubio Lasarte
Cuatrecasas

Part III. Direct lending

Direct lending - market trends 95
Mark Fine
McDermott Will & Emery UK LLP

Legal structuring of direct lending deals in selected jurisdictions

England and Wales 109
Elisabeth Baltay
Alex Griffith
Rafael Serrano
Proskauer

France 123
Jérémie Bismuth
Jean-Gabriel Flandrois
Nadia Haddad
Antoine Texier
Akim Zellami
Gide Loyrette Nouel

Germany 133
Daniel Heimer
Alexander MH Längsfeld
Sacha Lürken
Kirkland & Ellis International LLP

Italy 145
Giorgio Cappelli
Maurizio Fresca
Andrea Martino
Alessandro Pappadà
Matteo Venuta
Chiomenti

Spain 151
Patricia Álvarez Alonso
María Lérida
Cuatrecasas

Part IV. Restructuring and workouts

Developments in the European legal framework for restructuring

France 165
Jérémie Bismuth
Jean-Gabriel Flandrois
Nadia Haddad
François Lépany
Antoine Texier
Gide Loyrette Nouel

Germany 191
Sacha Lürken
Kirkland & Ellis International LLP

Italy 221
Giulia Battaglia
Antonio Tavella
Chiomenti

Restructuring plans in Spain 245
Ignacio Buil Aldana
Francisco Marzá Tornel
Cuatrecasas

The sale of business units in Spain 261
Andrea Perelló
Fedra Valencia
Cuatrecasas

Restructuring plans in the United Kingdom 271
Daniel Stathis
Kate Stephenson
Kirkland & Ellis International LLP

Part V. Taxation

Structuring the acquisition and disposal of distressed debt 289
Javier Calle
Rebeca Rodríguez
Cuatrecasas
David Burke
William Fogarty
Maples and Calder (Ireland) LLP

About the authors 311

About Globe Law and Business 323