January 2014 Issue

Financier Worldwide Magazine

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Developments in the real estate sector

Having emerged from the global recession and its aftermath, the real estate sector showed signs of recovery in 2013 and is expected to build on this momentum in the year ahead. The sector’s low-gear recovery has been boosted by a number of key trends. Private equity has shown...



US M&A market expected to heat up in 2014

Deal making in the early months of 2013 appeared to bode well for the remainder of the year; indeed, the first quarter saw a liberal sprinkling of blockbuster announced M&A transactions. Berkshire Hathaway acquired the HJ Heinz Company for around $28bn, American Airlines…

Indian agri-business to attract PE and VC

India’s agri-businesses are increasingly likely to attract more private equity (PE) and venture capital (VC) funds in the next few years, according to a joint report released by KPMG and the Federation of the Indian Chambers of Commerce and Industry (FICCI)...

What next for BlackBerry?

On Monday 4 November BlackBerry Limited began another new chapter in its increasingly troubled story. The company announced that its proposed $4.7bn sale to its largest shareholder Fairfax Financial Holdings Limited had been cancelled and it will instead raise $1bn in investment...

UK to be ‘fastest growing western economy’ in 2014

The UK economy will grow by 1.3 percent in the fourth quarter of 2014, according to a report produced by Grant Thornton and the Institute of Chartered Accountants in England and Wales (ICAEW).  The report, the UK Business Confidence Monitor (BCM), also shows that in...




Cyber security

THE PANELLISTS: Ron Raether, Faruki Ireland & Cox P.L.L.; Vikas Bhatia, Kalki Consulting; Margaret A. Reetz, Kerns, Frost & Pearlman, LLC; Tim Rains, Microsoft; Betty Shepherd, R-T Specialty, LLC; Udo Wirtz, Siemens; Dave Perkins, US Risk Brokers, Inc.; Meredith Schnur, Wells Fargo Insurance Services USA, Inc.

Reliance on information technology exposes companies to numerous risks, and all firms are vulnerable to the threat of cyber crime. In recent years, sophisticated targeted attacks such as spear fishing, social engineering and advanced persistent threats have become more widespread...




Distressed M&A and investing

Distressed investment opportunities exist in a broad range of sectors and geographies, as a result of ongoing turmoil in the financial markets. Cash-rich companies and investment funds have a wide range of acquisition options at reduced valuations, particularly in the energy...

FORUM: Considerations when structuring distressed investments

FW moderates a discussion on distressed investments between Barry A. Chatz at Arnstein & Lehr LLP, Martin Gudgeon at Blackstone, Geoffrey Frankel at Huron Consulting Group, Partha Kar at Kirkland & Ellis International LLP, James Stonebridge at Norton Rose Fulbright, and Van Durrer at Skadden, Arps, Slate, Meagher & Flom LLP.

The use of pre-packs in bank restructuring and M&A

Skadden, Arps, Slate, Meagher & Flom LLP In response to the financial crisis, in October 2008 the US Treasury initiated the Capital Purchase Program of the Troubled Asset Relief Program whereby the government invested over $200bn in troubled financial institutions. Although those financial institutions have returned...

The Canadian distressed market: low interest, low leverage leads to low distress

Turnaround Management Association The Canadian economy, taken as a whole, has weathered the financial storm ravaging the global economy over the last several years. As a consequence, the Canadian distressed investing, distressed lending and distressed M&A markets have been only modestly more active than in...

Quick flip sales in insolvency proceedings

Davies Ward Phillips & Vineberg LLP The keys to a successful sale of distressed assets are time and cost. It is critical for the debtor’s stakeholders that the sale, including any associated process, is fast and the professional fees of the seller are minimised. In Canada, this can be achieved by conveying the...

Distressed M&A in Europe: what to look out for in 2014

Willkie Farr & Gallagher (UK) LLP A number of recent or proposed legal and regulatory changes will play a significant role in shaping the European distressed M&A market in 2014. In this article we highlight four such changes.  The ECB’s Asset Quality Review...

The impact of the UNCITRAL Model Law on Cross-Border Insolvency and the European Insolvency Regulation on distressed M&A transactions

Brown Rudnick LLP In this era of globalisation, the onset of insolvency for a corporate enterprise often results in the commencement of multiple proceedings in different countries, governed by distinct legal regimes. The participants in a distressed M&A transaction involving a multinational...

Distressed M&A in Germany

Hogan Lovells International LLP Distressed situations offer great M&A opportunities. Acquisitions of distressed companies before the commencement of insolvency proceedings or afterwards from the insolvency estate have unique characteristics. Before the commencement of insolvency proceedings, the acquisition...

Distressed property deals in Central and Eastern Europe: structures and legal implications

Ormai és Társai CMS Cameron McKenna LLP Distressed property transactions are still increasing in Central & Eastern Europe. There are several reasons for this but one of the main drivers is that the enforcement and insolvency regulations do not favour creditors’ right in an enforcement procedure or an insolvency...

Q&A: Valuing distressed assets

FW speaks with James Dimech-DeBono at Grant Thornton, Tom Greco at Hilco Valuation Services, Cindy Ma at Houlihan Lokey, Doug McPhee at KPMG, and Thomas B. Burton at Liquidity Services, about the valuation of distressed assets...



mergers & acquisitions

Shire acquires ViroPharma for $4.2bn

Irish drug manufacturer Shire plc has entered into a definitive agreement to purchase ViroPharma Incorporated in a deal worth approximately $4.2bn.  Under the terms of the deal announced on 11 November, Shire will acquire all of the outstanding shares of ViroPharma...

Etisalat buys controlling stake in Maroc Telecom for €4.2bn

The Emirates Telecommunications Corporation, trading as Etisalat, announced in November that subject to regulatory approval it has agreed to buy a 53 percent stake in Maroc Telecom for €4.2bn in cash from multinational media and telecommunications group Vivendi SA...

private equity & venture capital

KKR to buy Brickman Group for $1.6bn

Private equity firm Kohlberg Kravis Roberts (KKR) announced in November that it had agreed to purchase Brickman Group, one of the largest commercial landscaping companies in the US, for $1.6bn.  Brickman had been attracting a great deal of interest from a number of...

Scottish Widows sold off in £560m deal

The reformation of the Lloyds Banking Group Plc continued apace in November as the group announced it had agreed to sell off the Scottish Widows Investment Partnership (SWIP) to fund manager Aberdeen Asset Management in a deal worth £560m.  The sale of the...

bankruptcy & corporate restructuring

Global Aviation re-files for Chapter 11 bankruptcy

In mid November Global Aviation Holdings Inc, the largest provider of charter air services to the US military, filed for Chapter 11 bankruptcy protection, mere months after the company emerged from its previous reorganisation process.  In a statement announcing the...

Fisker Automotive files for Chapter 11

Hybrid car manufacturer Fisker Automotive Inc filed for Chapter 11 bankruptcy protection in late November after lengthy efforts by investors to salvage the company proved to be unsuccessful.  The company’s bankruptcy filing came after Anaheim, California based...



Bankruptcy & Restructuring

Pension priorities in Canada: an update for lenders

Bennett Jones LLP Financiers and lenders to Canadian companies have become increasingly concerned about potential priorities of pension claims in Canada over the past year following the 1 February 2013 decision of the Supreme Court of Canada (SCC) in the Indalex case (Sun Indalex...

Limitations of Brazilian law regarding cross-border insolvency

De Luca Derenusson Schuttoff Azevedo Advogados As free international trade and global financial structures increased over the last three decades, so did the number of companies with multiple subsidiaries and, consequently, assets around the globe. As the sixth largest economy in the world, Brazil is not only an obvious choice...

Dutch restructuring and insolvency developments

Holland Van Gijzen advocaten en notarissen LLP The Dutch legislator is working on various pieces of legislation that should increase restructuring options and decrease the number of bankruptcies in the Netherlands. The first piece of legislation provides for a legal framework for the appointment of a so-called silent...

Understanding insolvency proceedings in Russia

Morgan, Lewis & Bockius LLP There is a stark contrast between insolvency in Russia compared to Western jurisdictions; the rules of the game are very different. Based on experience, the less an uninitiated player from overseas is prepared for a bitter fight in Russia, the heavier the loss it will suffer as a...


Arnstein & Lehr LLP

Bennett Jones LLP


Brown Rudnick LLP

Davies Ward Phillips & Vineberg LLP

De Luca Derenusson Schuttoff Azevedo Advogados 

Faruki Ireland & Cox P.L.L.

Grant Thornton

Hilco Valuation Services

Hogan Lovells International LLP

Holland Van Gijzen advocaten en notarissen LLP

Houlihan Lokey

Huron Consulting Group

Kalki Consulting

Kerns, Frost & Pearlman, LLC

Kirkland & Ellis International LLP


Liquidity Services


Morgan, Lewis & Bockius LLP

Norton Rose Fulbright

Ormai és Társai CMS Cameron McKenna LLP 

R-T Specialty, LLC


Skadden, Arps, Slate, Meagher & Flom LLP.

Turnaround Management Association

US Risk Brokers, Inc.

Wells Fargo Insurance Services USA, Inc.

Willkie Farr & Gallagher (UK) LLP

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