If your business is facing a financial challenge or a period of disruption, it’s important to react decisively and quickly to promote not just recovery but rejuvenation. The fact is, the sooner an organisation seeks expert advice, the faster the recuperation can begin. Ius Laboris works with a range of organisations throughout the world in cross border corporate restructuring assignments.
International restructuring – Mercer & Hole
Many businesses have assets, liabilities, operations, owners or investors in different countries.When insolvency threatens, you must assess the values and risks of these foreign connections, and the local and international laws and practices that apply to them.
Financial distress can often be overcome, but the challenges it presents when a company operates in more than one country multiply rapidly. It is common for businesses to establish local companies to operate in other jurisdictions, although there are many situations where companies operate abroad through branches.The obvious restructuring issue is the effect of different countries’ interacting insolvency laws on the company. Although in principle most countries have an insolvency system designed to maximise returns to creditors from the value in the company, the detail of the way this is done varies hugely. Increasingly, international law is moving to enhance cross-border insolvency co-operation between branches and also between group companies.
Company Profile of Kargman Associates – International restructuring
Kargman Associates provides independent strategic advice to clients involved in complex and challenging international restructuring, cross-border insolvency, sovereign debt, distressed debt and non-performing loan (NPL) situations, with a special emphasis on the emerging markets. The firm’s Founder and President, Steven T. Kargman,
is a leading expert on international debt restructurings and cross-border insolvency.
The firm develops practical, creative and pro-active strategies and solutions for addressing the unique challenges of international restructurings and cross-border insolvencies, including corporate restructurings, sovereign debt restructurings, project finance/infrastructure restructurings, distressed investments, and non-performing loans (NPLs). The firm draws on Mr. Kargman’s many years of extensive and broad-ranging experience in the international markets, including major emerging markets around the globe.
The firm provides independent, objective and sophisticated advice to its clients. The firm recognizes that international restructurings are interdisciplinary exercises—involving key financial, business, legal and strategic components—and provides clients with an integrated and comprehensive approach.
IBA – Insolvency and Restructuring International
Insolvency and Restructuring International aims to cover issues of relevance to the international legal business community, particularly those involved in all aspects of insolvency, bankruptcy, creditors’ rights, and restructuring.
Published twice a year by the Insolvency Section, part of the IBA’s Legal Practice Division, the journal reaches over 800 leading practitioners around the world.
Articles provide a practical analysis of current developments and timely issues in the area of insolvency and creditors’ rights, and in other areas of law that will be of interest to insolvency practitioners, and offer a survey of the law in areas of particular interest to our international readership. Regular features include regional news, reports of committee and subcommittee activities and projects, and news from ‘Global Turnaround’, the leading international newsletter for company rescue and bankruptcy specialists.
Assistance in Refinancing and Financial Restructuring
Align debt maturities with cash flow generation and the business plan
Maintain the average cost of debt
Establish a security strategy based on existing pledges without charging unencumbered assets
Reduce the cost of the refinancing process as far as possible
IBR (Independent Business Review)
Preparation of cash-flow oriented viability plans based on the current position of cash and cash equivalents
Strategic planning of alternatives to banks
Negotiations with banks
Search for alternative funding: Restructuring Funds and Special Situations Funds
Independent review of viability plans (IBR)
Comparison of processes – International restructuring and insolvency
LexisPSL Restructuring & Insolvency – International restructuring and insolvency providing practical guidance, forms and precedents on Comparison of processes.German court rejects the ‘bow wave theory’ (‘Bugwellentheorie’) in test for company illiquidity. Restructuring and Insolvency analysis: Andreas Lehmann of Squire Patton Boggs LLP looks at a recent German case which clarifies the German illiquidity or cashflow test and the so-called bow-wave theory.