panel: where are the distressed assets and what to do when we find them? minsk 25 june 2010
TRANSCRIPT
Panel: Where are the distressed assets and what to do when we find them?
Minsk 25 June 2010
• Over 100 attorneys located across the Czech Republic, Hungary and Slovakia in Prague, Bratislava, Budapest and Ostrava
• Extensive experience serving multinational, international and domestic clients
• Business-oriented, flexible, proactive and efficient services with high added value and an emphasis placed on cost optimisation
• 7 languages – Czech, Slovak, English, Hungarian, German, French and Russian
• PRK Partners is a member of a number of professional associations such as Lex Mundi, Ius Laboris and the Loan Market Association
PRK Partners
• Chambers Europe Awards for Excellence 2010– PRK Partners was named Czech Republic National Law Firm of the Year
• Czech Law Firm of the Year 2009– PRK Partners took first place in the category “Banking and Finance”
• Deal of the Year 2009 – The Banker– The European region took first place in the equity category with NEW
WORLD RESOURCES INITIAL PUBLIC OFFERING, legal assistance provided by PRK Partners under the leadership of Martin Aschenbrenner
Recent achievements
• Industries where distressed assets may be found
• Potential limitations
• Legal instruments for acquiring distressed assets
Bullet point agenda:
• Industrial and Manufacturing– Automotive– Glassworks– Heavy Industry
• Real Estate• Hotel and Leisure Industry • Construction• Transport and Logistics• Wholesale / Retail
Industries where distressed assets may be found
Source: http://web.creditreform.cz/cs/content/press/information/index.jsp
2008 2009 2010
wholesale 569 818 213
retail 471 748 198
construction 308 478 152
corporate consulting, advertising, other corporate ser-vices
330 465 82
real estate 154 298 71
hotel and leisure industry 143 187 61
transport services 115 200 58
metal manufacturing 81 173 51
wood-cutting 67 110 36
engineering 126 74 23
100300500700900
Insolvency Proceedings Breakdown by Industries 2008 - 2010
• Limitations imposed on the owner– Pending or threatened insolvency / bankruptcy proceedings– Rights of third parties over the assets– Coordination with secured creditors and others
• Project finance– Goals to be achieved
• Corporate restructuring– Goals to be achieved
Potential limitations
2008 2009 2010 total0
5
10
15
20
25
30
6
16
4
26
0 02 2
0 0
3 3
Corporate restructuring
approved restructuringcompleted restructuringtransformation into bankruptcy
Source: http://web.creditreform.cz/cs/content/press/information/index.jsp
• Direct sale– Owner’s sale
• Pros & Cons– Administrator’s sale
• Pros & Cons
• Auctions– Initiated by the owner
• Pros & Cons– Initiated by administrator / secured creditor
• Pros & Cons
Legal instruments for acquiring distressed assets
Source: http://www.centralniadresa.cz/cadr/
2008 2009 20100
500
1000
1500
2000
2500
3000
24552309
1722
2160
1913
1278
295396 444
2058
1875
1491
397 434
231
Auction statistics
total of all auctionssubtotal of consensual auctionssubtotal of forced auctionssubtotal of nonrepeated auctionssubtotal of repeated auctions
Thank you for your attention
Contacts
HUNGARY
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CZECH REPUBLIC
Jáchymova 2, 110 00 Prague 1Tel: +420 - 221 430 111Fax: +420 - 224 235 450E-mail: [email protected]
CZECH REPUBLIC
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