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TRANSCRIPT
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welcome you to our webcast:
Bankruptcy and Restructuring Outlook 2012
welcome you to our webcast:
Bankruptcy and Restructuring Outlook 2012
Introduction
Moderator:
Matt Millereditor at largeThe Deal LLC
Expert Panel
Harvey Millerpartner
Weil Gotshal & Manges LLP
Expert Panel
Tiffany Kosch managing director
HIG Capital Inc.
Expert Panel
Charles M. Mooresenior managing
director Conway MacKenzie Inc.
The state of bankruptcy: Today vs. 2010
0
10,000
20,000
30,000
40,000
50,000
60,000
2007 2008 2009 2010 2011
Bankruptcies,year endedJune 30
Source: Administrative Office of U.S. Courts
U.S. Business Bankruptcy Filings
52,134
59,608
55,021
33,822
23,889
Top 5 Sectors for Announced U.S. Bankruptcies
Year-to-date 2011
Real Estate 1,362
Retail 477
Leisure 371
Financial Services
280
Construction 263Source: The Deal Pipeline
Lessons learned from GM’s bankruptcy
0
50
100
150
200
250
2007 2008 2009 2010 2011
Announced Global Bankruptcies in the Auto Sector
66
119 112
224
99
Source: The Deal Pipeline
Impact of GM’s Chapter 11 on the restructuring of smaller players in the
auto industry
0
50
100
150
200
250
300
350
400
2007 2008 2009 2010 2011
# of announced363 auctions
Source: The Deal Pipeline
363 Auction Sales
182
254
388
335
217
05
101520253035404550
2007 2008 2009 2010 2011
Dollar amountand ( ) number offinancings
DIP Dollar Amount and Number of Financings
Source: The Deal Pipeline
$3.8 (225)
$13.6 (310)
$48.6 (430)
$18.6 (347)
$13.7 (237)
$B
Investment strategies in uncertain times
Impact of cash pileup on companies restructuring or filing for bankruptcy
The possible impact of the reordering of capital on bankruptcy/restructuring
Pension liability factor in restructuring/bankruptcy equation
Notable bankruptcy cases of 2011
Near-term outlook
Audience Q&A
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