BANKRUPTCY & RESTRUCTURING 2017 VIRTUAL ROUND TABLE www.corporatelivewire.com ROUND TABLE: BANKRUPTCY & RESTRUCTURING 2017 Introduction & Contents The Bankruptcy & Restructuring Roundtable retail sector, and a discussion on recent case studies features eight experts from around the world. such as Toys R Us and Monarch Airlines. Featured Highlighted topics include a focus on key industries countries are: Australia, Brazil, India, South Africa facing bankruptcy & restructuring challenges such and the United States. as oil and gas, the impact of ecommerce on the JamesEditor Drakeford In Chief 8 1. Can you outline the current 28 6. Have there been any recent notable 42 10. Can you detail the different debt 50 14. How can the approaches bankruptcy and restructuring bankruptcies or restructurings? Are restructuring options and processes? associated with corporate landscape in your jurisdiction? there any lessons to be learned from restructures assist executives in these case studies? 47 11. What are the most important driving successful business unit level 12 2. Have there been any recent aspects to consider in executing turnarounds? regulatory changes or interesting 32 7. Are there any key trends or complex, global multi-national developments? interesting strategies currently being restructures? 51 15. Are there skills and business implemented? practices pertaining to managing 16 3. What are the formal procedures for 48 12. To what extent can focusing on corporate restructure, which extend insolvency in your jurisdiction, with 37 8. What does Brexit mean for the business management best practices and assist executives in managing particular reference to (i) tests for insolvency and restructuring market? benefit the organisation in the long business level restructures and insolvency, (ii) grounds for insolvency, run? turnarounds? and (iii) requirements following 38 9. With business increasingly insolvency? conducted on a continental or global 49 13. How has digitisation and process 52 16. In an ideal world what would you level, more insolvencies than ever support innovation changed the like to see implemented or changed? 21 4. What is the process for asset have a cross border element. In realities of business performance and recovery in your jurisdiction? your experience what are the main improvement? challenges and solutions surrounding 24 5. Which sectors are at highest cross border insolvencies? risk of bankruptcy in the current business landscape? 2 NOVEMBER 2017 NOVEMBER 2017 3 ROUND TABLE: BANKRUPTCY & RESTRUCTURING 2017 MEET THE EXPERTS James F. Davidson - Avant Advisory Camisha L. Simmons - Simmons Legal PLLC E: [email protected] T: +1 214-643-6192 W: www.avantadvisory.com E: [email protected] Jim Davidson is a Certified Turnaround Professional, Certified Insolvency & Restructuring W: www.simmonslegal.solutions Advisor, and Certified Merger & Acquisitions Advisory in addition to holding other credentials Camisha L. Simmons is the managing member and founder of Simmons Legal PLLC, a law such as CPA, CFF, CGMA, CBA, CFE. He provides expert advice in areas of mergers and firm dedicated to assisting creditors and other parties in protecting their interests in the acquisitions, distressed and special situations that include insolvency, bankruptcy, financial event of an insolvency, bankruptcy, restructuring, litigation and/or financing transaction. restructurings, operational turnarounds, and profitability improvement. He served on the Financial Executives International (“FEI”) committee for Mid-Sized Public Companies. He She founded the firm after practicing in New York and Dallas for close to 8 years as has served on the Small Business Bankruptcy Task Force of the American Bankruptcy Institute and as past 4-year an attorney for the global law firms of Weil, Gotshal & Manges LLP, DLA Piper and Norton Rose Fulbright. president and current 7-year member of the board of directors of the Los Angeles Chapter of Association of From 2006-2007, Ms. Simmons was a law clerk to the Honorable Mary F. Walrath, Judge of the United States Certified Fraud Examiners. He is current member of the board of directors of the Orange County Forensic Expert Bankruptcy Court, District of Delaware. Witness Association. She primarily practices in the areas of creditors’ rights, bankruptcy, restructuring and litigation. Ms. Simmons After 10 years of accounting, auditing, M&A transaction advisory and other consulting for Big Four Certified is a frequent author and speaker on various bankruptcy, restructuring, finance and litigation topics. Public Accounting firm PricewaterhouseCoopers, Jim spent 20 years as a member of several boards of directors and in various financial and executive positions, including president and CEO, COO, CFO, secretary-treasurer, She is admitted to practice before the bars of the states of Texas and New York. chief accounting officer, and corporate controller. Thomas Benes Felsberg - Felsberg Advogados David Bryan - Bryan, Mansell & Tilley LLP T: +55 11) 3141-9101 E: [email protected] E: [email protected] W: www.bmandt.eu W: www.felsberg.com.br David Bryan is a founding principal of Bryan, Mansell & Tilley LLP and a hands-on Thomas Benes Felsberg is the founding partner of Felsberg Advogados and is a senior financial manager with extensive experience working with international and UK global reference in the area of bankruptcy and company restructuring. He has taught companies in restructuring and improvement. He has operated at CFO level in large and International Private Law at the University of São Paulo. Member of Executive Committee SME companies in the UK, USA and Europe and has many years experience with Public of International Insolvency Institute, American College of Bankruptcy, former chairman and Private Equity owned businesses. His industry experience includes automotive supply and current member of Turnaround Management Association – Brazil and Legal Counsel and commercial vehicle manufacture, industrial systems and services. of São Paulo State Federation of Industries - FIESP. Thomas Felsberg acted as Brazilian consultant to the World Bank in the area of insolvency and credit rights, Vlad Nastase - Concilium Consulting having contributed, together with the IMF, to the ‘Global Insolvency Law Database’ (GILD) and ‘Reports on the E: [email protected] Observance of Standards and Codes’ (ROSC) projects. He is recognized by publications such as ‘Latin Lawyer’, W: www.concilium.ro ‘Legal 500” and ‘Chambers’ as Brazil’s leading insolvency lawyer. He formed part of the committees responsible Concilium Consulting is a financial services advisory firm and the best solution for your for development of the current bankruptcy and company restructuring law and is again part of a government business. selected group to remodel the Brazilian Insolvency Law. In addition to his work relating to insolvency and debt restructuring, Thomas Felsberg plays an important role as an arbiter with important arbitration chambers both in We provide services in Capital Advisory, Corporate Restructuring, Portfolio of NPL&SPL, Brazil and overseas, whilst he is a member of the ‘the Arbitration Chamber of the Legal Council of the Federação Strategic advisory and M&A projects. das Indústrias do Estado de São Paulo’ (‘São Paulo State Federation of Industries / FIESP), of the Arbitration Chamber of the São Paulo Stock Exchange, a director of the ‘Centro de Estudos das Sociedade de Advogados’ Concilium has an extensive expertise in turnaround management projects being an active member TMA – (‘Attorneys’ Society Study Center’ / ‘CESA’), and is President of the Columbia University Club of Brazil. Romanian Chapter. We have a team of highly seasoned professionals that assisted Concilium’s clients with a 350 + Mio Euro in turnover and that are active in 8 industries. Custom-made services, technical excellence, confidentiality and ethical behavior build the long-lasting relationships we share with our clients. 4 NOVEMBER 2017 NOVEMBER 2017 5 ROUND TABLE: BANKRUPTCY & RESTRUCTURING 2017 MEET THE EXPERTS Sumant Batra - Kesar Dass B & Associates Ronit Berkovich - Weil, Gotshal & Manges LLP E: [email protected] E: [email protected] W: www.kesardass.org W: www.weil.com An insolvency lawyer of international repute, social commentator, thought leader and creative Ronit Berkovich is a partner in the Business Finance & Restructuring Department of innovator, Sumant is a multi-faceted person with accomplishments in diverse spheres. A Weil, Gotshal & Manges LLP. She represents debtors, creditors, and purchasers in all policy lawyer of global eminence, Sumant presently heads the insolvency practice of Kesar aspects of distressed situations. She has served as debtors’ counsel in several of the most Dass B & Associates, India’s leading law firm. significant chapter 11 cases in history, including GM, Lehman Brothers, WorldCom, BearingPoint, and Takata. She also has extensive experience representing companies in He has held leadership positions in prestigious multi-lateral, global and national organisations. prepackaged chapter 11 cases, out-of-court workouts, and international restructurings. A Past President of INSOL International, Sumant is currently President of Society of Insolvency Practitioners of India, Chief Mentor of INSOL India, President, Insolvency Practitioners Bar Association; Member of Advisory Committee Ms. Berkovich received a B.A. with distinction in Economics and Foreign Affairs from the University