Debt Restructuring and Afterlife

DAY TWO, 16:30-17:45

CIS debt markets did not see any significant defaults for over a decade, when abundant and cheap liquidity guaranteed access to credit, leaving market participants with the belief that any debt could be refinanced easily. The global financial crisis brought about a sea change, with large defaults coming in 2008-09. Holders of defaulted bonds found themselves in a very tough position, their choices seemingly ranging from unpleasant to unacceptable. What are the ways out for them?

Increased default risk on the one hand, and a decent recovery rate in a well-managed restructuring on the other, make a wider investor group increasingly interested in the various aspects of restructuring. Many borrowers are still experiencing a lack of financial flexibility, are seeking manageable debt restructuring schemes, and are highly interested in the topic. What makes debt restructuring successful? How can asset recovery be maximized? What challenges can appear in the course of restructuring? What does life after default look like? What changes can we expect in market practices and regulations?