IBA Annual Conference Paris 2023

29 Oct - 3 Nov 2023

AMPHITHEATRE BORDEAUX, Level 3

Session information

Distressed M&A involving closely held companies

Tuesday 31 October (1430 - 1545)

AMPHITHEATRE BORDEAUX, Level 3

Committee(s)

Closely Held Companies Committee (Lead)
Insolvency Section

Description

Closely held companies have been affected by post COVID economic environment, the Ukraine-Russia war and the increase of energy prices. A number of companies from various sectors are suffering signs of stress. This interactive session will explore, among other issues:

       - the opportunities for investors prepared to engage in the acquisition of distressed companies (including PE, hedge funds, sovereign wealth funds);
       - the implications of ongoing restructuring processes or formal insolvency proceedings;
       - transaction structuring issues, including carve-outs and related tax and commercial implications;
       - how to address the gap between valuation expectations of buyers and sellers (earn-outs and other mechanisms);
       - the different incentives of the parties involved (buyer, seller, creditors, shareholders, board);
       - time constraints;
       - limited due diligence scope and uncertainty and implications for pricing and risk allocation (including warranty protection and W&I insurance); and
       - how to prepare a company to get sold.

Session / Workshop Chair(s)

Ivan Delgado PEREZ-LLORCA, Madrid, Spain; Website Officer, Closely Held Companies Committee
Cristina Fussi De Berti Jacchia Franchini Forlani, Milan, Italy; Co-Chair, Insolvency Section

Speakers

Frédéric Cohen Foley Hoag, Paris, France
Andreas Kloyer Luther, Frankfurt, Germany; Conference Quality Officer, Closely Held Companies Committee
Barbara Ramperti Marval O'Farrell Mairal, Buenos Aires, Argentina
Noreen Weiss gunnercooke US LLP, New York, New York, USA; Treasurer, Closely Held Companies Committee