Investing in Distressed Debt in Europe makes a genuine contribution to the literature by combining the practical knowledge of its expert contributors with serious legal analysis in an area which is infrequently covered in other work. Crucially, in doing so, it avoids simply setting the law out or recounting war stories from the market. Instead, it has been carefully structured and provides a rigorous analysis of the issues which it covers, so that the reader is likely to be able to navigate to the appropriate point with ease. This means that, whilst the book can certainly be read cover to cover, it is also invaluable for those with specific concerns and time constraints.

• Foreword 7Lukas FeckerTMA Europe PresidentPreface 9Ignacio Buil AldanaCuatrecasas, Gonçalves PereiraPart I: IntroductionInvesting in distressed debt in Europe: an overview 13Tom CoxDamian MaloneMark SinjakliAlixPartnersPart II: Acquisition of distressed debtCredit agreement and indenture analysis from a European perspective 33Jacqueline IngramCadwalader, Wickersham & Taft LLPAnatomy of an LMA distressed trade transaction and transfer mechanisms under English law 43Elizabeth BilbaoMandel, Katz & Brosnan LLPOverview of distressed trading in selected jurisdictions 59FranceJérémie BismuthOlivia LocatelliDimitrios LogizidisGide Loyrette NouelGermanySacha LürkenWolfgang NardiOded ScheinKirkland & Ellis International LLPItalyGregorio ConsoliFederica ScialpiChiomenti Studio LegaleSpainBeatriz CausapéCuatrecasas, Gonçalves PereiraPart III: The European nonperforming loans (NLP) market‘Bad banks’ and their role in the financial sector deleveraging process in Europe 81Fernando MínguezCuatrecasas, Gonçalves PereiraAnatomy of a non- performing loan portfolio sale 93Paul DunbarVinson & Elkins LLPPart IV: Direct lendingThe direct lending landscape in Europe 109Nerea Pérez de GuzmánFTI ConsultingTrends in direct lending 119Andrew PerkinsSarah WardMacfarlanes LLPLegal structuring of direct lending deals in selected European jurisdictionsFrance 133Jérémie BismuthMarie Dubarry de LassalleOlivia LocatelliCaroline TexierGide Loyrette NouelGermany 141Sacha LürkenWolfgang NardiOded ScheinKirkland & Ellis International LLPItaly 149Giorgio CappelliAndrea MartinoGiovanna RandazzoChiomenti Studio LegaleSpain 157Íñigo de LuisaÍñigo RubioCuatrecasas, Gonçalves PereiraPart V: Restructuring and workoutsRecent trends in European cross-border restructurings 167Arturo GayosoDeloitte Financial AdvisorySchemes of arrangements: theory and practice 175Graham LaneIben MadsenWillkie Farr & Gallagher LLPDevelopments in the European legal framework for restructuringFrance 199Jérémie BismuthMarie Dubarry de LassalleOlivia LocatelliCaroline TexierGide Loyrette NouelGermany 215Sacha LürkenKirkland & Ellis International LLPItaly 237Giulia BattagliaAntonio TavellaChiomenti Studio LegaleSpain 249Cristóbal CottaAndrea PerellóFedra ValenciaCuatrecasas, Gonçalves PereiraRestructuring high-yield bonds in Europe 261Paul DurbanGrégoire HansenBrown Rudnick LLPThe recast EU Insolvency Regulation and its impact on distressed investing 279James BellDouglas HawthornJeremy WalshTravers Smith LLPPart VI: TaxationStructuring the acquisition and disposal of distressed debt 295Rebeca RodríguezCuatrecasas, Gonçalves PereiraLuke VassayMilbank, Tweed, Hadley & McCloy LLPAbout the authors 317

Investing in Distressed Debt in Europe makes a genuine contribution to the literature by combining the practical knowledge of its expert contributors with serious legal analysis in an area which is infrequently covered in other work. Crucially, in doing so, it avoids simply setting the law out or recounting war stories from the market. Instead, it has been carefully structured and provides a rigorous analysis of the issues which it covers, so that the reader is likely to be able to navigate to the appropriate point with ease. This means that, whilst the book can certainly be read cover to cover, it is also invaluable for those with specific concerns and time constraints.

• Foreword 7Lukas FeckerTMA Europe PresidentPreface 9Ignacio Buil AldanaCuatrecasas, Gonçalves PereiraPart I: IntroductionInvesting in distressed debt in Europe: an overview 13Tom CoxDamian MaloneMark SinjakliAlixPartnersPart II: Acquisition of distressed debtCredit agreement and indenture analysis from a European perspective 33Jacqueline IngramCadwalader, Wickersham & Taft LLPAnatomy of an LMA distressed trade transaction and transfer mechanisms under English law 43Elizabeth BilbaoMandel, Katz & Brosnan LLPOverview of distressed trading in selected jurisdictions 59FranceJérémie BismuthOlivia LocatelliDimitrios LogizidisGide Loyrette NouelGermanySacha LürkenWolfgang NardiOded ScheinKirkland & Ellis International LLPItalyGregorio ConsoliFederica ScialpiChiomenti Studio LegaleSpainBeatriz CausapéCuatrecasas, Gonçalves PereiraPart III: The European nonperforming loans (NLP) market‘Bad banks’ and their role in the financial sector deleveraging process in Europe 81Fernando MínguezCuatrecasas, Gonçalves PereiraAnatomy of a non- performing loan portfolio sale 93Paul DunbarVinson & Elkins LLPPart IV: Direct lendingThe direct lending landscape in Europe 109Nerea Pérez de GuzmánFTI ConsultingTrends in direct lending 119Andrew PerkinsSarah WardMacfarlanes LLPLegal structuring of direct lending deals in selected European jurisdictionsFrance 133Jérémie BismuthMarie Dubarry de LassalleOlivia LocatelliCaroline TexierGide Loyrette NouelGermany 141Sacha LürkenWolfgang NardiOded ScheinKirkland & Ellis International LLPItaly 149Giorgio CappelliAndrea MartinoGiovanna RandazzoChiomenti Studio LegaleSpain 157Íñigo de LuisaÍñigo RubioCuatrecasas, Gonçalves PereiraPart V: Restructuring and workoutsRecent trends in European cross-border restructurings 167Arturo GayosoDeloitte Financial AdvisorySchemes of arrangements: theory and practice 175Graham LaneIben MadsenWillkie Farr & Gallagher LLPDevelopments in the European legal framework for restructuringFrance 199Jérémie BismuthMarie Dubarry de LassalleOlivia LocatelliCaroline TexierGide Loyrette NouelGermany 215Sacha LürkenKirkland & Ellis International LLPItaly 237Giulia BattagliaAntonio TavellaChiomenti Studio LegaleSpain 249Cristóbal CottaAndrea PerellóFedra ValenciaCuatrecasas, Gonçalves PereiraRestructuring high-yield bonds in Europe 261Paul DurbanGrégoire HansenBrown Rudnick LLPThe recast EU Insolvency Regulation and its impact on distressed investing 279James BellDouglas HawthornJeremy WalshTravers Smith LLPPart VI: TaxationStructuring the acquisition and disposal of distressed debt 295Rebeca RodríguezCuatrecasas, Gonçalves PereiraLuke VassayMilbank, Tweed, Hadley & McCloy LLPAbout the authors 317

Investing in Distressed Debt in Europe makes a genuine contribution to the literature by combining the practical knowledge of its expert contributors with serious legal analysis in an area which is infrequently covered in other work. Crucially, in doing so, it avoids simply setting the law out or recounting war stories from the market. Instead, it has been carefully structured and provides a rigorous analysis of the issues which it covers, so that the reader is likely to be able to navigate to the appropriate point with ease. This means that, whilst the book can certainly be read cover to cover, it is also invaluable for those with specific concerns and time constraints.

• Foreword 7Lukas FeckerTMA Europe PresidentPreface 9Ignacio Buil AldanaCuatrecasas, Gonçalves PereiraPart I: IntroductionInvesting in distressed debt in Europe: an overview 13Tom CoxDamian MaloneMark SinjakliAlixPartnersPart II: Acquisition of distressed debtCredit agreement and indenture analysis from a European perspective 33Jacqueline IngramCadwalader, Wickersham & Taft LLPAnatomy of an LMA distressed trade transaction and transfer mechanisms under English law 43Elizabeth BilbaoMandel, Katz & Brosnan LLPOverview of distressed trading in selected jurisdictions 59FranceJérémie BismuthOlivia LocatelliDimitrios LogizidisGide Loyrette NouelGermanySacha LürkenWolfgang NardiOded ScheinKirkland & Ellis International LLPItalyGregorio ConsoliFederica ScialpiChiomenti Studio LegaleSpainBeatriz CausapéCuatrecasas, Gonçalves PereiraPart III: The European nonperforming loans (NLP) market‘Bad banks’ and their role in the financial sector deleveraging process in Europe 81Fernando MínguezCuatrecasas, Gonçalves PereiraAnatomy of a non- performing loan portfolio sale 93Paul DunbarVinson & Elkins LLPPart IV: Direct lendingThe direct lending landscape in Europe 109Nerea Pérez de GuzmánFTI ConsultingTrends in direct lending 119Andrew PerkinsSarah WardMacfarlanes LLPLegal structuring of direct lending deals in selected European jurisdictionsFrance 133Jérémie BismuthMarie Dubarry de LassalleOlivia LocatelliCaroline TexierGide Loyrette NouelGermany 141Sacha LürkenWolfgang NardiOded ScheinKirkland & Ellis International LLPItaly 149Giorgio CappelliAndrea MartinoGiovanna RandazzoChiomenti Studio LegaleSpain 157Íñigo de LuisaÍñigo RubioCuatrecasas, Gonçalves PereiraPart V: Restructuring and workoutsRecent trends in European cross-border restructurings 167Arturo GayosoDeloitte Financial AdvisorySchemes of arrangements: theory and practice 175Graham LaneIben MadsenWillkie Farr & Gallagher LLPDevelopments in the European legal framework for restructuringFrance 199Jérémie BismuthMarie Dubarry de LassalleOlivia LocatelliCaroline TexierGide Loyrette NouelGermany 215Sacha LürkenKirkland & Ellis International LLPItaly 237Giulia BattagliaAntonio TavellaChiomenti Studio LegaleSpain 249Cristóbal CottaAndrea PerellóFedra ValenciaCuatrecasas, Gonçalves PereiraRestructuring high-yield bonds in Europe 261Paul DurbanGrégoire HansenBrown Rudnick LLPThe recast EU Insolvency Regulation and its impact on distressed investing 279James BellDouglas HawthornJeremy WalshTravers Smith LLPPart VI: TaxationStructuring the acquisition and disposal of distressed debt 295Rebeca RodríguezCuatrecasas, Gonçalves PereiraLuke VassayMilbank, Tweed, Hadley & McCloy LLPAbout the authors 317