5th Restructuring Seminar

Nearly 90 in-house lawyers and specialists from financial institutions, public companies, manufacturers, service providers and retailers took part in the seminar.

Konrad Grotowski from the firm’s Restructuring & Bankruptcy practice began with a discussion of how to secure the interests of suppliers of raw materials and semi-finished products to a customer threatened with insolvency. He focussed on the institution of reserving title to sold goods.

Then Łukasz Szegda and Artur Bednarski from the Banking & Project Finance practice and Karol Czepukojć from the Restructuring & Bankruptcy practice presented a case study of an in-court restructuring proceeding, depicting the position of the security agent and secured creditors.

For the panel on restructuring of public companies, Krzysztof Libiszewski from the M&A and Corporate practice and Marcin Pietkiewicz from the Capital Markets & Financial Institutions practice were joined by Mirosław Kachniewski from the Polish Association of Listed Companies, a partner for the event. The topics covered included conversion of debt to equity and sale of the debtor’s assets to satisfy the creditors following changes introduced by the new Restructuring Law.

Finally, Marcin Kubiczek from Kancelaria Marcin Kubiczek and Karol Czepukojć gave a presentation on pre-packaged insolvency. Kubiczek discussed how to prepare the description and valuation of the debtor’s assets for the purposes of the pre-pack sale.

The seminar was accompanied by publication of a series of articles on the firm’s In Principle portal:

• Reservation of title to sold goods
• Conversion of debt to equity and sale of assets as mechanisms for restructuring public companies
• The position of the security agent in in-court restructuring proceedings
• Pre-packaged insolvency: A new debt recovery tool for financial institutions in Poland?