November 14, 2012
Latham & Watkins hosted its annual seminar looking at the current state and future of the restructuring and distressed M&A markets. Held in London, the industry seminar was attended by around 150 senior executives from investment banks, private equity firms, hedge funds, accounting firms and other financial institutions.
John Houghton, Global Co-chair of the Restructuring, Insolvency & Workouts Practice at Latham & Watkins, said: “The consensus view is that there’s a long road ahead and some sectors such as retail are more likely to suffer than others. Whilst the market is caught in the grip of uncertainty, particularly around the future of the Eurozone, the outlook will remain tough and challenging.”
Roger Bootle, Managing Director of Capital Economics, Specialist Advisor to the House of Commons Treasury Committee and one of the City of London’s best known economists, delivered the keynote address. In his presentation entitled the “Prognosis on the Eurozone,” Bootle said: “While the euro hangs together, there is scant prospect of economic recovery on the continent. In the UK, recovery may start in the early part of next year – but it will be extremely slow and disappointing.”
- The seminar comprised several panel discussions which examined different aspects of the restructuring market, including:
the effect of new restructuring and insolvency laws in Europe, and the outlook for the European restructuring market in the coming 12 months
- the impact of the Market Abuse Directive (MAD) on restructurings involving public securities
- trends and forecast for the commercial mortgage-backed securities (CMBS) and distressed M&A markets