Oilexco and JJB Sports negotiated company voluntary
agreements; IMO Carwash won court approval for its
controversial scheme of arrangement; Nortel opted for a
US-style stalking-horse process across multiple jurisdictions.
All companies are still operating and have managed to realise
some of the value of their existing assets.
As panellists in IFLR's latest web seminar on distressed
M&A agreed, examples from the market over the past 12
months offer important lessons to companies and the firms that
advise them, on how to recover the most value from a potential
"If lenders won't provide a company with the cash it needs
to keep going, it has to find another way," said Kevin Haywood,
a director at Ernst & Young's restructuring practice. "More
often than not the lenders are banging on the door telling the
company to sell something in order to pay them down."
And the response from...