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welcome you to our webcast:
Bankruptcy and Restructuring
Outlook 2012
Introduction
Moderator:
Matt Miller
editor at large
The Deal LLC
Expert Panel
Harvey Miller
partner
Weil Gotshal & Manges LLP
Expert Panel
Tiffany Kosch
managing director
HIG Capital Inc.
Expert Panel
Charles M. Moore
senior managing director
Conway MacKenzie Inc.
The state of bankruptcy: Today vs. 2010
U.S. Business Bankruptcy Filings
59,608
60,000
55,021
52,134
50,000
40,000
30,000
33,822
Bankruptcies,
year ended
June 30
23,889
20,000
10,000
0
2007 2008 2009 2010 2011
Source: Administrative Office of U.S. Courts
Top 5 Sectors for Announced U.S.
Bankruptcies
Year-to-date 2011
Real Estate
1,362
Retail
477
Leisure
371
Financial Services
280
Construction
263
Source: The Deal Pipeline
Lessons learned from GM’s bankruptcy
Announced Global Bankruptcies in the Auto Sector
250
224
200
150
100
119
112
99
66
50
0
2007
2008
2009
2010
2011
Source: The Deal Pipeline
Impact of GM’s Chapter 11 on the restructuring
of smaller players in the auto industry
363 Auction Sales
388
400
335
350
300
250
200
254
217
182
150
# of announced
363 auctions
100
50
0
2007 2008 2009 2010 2011
Source: The Deal Pipeline
DIP Dollar Amount and Number of Financings
50
45
40
35
30
25
20
15
10
5
$B 0
$48.6 (430)
Dollar amount
and ( ) number of
financings
$18.6 (347)
$13.7 (237)
$13.6 (310)
$3.8 (225)
2007 2008 2009 2010 2011
Source: The Deal Pipeline
Investment strategies in uncertain times
Impact of cash pileup on companies restructuring or
filing for bankruptcy
The possible impact of the reordering of capital
on bankruptcy/restructuring
Pension liability factor in
restructuring/bankruptcy equation
Notable bankruptcy cases of 2011
Near-term outlook
Audience Q&A
and
thank you for joining our webcast