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Turnround Management Association Europe – Dedicated to Corporate Renewal

TMA Europe Annual Conference, Rome, Italy. 9-10 June 2016

 

Increasing performance through turnaround culture and values

Our conference programme is currently in the process of being developed. Please keep checking back for more updates to the programme: CPD

 Thursday 9 June 2016
2.00 - 3.30 pm TMA Europe Chapter Presidents' Meeting (Invitation only)
3.30 - 5.00 pm EACTP Certification Oversight Committee Meeting (Invitation only)
5.30 - 6.45 pm TMA NOW (Network of Women) Drinks Reception
Venue: CORSO440, Rome
Speaker: Maria Elena Cappello, Director, Saipem S.p.A. (Italy)
7.00 - 11.00 pm Pre-conference Drinks and Banquet
Keynote Speaker: Andrea Giovanelli, Advisor, Banca delle Marche, Banca Etruria e del Lazio, Cassa di Risparmio di Ferrara and Cassa di Risparmio di Chieti (Italy)

2016 TMA Europe Turnaround of the Year Awards
Friday 10 June 2016
8.00 – 8.45 am

Conference registration

Conference Co-Chairs:


Enrica Maria Ghia, Studio Legale Ghia (Italy)
Jukka-Pekka Joensuu, Cinia (Finland)

8.45 – 8.55 am Welcome and Opening Address – Enrica Maria Ghia, TMA Italy President, Italy
8.55 - 9.00am Welcome from David Cohen, President, TMA Global
9.00 – 9.45am Panel Session : Is the founding entrepreneur an asset or a liability in a turnaround process?

The distinction between management and shareholders in SME/family business is often blurred. How compatible is this model with the turnaround values and multidisciplinary skills required for successful work out?  What role should the manager/entrepreneur play in a turnaround or in a succession process? What roles plays founder's culture and core values?

Panel Chair: Marco Ghiringhelli, Partner, Alvarez & Marsal (Italy)
Panellist:Thomas Welte, Partner, Autaco (Germany)
Panellist: Domen Prašnikar, Managing Partner, Valior Financial Advisory (Slovenia)
Panellist: Nick Moser, Partner, Taylor Wessing (UK)
Panellist: Jimmy Clarini, Partner, Entriage (Italy)
Panellist: Georgios Charalampous, Manager, Hellenic Bank (Cyprus)
9.45– 10.30am


The Elephant in the room – how to measure and manage organisational culture – a leading indicator of financial performance.

 

While considered soft stuff for years, today an organisation’s culture is shown to be one of the top 4 risk factors associated with performance improvement in turnarounds.   We will share a simple diagnostic process with a 15 year global track record to a) understand the key drivers behind leaders’ and employees’ behaviours, b) measure the level of perceived entropy which can clog up a system’s performance; and c) provide the CEO with a clear dashboard and roadmap to harness performance drivers and reduce entropy.  Conducting a thorough culture assessment at an early stage in the investment cycle enables CEOs to start corrective action, where needed, to de-risk the investment and leverage cultural strengths which will support turnaround initiatives and ultimately increase shareholder value.  We will share some turnaround stories where measured and managed culture became a key competitive advantage.

 

Speakers: Joanne Holland, Partner, European Restructuring Solutions/ BM&T (UK) and Deborah Henderson, Founder/Managing Director, Centre for Inspired Leadership (UK)

10.30- 11.15am Coffee and Networking Break
11.15 – 12.00pm Panel Session: Shared Strategies: the firm, professionals, creditors

When a distressed company is the centre of a turnaround process/team, leadership is about value preservation, well being recovery, communicating with multiple stakeholders, saving jobs and gaining a renewed ability to lead in (future) adversity. Within this context all actors must provide its own contribution; the firm, the professional and the creditors.

Panel Chair: Roger Olivieri, Partner, Bignami Associati (Italy)
Panellist: Alan Tilley, Founding Principal, European Restructuring Solutions/ BM&T (UK)
Panellist: Christian Grininger, Head of Legal  & Workout, Raiffeisen Landesbank (Austria)
Panellist: Maurizio Quarta, Board Advisor, Special Situations (Italy)
Panellist: Dr. Maximilian Pluta, MD and Head of Restructuring, Pluta (Germany)
12.00 - 12.30pm

Can a qualitative approach bring quantitative results?

Keynote Speaker: Dr Ali Reza Arabnia, Chairman, President & CEO, Geico Taikisha Group (Italy)

12.30 - 1.30pm Lunch
1.30 - 2.15pm

Panel Session: European NPL Resolution Efforts:  The hard task of cleaning up Europe’s banking systems

Europe has been at the vortex of the financial crisis since 2008 with extended and ongoing efforts to stabilize the region, economies, and banking systems.  Increasingly, focus has turned to accelerating the resolution of non-performing loans to restore normalized lending.  Faced with hard challenges, current efforts in some of Europe’s hardest hit markets are grappling with innovative regional and market specific solutions for managing and resolving distressed assets, with strategic importance for the turnaround profession.

Panel Chair: Chris Haffenden, Managing Editor, Debtwire CEEMEA (UK)
Panellist: Kamen Zahariev, Director of Corporate Recovery, EBRD (UK)
Panellist: Alessandro Decio, CEO, ING BANK N.V. (Italy)
Panellist: Ilias Plaskovitis, Member of the General Council, Bank of Greece (Greece)
Panellist: Eli Appelbaum, MD Investment & Finance, Gordon Brothers Europe (UK)
Panellist: Zlatko Milikic, Assistant Minister, Ministry of Finance (Serbia)

2.15 - 2.45pm

Speaker: Restructuring Rules of the Road - Applicable Lessons from Across the Atlantic

While financial and economic issues generally dictate whether an SME restructuring is likely to be successful, often the success of an SME restructuring in the US will be meaningfully impacted, positively or negatively, by more intangible factors that are at play.  This programme will examine the ways in which restructuring professionals, rather than the company’s balance sheet and industry outlook, may materially affect the restructuring landscape, including how such professionals: approach the SME’s financial and operational distress, prepare the restructuring game plan, communicate with the client and its stakeholders and generally manage the restructuring process.  Learn the essential “dos” and “don’ts” and other “rules of the road” for professionals in US SME restructurings, many of which are applicable in European restructurings and insolvency proceedings. 

Speaker: Stephen Lerner, Partner, Squire Patton Boggs (USA)

2.45– 3.30 pm

Panel Session: Latest trends, techniques and tools for SME Debt Restructuring in the main Continental European jurisdictions

Most “war stories” of Continental European restructurings which are presented at international conferences deal with the well-publicized large cap giant restructurings, most of which are dealt with largely from London. However, the bulk of restructuring work on the Continent is actually done in relation with mid-cap and SMEs, and the tools, techniques and trends for these can be quite different from those advertised for the mega-deals. How do they differ ? What should investors, lenders or debtors involved with such cases know that will be different from what they read in the newspapers ? This is what this panel will focus upon in a refreshing perspective.

Panel Chair: Alain Le Berre, Partner, Alpaha Corporate Finance (Switzerland)
Panellist: Paola Tondelli, Partner, Vitale & Associati (Italy)
Panellist: Franck Kelif, Partner, Perceva Capital (France)
Panellist: Volker Beissenhirtz, Founder, Beissenhirtz Business Law (Germany)
Panellist: Juan Verdugo, Partner, Garrigues (Spain)

3.30 - 4.00pm Coffee and networking break
4.00– 4.45 pm Panel Session: Equity cram-down and EU Harmonization

Shall the new EU harmonization process attribute powers to the Judge in charge of a Restructuring to wipe-out pre-existing equity? Do recent changes in bankruptcy law really make it easier to convert Debt to Equity? What is the impact on the governance of the restructured company? Several European regimes afford an enormous power to equity in restructurings, irrespective of whether equity is in-the-money or out-of-the-money. Due to these ineffective domestic regulations, many important restructurings in Europe have recently suffered from the nuisance value of the equity. Although there is a pressing demand by banks and hedge funds to tackle this issue, domestic governments are now reluctant to further modify their internal regimes. A change towards a more Chapter 11 like system is there more likely to come together with the next wave of EU harmonization.

Panel Chair: Adrian Thery, Partner, Garrigues (Spain)
Panellist: Sophie Vermeille, Founder, Droit et Croissance (France)
Panellist: Stefania Bariatti, Professor of Private International Law, University of Milano (Italy)
Panellist: Christopher J. Howard, Partner, Sullivan & Cromwell LLP (UK)
Panellist: Kolja von Bismarck, Partner, Linklaters (Germany)
4.45- 5.00pm Closing Remarks: Scott Victor, Chair, TMA Global, Byron Nurse TMA UK and Enrica Maria Ghia, TMA Italy President
EACTP Update
5.00 - 6.00 pm Champagne Reception and Networking

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