Omni Bridgeway Emerging Market Debt Recovery
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1 O M N I B R I D G E W A Y Omni Bridgeway Emerging Market Debt Recovery Wieger Wielinga Managing director Omni Bridgeway Debt Trading BV
2 Debt collection and Asset tracing A small debt makes a man your debtor - a large one makes a man your enemy Irish Proverb Slide 2
3 Omni Bridgeway Omni Bridgeway provides recovery solutions for distressed emerging market debts since 1986: Emerging Market Debt Recovery Sovereign and semi-sovereign debtors or large corporate debtors. Focus on defaulted trade and commercial debt Legal recovery or Debt Trading and investment Business Model: No success no fee Mandate or Purchase International Dispute Management and Support Litigation funding Enforcement of international arbitration proceedings in investment disputes (ICC, ICSID, other) No Success no Fee Expert Services and Consultancy on stand alone basis Slide 3
4 Omni Bridgeway Typical Omni Bridgeway clients: Multinationals and Banks Lloyds, exclusive mandates for political risk insurance claim portfolios Exporters, commodity traders, maritime companies Insurance / Re-insurance companies Export Credit Agencies Asset Traders and Investors Business model: different options for creditors Mandate basis (no cure no pay) Outright purchase for own book Combination Slide 4
5 Debt Recovery Debt recovery/collection: Softball Consensual Debt Collection: through amicable means Hardball non consensual debt collection: through legal means Passing the ball to investor: sale of the debt Slide 5
6 Consensual Debt Recovery ( Softball ) Diplomacy Restructuring and rescheduling Swaps Debt for debt swaps Debt for equity Debt for aid Advantage: Commercial relationship spared Disadvantage: Often lower return Assumes willing debtor Slide 6
7 Non-consensual debt recovery: Hardball A kind word with a gun is always more effective then just a kind word Slide 7
8 Non-consensual debt recovery: Hardball Legal enforcement against the debtor s assets Pre- or post- judgment/ award? Analysis of legal enforcement possibilities Asset tracing in favourable jurisdictions Effectuate attachments Force opposition to negotiation table Asset tracing KEY Slide 8
9 Asset tracing: KEY Fact finding mission: What: Recurring monetary flows or one-offs Hard assets assets held by debtor itself assets of debtor under third party: Garnishment Garnishment of assets held by fourth party Slide 9
10 Asset tracing: KEY Where: in favourable jurisdiction Legal considerations what legal system applies? pre-judgment attachment allowed? prevailing immunity doctrine Prevailing identification/piercing corp. veil doctrine Strategic considerations: Geographic location Risk and potential magnitude of adverse cost orders Practical challenges of certain jurisdictions Slide 10
11 Asset tracing How: Project planning Integrated aproach: teamwork of legal and investigative researchers; Desktop homework using: Proprietary asset tracing databases; External databases and sources On the ground local investigation through extensive network of investigators Gut feeling/experience Slide 11
12 Recovery case study Timely asset tracing effort and local knowledge is KEY Country Creditor Debtor Amount Guarantor Judgement : Nigeria : West European oil trader : Nigerian oil distribution company : US$30 million : None : US final Award Slide 12
13 Debtor s corporate HQ... Getting an award is not the same as getting paid... Slide 13
14 Some lessons learned Asset tracing / investigative intelligence starts asap and doesn t stop at effecting attachment itself; Timing can be crucial Each case is different What is right timing and what are right assets depends on specific case dynamics; Shock effect or quiet model? Slide 14
15 Recovery Case: Danish multinational Country Debtor Amount Status : Denmark : Danish multinational : 6 million : Arbitration award obtained Circumstances: Very unwilling debtor Danish jurisdiction unfavourable for attachments and award recognition Debtor started reorganizing assets after client s previous lawyer made strategic error in France by prematurely exposing recovery effort. Solution: Global asset tracing effort identified key assets in Germany successfully attached and defended in court Subsequently settled out of court with minimal discount Slide 15
16 Recovery case: National Bank of Ukraine Creditor Debtor Guarantor Insurer Instruments Principal Amount : UK chemicals multinational : Ukraine : National Bank of Ukraine : None : Letters of Credit : USD 11,847,946 (excl. overdue interest) Slide 16
17 Recovery case: National Bank of Ukraine 1. Summons to pay to National Bank of Ukraine. No full payment followed 2. Concerted attachments were effectuated in France, Germany, Luxembourg and The Netherlands. 3. Assets attached > amount owed 4. Main legal proceedings initiated. 5. National Bank of Ukraine forced to the negotiating table to reach an amicable settlement. 6. A settlement agreement was signed between the creditor and the National Bank of Ukraine for the amount of USD 13 million (i.e. full principal amount plus overdue interest). Slide 17
18 Recovery Case: Zimbabwe Country Lender Borrower : Zimbabwe : West European Bank : Ministry of Health and Ministry of Finance Principal : EUR 25 million, maturity Award : No Solution: Asset tracing and subsequent attachments in various western jurisdictions Negotiation started soon after attachments were made. Recovery within one year : approx. EUR 10 million + for the remainder: restructuring agreement with improved conditions Slide 18
19 Recovery Solution 3: Sale of the claim to third party investor Increasing interest from investors with appetite for atypical assets Market knowledge and access required Investors Motives Many types of investors with different motives: Specialized Investment funds Exporters with local interests that seek extra leverage Buy-Back by vehicle controlled by the original Debtor Pricing. Relevant factors: Age of debt Size of the debt Quality of documentation Statute of limitation Security Remember: Sale = immediate liquidity but on average lowest return Slide 19
20 Case study Sale Country : Mexico Exporter : Asian Multinational Debtor : Insolvent Mexican Steel company Principal : USD 8 million Collateral : Steel grinding equipment Status Debtor : In Suspension of Payments Acknowledged : USD 8 million incl PDI Recovery through sale to Hedge Fund investor: USD 6 (approx. 75% of principal) Slide 20
21 Where does Omni Bridgeway fit in a lawyers practice Network for softball approach; Arbitration / litigation funding Attractive for creditors that prefer to mitigate risk of (further) financial exposure of litigation and/or creditors with limited financial resources to fund best possible recovery process; Asset tracing services (no cure no pay); Management of multi-jurisdictional attachment/enforcement effort; Debt Trading; Debt Pricing; Slide 21
22 O M N I B R I D G E W A Y Omni Bridgeway Emerging Markets Emerging Market Debt Solution Provider Wieger Wielinga Managing director Omni Bridgeway Debt Trading BV
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