Tuesday, September 19, 200612:00-13:50Registration & Continental Breakfast13: 50 - 14:00Welcoming Address & Chairman’s OpeningRemarks14:00-15:00Investing Globally in <strong>Distressed</strong> Debt: A StrategicOverview of Markets, Players and Strategies▲ Where are the Market Opportunities in Todayís Markets?▲ What Industry Segments are Quiescent? Active? Likely Candidates forTomorrow?▲ What about Product Supply?▲ High Oil/Energy Prices/ Lackluster Economies: <strong>Distressed</strong> Debt Bonanzain 2007/2008?▲ Lots of Money Chasing too few Names? Limited Money Chasing Lots ofNames? Whatís to Come?▲ Primary Source of Liquidity for Exiting <strong>Distressed</strong> InvestmentsModerator:Maria Boyazny, PrincipalSIGULAR GUFF & CO. (UNITED STATES)Panelists:Marvin Davis, Managing PartnerGRISANTI, GALEF & GOLDRESS I, LLC (UNITED STATES)Bruce Ferguson, Managing Partner, Special SituationsSUMMIT INVESTMENT PARTNERS (UNITED STATES)John Houghton, PartnerLATHAM & WATKINS (UNITED KINGDOM)Tim Babich, <strong>European</strong> Portfolio ManagerSILVER POINT CAPITAL (UNITED KINGDOM)Dilip Awtani, DirectorGE CORPORATE FINANCIAL SERVICES (GERMANY)15:00-15:30Anglo/US Investors (Private Equity and HedgeFunds) in Germany: Influence on GermanCompanies - Especially in Crisis Situations▲ Anglo Saxon investors in Germany - Reality better than image: 9 thesesdeducted from interviews with CFOs▲ Whereas German Executives start restructuring measuers fairly late in aearnings- or liquidity-crisis, Angel-Saxon investors act much earlier▲ Given the uncertainties within a German insolvency proceeding, AngloSaxon investors try to avoid such proceedings; out-of-court restructuringsare the way to go▲ German Management has to handle increasing information requirementsJoachim Englert, PartnerPRICEWATERHOUSECOOPERS (GERMANY)15:30-16:00Mid-Afternoon Refreshments16:00-17:30Germany: Analyzing Current and Future Prospectsfor <strong>Distressed</strong> Debt and NPLs▲ Examining one of the Largest Global Markets for <strong>Distressed</strong> Debt▲ Market Evolution and Future Trends▲ Which Product Categories Present and Will Present AttractiveInvestment Opportunities?▲ High Yield vs. <strong>Distressed</strong> Investment▲ Why Choose Germany?Moderator:Kevin Gruber, DirectorMERCER OLIVER WYMAN (GERMANY)Panelists:Peter Mrosik, Managing DirectorALVAREZ & MARSAL LLC (GERMANY)Richard Scholz, PartnerWELLENSIEK RECHTSANWAELTE (GERMANY)Burkhardt von der Osten, Head of Operative Portfolio ManagementCOMMERZBANKRuediger Teuner, Director, Leveraged Finance, Head of German <strong>Distressed</strong> Debt SalesCREDIT SUISSE (GERMANY)Nils R. Kuhlwein von Rathenow, PartnerROLAND BERGER STRATEGY CONSULTANTS GMBH (GERMANY)8:15-8:45Continental Breakfast8:45-9:00Chairman’s RecapAgendaWednesday, September 20, 20069:00-9:30Strategies to Maximize <strong>Distressed</strong> Debt Return▲ Trading vs. Workout Strategies▲ Dealing with the Operational Problems of the Debtor▲ Hands on/Hands off Capital Structure Adjustments▲ Real Life Examples of Strategic and Structural Workout TasksJohannes Funke, Director,Specialized Lending Services GermanyTHE ROYAL BANK OF SCOTLAND PLC (GERMANY)9:30-10:15The Fight for Value: Nuisance Value of GermanEquity Holders and how to Deal with Them inPublic Company Restructurings▲ Nuisance Rights of Equity Holders In and Out-of-Court▲ Mechanics of Capital Decreases/Increases in Germany▲Valuation of <strong>Distressed</strong> Debt upon Conversion into Share Capital▲ Hardball Strategies: Death Trap and Plan B Strategies▲ Soft Shell Strategies: Backstop/Secondary IssueTo Register: Visit www.srinstitute.com/cx587 or Call 1-212-967-0095