NEWSLETTER

Issue 10

KPMG Restructuring
Client Newsletter

Introduction from Richard Fleming
- UK Head of Restructuring

I hope you have all enjoyed your summer holidays, and are now feeling fully rested and relaxed. It seems that the uncertainty which we saw in the first half of the year is set to continue.


Richard Fleming
UK Head of Restructuring
Tel: 020 7694 3990

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Articles

Sector Focus

Bribery Act
During the "Nougties", BAE Systems were accused of paying more than £1 billion in illegal payments...

Turbulence in the Global Supply Chain
Managing the risk of supplier failure has historically been a low priority. 

Pre-pack administrations
A vital tool in the insolvency practitioner's kit

Zombies
Night of the living dead: zombie companies haunt banks

Recent Assignments

Printing Group - £300 million turnover
In early March 2011 Will Wright was introduced to this £300 million turnover UK printing business by Alan Couzins at Leumi ABL.

Global industrial services business
We worked with this business to help it understand costs and margins.

KPMG advised HMV on its successful refinancing
HMV Group plc is the UK’s largest high street entertainment retailer and through its Live division operates venues such as the Hammersmith Apollo and festivals such as Lovebox.

Project Garda: Entertainment company
In December 2010, a large entertainment company notified its Bond holders that it was considering a restructuring of the bonds, following which a principal repayment due in January 2011 was not paid.

Festival Group – Leisure sector
Festival Group Limited (“the Group”), a Central Scotland group involved in the ownership and operation of a number of leisure businesses, including hotels, bars and nightclubs, (“the Leisure Business”) and a licensed bookmaking business (“the Bookmaking Business”), noted a  downturn in trading activity following the economic slowdown.

Uniglaze 2 (East Anglia) Limited
Uniglaze 2 (East Anglia) Limited ("the Company/Uniglaze") is a long established producer of double-glazed units for use in windows and doors for industrial, commercial and domestic properties.

Latest editions of Sector Foresight
In case you missed them, please take a look at our latest editions of Sector Foresight.

Recurring Themes

Pensions update
Lehmans/Nortel continues to occupy the minds of the lending community but most funders now seem to be getting under the skin of the practical issues this case throws up.

Landlords Vs Tenants
As was evident during Q1 2011, the UK retail market continues to suffer. The Royal Wedding and Easter holidays did provide some temporary respite in April, but May saw the underlying downward trend re-emerge.

Economic update
Economic recovery was getting underway in most of the world by 2010 and global growth turned out better than expected


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Publication Number: RRD 257366