1. British Chamber of Commerce in Hungary Recent trends in restructuring in reflection of the credit crunch Dr. Papp Erika - Partner Dr. Sefer Iván - Senior Associate

2.  Huge decrease in cash in the banking system  Risk re-pricing and unwillingness to lend to other banks and to debtors  Increase of funding costs  Exponentially increased FX and interest risk Current situation on the debt markets

3.  "Walking away" from commitments  Re-pricing of loans  Tightening of covenants  Restructuring/refinancing of debt  Enforcement of security Reaction of banks to economic climate

4.  Growing number of restructurings  Consensual deals rather than legally set procedures (absence of legislation)  Innovative techniques (debt-to-equity, equity injections, bond/warrant issues, standstill/moratorium agreements, new tranches of debt etc.) Trends in restructurings

5.  Ranking of creditors  Challenging of agreements  Concept of "threatening bankruptcy"  Management liability and shadow management Trends in bankruptcy

6. Thank you for your attention!