Online Workshop Series: Debt Restructuring in Microfinance During COVID-19

Webinars

28 July 2020 8:30 am - 10:00 am EDT

This event has concluded.

Microfinance providers around the world have come under significant pressure during the COVID-19 pandemic. To address emerging liquidity issues, many providers are exploring adjustments to their funding structures.

CGAP is organizing two online workshops for microfinance providers and investors on the practicalities of this process and how to engage in successful debt renegotiation and restructuring, featuring experts and practitioners who have engaged in this process before.

Please register for each workshop separately below.

Workshop 2 | Debt Restructuring: The Microfinance Provider Perspective

8:30 – 10:00 a.m. (EDT), Tuesday, July 28

Restructuring experts from microfinance providers and their legal counsels will share their experience with the challenges faced in forming and responding to intercreditor negotiations. After initial discussion, participants will choose from three breakout sessions to engage with experts in technical discussions.

Session 1: Defining strategies: handshake, standstill, refinancing, restructuring
Session 2: Tips for managing inter-creditor negotiations
Session 3: Working with external counsels effectively

Moderator

Deborah Burand | Co-Director of the Grunin Center for Law and Social Entrepreneurship, NYU

Deborah is the director of the International Transactions Clinic and co-director of the Grunin Center for Law and Social Entrepreneurship at NYU. She writes and lectures on issues related to impact investing; social finance innovations; social entrepreneurship; international finance; microfinance and microfranchise.

Speakers

	Ana Demel \| Vice Chair, Board of Directors, ProMujer Ana is vice-chair and secretary of the Board of Directors of Pro Mujer and teaches The Law and Business of Microfinance, Financing Development, and Project Finance at the New York University Law School. Prior to 2009, Ana was a partner at the international law firm of Cleary Gottlieb Steen & Hamilton, LLP where her practice focused on international financing and business transactions, particularly in Latin America.
	Andrée Simon \| President and CEO, FINCA Impact Finance Andrée is the president and CEO of FINCA Impact Finance (FIF), a global network of microfinance banks and institutions. Previously, Andrée served as VP and COO, returning to FINCA after serving as President and COO of Women for Women International. Prior to this, she was Deputy to the President & CEO of FINCA for more than seven years. Andrée has significant experience in corporate strategy. Andrée has been a board member of Women Advancing Microfinance International and is currently a member of the Board of Directors for the FINCA Microfinance Holding Company.
	Dan Smith \| Vice President & General Counsel, FINCA Impact Finance Dan oversees FINCA’s legal operations worldwide. He joined FINCA after 15 years with the international law firm White & Case, where he specialized in international finance, project development, joint ventures and general corporate law. Dan has worked on behalf of numerous international finance institutions. He began his career working with NGOs in Ghana, Somalia, Croatia and Bosnia.
	David Wolf \| Associate General Counsel, Global Communities David has been a member of the Global Communities’ legal team since 2011. In this capacity, he advises the organization on matters related to financial inclusion activities undertaken by it and its network of companies throughout the world. David has played a key role in the transformation of the company’s non-profit programs into for-profit entities. He has also been instrumental in the implementation of multiple Loan Guaranty Facilities (LGFs) and negotiated numerous term loan facilities.
	Lorraine McMillan \| Global Director of Capital Markets & Innovative Finance, Vision Fund International Lorraine is the global director of capital markets and innovation finance at Vision Fund International (VFI), the microfinance arm of World Vision. Previously, Lorraine worked as a director at Deutsche Bank for over 15 years and has international experience in helping corporations and global institutions achieve their financing and strategic goals in the capital markets. Her extensive experience in both loan and debt capital markets include leading high-profile M&A financings, working on credit facilities and advising borrowers on their funding strategies.
	Mary Rose Brusewitz \| Head of New York Office, Clark Hill PLC Mary Rose is active in impact investing, sustainability, accountability, ESG/SDG adaptation and compliance and corporate governance. Her expertise includes experience in emerging markets development and finance, in project and structured financing, private equity, cross border investments and joint ventures, restructurings, workouts, insolvencies, dispute resolution, mediation and other areas. She supports commercial and impact investors in structuring, implementing, administering and exiting impact debt and equity investments. Mary Rose is a founding member of the Impact Investing Legal Working Group (IILWG).

Workshop 1 | Debt Restructuring: The Investor Perspective

8:30 – 10:00 a.m. (EDT), Thursday, July 23

Hear from investors and funders at microfinance investment vehicles (MIVs) about their experience with debt renegotiation and restructuring, and learn about their objectives and expectations. Through a moderated discussion and interaction with the audience, we will answer questions such as:

What do investors expect of fellow creditors?
What do investors expect of borrowers?
How are regulatory measures shaping debt restructuring patterns?

Moderator

Deborah Burand | Co-Director of the Grunin Center for Law and Social Entrepreneurship, NYU

Speakers

	Amy Bergstraesser \| Legal Counsel, Symbiotics Amy joined Symbiotics as Legal Counsel in January 2018. Among myriad legal duties within the company, she works with the Symbiotics Restructuring Unit and local counsel on the regulatory and legal aspects of and creative alternatives to cross-border debt restructuring. Previously, Amy was an attorney for a large international law firm and completed work for other impact investors. She received her law degree from University of Michigan Law School.
	Candace Smith \| Senior Expert in Private Sector Development Finance Over a 35-year career in impact investing and finance, Candace has worked in the non-profit, international institutional and corporate arenas. Her expertise includes origination, due diligence, structuring and operations of emerging market investment funds, credit analysis, loan structuring, valuation, portfolio management, risk management and workouts. From 2005 until 2018, Candace held various senior roles with MicroVest Capital Management LLC.
	Edward Marshall \| Partner, General Counsel, CCO, Developing World Markets Edward joined Developing World Markets in 2009. He is responsible for all legal and regulatory matters pertaining to DWM, its investment vehicles and overseas investments. He serves as the Chief Compliance Officer for DWM’s registered investment adviser and is a member of the DWM Equity Investment Committee. He advises on all fund formation activities and capital markets transactions. He serves as transaction counsel for DWM’s equity and debt investments.
	Elitsa Georgieva \| Head of Risk and Recovery, Symbiotics Elitsa has more than 15 years of experience in micro- and SME finance. She is heading the Risk and Restructuring Unit at Symbiotics since its inception in 2017. Before joining Symbiotics, she worked as an independent consultant, advising financial institutions in micro- and SME lending on issues such as development, optimization and implementation of the lending methodology, procedures and policies; and setup of credit risk structures.
	Luca Torre \| Co-Founder and Co-CEO, Gawa Capital Luca has spent most of his career investing in and advising microfinance and financial institutions. Prior to founding GAWA, he worked at Credit Suisse Investment Banking in New York advising many microfinance institutions in accessing capital markets, including Banco Compartamos' IPO. Luca gained on-the-field operating experience working for Annapurna, an Indian MFI. Luca began his career at Boston Consulting Group.

	Ana Demel \| Vice Chair, Board of Directors, ProMujer Ana is vice-chair and secretary of the Board of Directors of Pro Mujer and teaches The Law and Business of Microfinance, Financing Development, and Project Finance at the New York University Law School. Prior to 2009, Ana was a partner at the international law firm of Cleary Gottlieb Steen & Hamilton, LLP where her practice focused on international financing and business transactions, particularly in Latin America.
	Andrée Simon \| President and CEO, FINCA Impact Finance Andrée is the president and CEO of FINCA Impact Finance (FIF), a global network of microfinance banks and institutions. Previously, Andrée served as VP and COO, returning to FINCA after serving as President and COO of Women for Women International. Prior to this, she was Deputy to the President & CEO of FINCA for more than seven years. Andrée has significant experience in corporate strategy. Andrée has been a board member of Women Advancing Microfinance International and is currently a member of the Board of Directors for the FINCA Microfinance Holding Company.
	Dan Smith \| Vice President & General Counsel, FINCA Impact Finance Dan oversees FINCA’s legal operations worldwide. He joined FINCA after 15 years with the international law firm White & Case, where he specialized in international finance, project development, joint ventures and general corporate law. Dan has worked on behalf of numerous international finance institutions. He began his career working with NGOs in Ghana, Somalia, Croatia and Bosnia.
	David Wolf \| Associate General Counsel, Global Communities David has been a member of the Global Communities’ legal team since 2011. In this capacity, he advises the organization on matters related to financial inclusion activities undertaken by it and its network of companies throughout the world. David has played a key role in the transformation of the company’s non-profit programs into for-profit entities. He has also been instrumental in the implementation of multiple Loan Guaranty Facilities (LGFs) and negotiated numerous term loan facilities.
	Lorraine McMillan \| Global Director of Capital Markets & Innovative Finance, Vision Fund International Lorraine is the global director of capital markets and innovation finance at Vision Fund International (VFI), the microfinance arm of World Vision. Previously, Lorraine worked as a director at Deutsche Bank for over 15 years and has international experience in helping corporations and global institutions achieve their financing and strategic goals in the capital markets. Her extensive experience in both loan and debt capital markets include leading high-profile M&A financings, working on credit facilities and advising borrowers on their funding strategies.
	Mary Rose Brusewitz \| Head of New York Office, Clark Hill PLC Mary Rose is active in impact investing, sustainability, accountability, ESG/SDG adaptation and compliance and corporate governance. Her expertise includes experience in emerging markets development and finance, in project and structured financing, private equity, cross border investments and joint ventures, restructurings, workouts, insolvencies, dispute resolution, mediation and other areas. She supports commercial and impact investors in structuring, implementing, administering and exiting impact debt and equity investments. Mary Rose is a founding member of the Impact Investing Legal Working Group (IILWG).

	Amy Bergstraesser \| Legal Counsel, Symbiotics Amy joined Symbiotics as Legal Counsel in January 2018. Among myriad legal duties within the company, she works with the Symbiotics Restructuring Unit and local counsel on the regulatory and legal aspects of and creative alternatives to cross-border debt restructuring. Previously, Amy was an attorney for a large international law firm and completed work for other impact investors. She received her law degree from University of Michigan Law School.
	Candace Smith \| Senior Expert in Private Sector Development Finance Over a 35-year career in impact investing and finance, Candace has worked in the non-profit, international institutional and corporate arenas. Her expertise includes origination, due diligence, structuring and operations of emerging market investment funds, credit analysis, loan structuring, valuation, portfolio management, risk management and workouts. From 2005 until 2018, Candace held various senior roles with MicroVest Capital Management LLC.
	Edward Marshall \| Partner, General Counsel, CCO, Developing World Markets Edward joined Developing World Markets in 2009. He is responsible for all legal and regulatory matters pertaining to DWM, its investment vehicles and overseas investments. He serves as the Chief Compliance Officer for DWM’s registered investment adviser and is a member of the DWM Equity Investment Committee. He advises on all fund formation activities and capital markets transactions. He serves as transaction counsel for DWM’s equity and debt investments.
	Elitsa Georgieva \| Head of Risk and Recovery, Symbiotics Elitsa has more than 15 years of experience in micro- and SME finance. She is heading the Risk and Restructuring Unit at Symbiotics since its inception in 2017. Before joining Symbiotics, she worked as an independent consultant, advising financial institutions in micro- and SME lending on issues such as development, optimization and implementation of the lending methodology, procedures and policies; and setup of credit risk structures.
	Luca Torre \| Co-Founder and Co-CEO, Gawa Capital Luca has spent most of his career investing in and advising microfinance and financial institutions. Prior to founding GAWA, he worked at Credit Suisse Investment Banking in New York advising many microfinance institutions in accessing capital markets, including Banco Compartamos' IPO. Luca gained on-the-field operating experience working for Annapurna, an Indian MFI. Luca began his career at Boston Consulting Group.

News Stories

Online Workshop Series: Debt Restructuring in Microfinance During COVID-19

Webinars

Workshop 2 | Debt Restructuring: The Microfinance Provider Perspective

Moderator

Speakers

Workshop 1 | Debt Restructuring: The Investor Perspective

Moderator

Speakers