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	<title>Transactions Blog &#187; restructuring</title>
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	<link>http://www.pwcblogs.be/transactions</link>
	<description>Our experts&#039;comments on Mergers and Acquisitions</description>
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		<title>NEWLY PUBLISHED: Modification of company law procedure for mergers and demergers</title>
		<link>http://www.pwcblogs.be/transactions/2012/01/newly-published-modification-of-company-law-procedure-for-mergers-and-demergers/</link>
		<comments>http://www.pwcblogs.be/transactions/2012/01/newly-published-modification-of-company-law-procedure-for-mergers-and-demergers/#comments</comments>
		<pubDate>Thu, 19 Jan 2012 12:39:26 +0000</pubDate>
		<dc:creator>Jan Muyldermans</dc:creator>
				<category><![CDATA[Events]]></category>
		<category><![CDATA[News]]></category>
		<category><![CDATA[Publications]]></category>
		<category><![CDATA[Service offerings]]></category>
		<category><![CDATA[companies code]]></category>
		<category><![CDATA[company law]]></category>
		<category><![CDATA[demerger]]></category>
		<category><![CDATA[merger]]></category>
		<category><![CDATA[restructuring]]></category>

		<guid isPermaLink="false">http://www.pwcblogs.be/transactions/?p=881</guid>
		<description><![CDATA[The Belgian Official Gazette of 18 January 2012 includes the publication of the Act of 8 January 2012 modifying the Companies Code pursuant to Directive 2009/109/EG regarding reporting and documentation requirements in case of mergers and demergers (the “Act”). This Act modifies the procedure applicable for merger and demergers. Intervention independent expert Until now, the [...]<div class="addthis_toolbox addthis_default_style addthis_32x32_style" addthis:url='http://www.pwcblogs.be/transactions/2012/01/newly-published-modification-of-company-law-procedure-for-mergers-and-demergers/' addthis:title='NEWLY PUBLISHED: Modification of company law procedure for mergers and demergers ' ><a class="addthis_button_preferred_1"></a><a class="addthis_button_preferred_2"></a><a class="addthis_button_preferred_3"></a><a class="addthis_button_preferred_4"></a><a class="addthis_button_compact"></a></div>]]></description>
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		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>The Netherlands in search for € 18 billion through limitation of interest deductibility on acquisition debt</title>
		<link>http://www.pwcblogs.be/transactions/2011/11/the-netherlands-in-search-for-e-18-billion-through-limitation-of-interest-deductibility-on-acquisition-debt/</link>
		<comments>http://www.pwcblogs.be/transactions/2011/11/the-netherlands-in-search-for-e-18-billion-through-limitation-of-interest-deductibility-on-acquisition-debt/#comments</comments>
		<pubDate>Thu, 03 Nov 2011 07:39:04 +0000</pubDate>
		<dc:creator>Christian Van Craeyvelt</dc:creator>
				<category><![CDATA[News]]></category>
		<category><![CDATA[debt]]></category>
		<category><![CDATA[Dutch Budget]]></category>
		<category><![CDATA[interest deductibility]]></category>
		<category><![CDATA[leveraged finance]]></category>
		<category><![CDATA[M&A]]></category>
		<category><![CDATA[mergers & acquisitions]]></category>
		<category><![CDATA[restructuring]]></category>
		<category><![CDATA[target]]></category>
		<category><![CDATA[tax structuring]]></category>
		<category><![CDATA[Transactions]]></category>

		<guid isPermaLink="false">http://www.pwcblogs.be/transactions/?p=868</guid>
		<description><![CDATA[Introduction 29.983.000.000 EUR (5,2% of GDP), that is the number on which the Dutch government’s deficit landed in 2010.[1] In order to seal this gap, the Dutch government recently announced a plan containing a variety of structural measures to save up to € 18 billion between 2012 and 2015.[2] Specific for the M&#38;A field, one [...]<div class="addthis_toolbox addthis_default_style addthis_32x32_style" addthis:url='http://www.pwcblogs.be/transactions/2011/11/the-netherlands-in-search-for-e-18-billion-through-limitation-of-interest-deductibility-on-acquisition-debt/' addthis:title='The Netherlands in search for € 18 billion through limitation of interest deductibility on acquisition debt ' ><a class="addthis_button_preferred_1"></a><a class="addthis_button_preferred_2"></a><a class="addthis_button_preferred_3"></a><a class="addthis_button_preferred_4"></a><a class="addthis_button_compact"></a></div>]]></description>
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		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Book &#8211; Tax restructuring in the EU</title>
		<link>http://www.pwcblogs.be/transactions/2010/09/book-tax-restructuring/</link>
		<comments>http://www.pwcblogs.be/transactions/2010/09/book-tax-restructuring/#comments</comments>
		<pubDate>Wed, 15 Sep 2010 12:38:37 +0000</pubDate>
		<dc:creator>Katrien Persoons</dc:creator>
				<category><![CDATA[Publications]]></category>
		<category><![CDATA[cross-border]]></category>
		<category><![CDATA[M&A]]></category>
		<category><![CDATA[mergers & acquisitions]]></category>
		<category><![CDATA[restructuring]]></category>

		<guid isPermaLink="false">http://www.pwcblogs.be/transactions/?p=724</guid>
		<description><![CDATA[Whether you’re making an acquisition or looking for opportunities to simplify your group structure within the EU, this guide is intended to help you navigate the complexities of cross-border reorganisations. The book provides information on the technical fiscal aspects of the directive and an overview of its implementation within each member state. You will also [...]<div class="addthis_toolbox addthis_default_style addthis_32x32_style" addthis:url='http://www.pwcblogs.be/transactions/2010/09/book-tax-restructuring/' addthis:title='Book &#8211; Tax restructuring in the EU ' ><a class="addthis_button_preferred_1"></a><a class="addthis_button_preferred_2"></a><a class="addthis_button_preferred_3"></a><a class="addthis_button_preferred_4"></a><a class="addthis_button_compact"></a></div>]]></description>
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		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Debt Markets Update Summer 2010</title>
		<link>http://www.pwcblogs.be/transactions/2010/08/debt-markets-update-summer-2010/</link>
		<comments>http://www.pwcblogs.be/transactions/2010/08/debt-markets-update-summer-2010/#comments</comments>
		<pubDate>Tue, 17 Aug 2010 11:20:18 +0000</pubDate>
		<dc:creator>Sebastien Gabay</dc:creator>
				<category><![CDATA[Publications]]></category>
		<category><![CDATA[debt]]></category>
		<category><![CDATA[leveraged finance]]></category>
		<category><![CDATA[restructuring]]></category>

		<guid isPermaLink="false">http://www.pwcblogs.be/transactions/?p=652</guid>
		<description><![CDATA[Q2 has been uncertain for borrowers, lenders, issuers and investors with the continuing euro-zone debt crisis and renewed economic doubts restricting supply in the debt capital markets and dampening the demand for new lending. UK corporate lending was therefore relatively quiet in Q2 with borrowers and lenders alike waiting for the outcome of the UK’s [...]<div class="addthis_toolbox addthis_default_style addthis_32x32_style" addthis:url='http://www.pwcblogs.be/transactions/2010/08/debt-markets-update-summer-2010/' addthis:title='Debt Markets Update Summer 2010 ' ><a class="addthis_button_preferred_1"></a><a class="addthis_button_preferred_2"></a><a class="addthis_button_preferred_3"></a><a class="addthis_button_preferred_4"></a><a class="addthis_button_compact"></a></div>]]></description>
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		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Simplification of merger procedure</title>
		<link>http://www.pwcblogs.be/transactions/2010/03/simplification-of-merger-procedure/</link>
		<comments>http://www.pwcblogs.be/transactions/2010/03/simplification-of-merger-procedure/#comments</comments>
		<pubDate>Tue, 02 Mar 2010 08:41:57 +0000</pubDate>
		<dc:creator>Karin Winters</dc:creator>
				<category><![CDATA[News]]></category>
		<category><![CDATA[auditor]]></category>
		<category><![CDATA[companies code]]></category>
		<category><![CDATA[demerger]]></category>
		<category><![CDATA[European Directive]]></category>
		<category><![CDATA[M&A]]></category>
		<category><![CDATA[merger]]></category>
		<category><![CDATA[merger procedure]]></category>
		<category><![CDATA[mergers & acquisitions]]></category>
		<category><![CDATA[report]]></category>
		<category><![CDATA[restructuring]]></category>

		<guid isPermaLink="false">http://www.pwcblogs.be/transactions/?p=568</guid>
		<description><![CDATA[Since 25 January 2010, it is possible to carry out all types of mergers without the intervention of an independent expert (i.e. the company’s statutory auditor, or an auditor/external accountant if no statutory auditor has been appointed). Articles 695 and 708 of the Belgian Companies Code (“BCC”), modified following implementation of the European Directive 2007/63/EC, [...]<div class="addthis_toolbox addthis_default_style addthis_32x32_style" addthis:url='http://www.pwcblogs.be/transactions/2010/03/simplification-of-merger-procedure/' addthis:title='Simplification of merger procedure ' ><a class="addthis_button_preferred_1"></a><a class="addthis_button_preferred_2"></a><a class="addthis_button_preferred_3"></a><a class="addthis_button_preferred_4"></a><a class="addthis_button_compact"></a></div>]]></description>
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		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>M&amp;A Academy &#8211; &#8220;Tax implications of business restructuring&#8221;</title>
		<link>http://www.pwcblogs.be/transactions/2010/02/ma-academy-tax-implications-of-business-restructuring/</link>
		<comments>http://www.pwcblogs.be/transactions/2010/02/ma-academy-tax-implications-of-business-restructuring/#comments</comments>
		<pubDate>Thu, 25 Feb 2010 13:46:27 +0000</pubDate>
		<dc:creator>Sophie Van Durme</dc:creator>
				<category><![CDATA[Events]]></category>
		<category><![CDATA[Presentation]]></category>
		<category><![CDATA[acquisition]]></category>
		<category><![CDATA[business restructuring]]></category>
		<category><![CDATA[corporate finance]]></category>
		<category><![CDATA[M&A]]></category>
		<category><![CDATA[merger]]></category>
		<category><![CDATA[mergers & acquisitions]]></category>
		<category><![CDATA[restructuring]]></category>
		<category><![CDATA[Tax]]></category>
		<category><![CDATA[Transactions]]></category>

		<guid isPermaLink="false">http://www.pwcblogs.be/transactions/?p=561</guid>
		<description><![CDATA[2008 and 2009 are challenging times for the M&#38;A market due to the lack of available funding. Many investors and international groups are looking for cost-cutting opportunities and cash optimisation. During the 5th session of our M&#38;A Academy, we tried to evaluate how reshaping your conventional business model towards a more flexible structure can help [...]<div class="addthis_toolbox addthis_default_style addthis_32x32_style" addthis:url='http://www.pwcblogs.be/transactions/2010/02/ma-academy-tax-implications-of-business-restructuring/' addthis:title='M&#38;A Academy &#8211; &#8220;Tax implications of business restructuring&#8221; ' ><a class="addthis_button_preferred_1"></a><a class="addthis_button_preferred_2"></a><a class="addthis_button_preferred_3"></a><a class="addthis_button_preferred_4"></a><a class="addthis_button_compact"></a></div>]]></description>
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		<slash:comments>0</slash:comments>
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		<item>
		<title>M&amp;A Academy – “Safeguarding value through business restructuring”</title>
		<link>http://www.pwcblogs.be/transactions/2010/01/ma-academy-%e2%80%93-%e2%80%9csafeguarding-value-through-business-restructuring%e2%80%9d/</link>
		<comments>http://www.pwcblogs.be/transactions/2010/01/ma-academy-%e2%80%93-%e2%80%9csafeguarding-value-through-business-restructuring%e2%80%9d/#comments</comments>
		<pubDate>Thu, 21 Jan 2010 18:19:22 +0000</pubDate>
		<dc:creator>Sophie Van Durme</dc:creator>
				<category><![CDATA[Presentation]]></category>
		<category><![CDATA[debt]]></category>
		<category><![CDATA[distressed companies]]></category>
		<category><![CDATA[equity swap]]></category>
		<category><![CDATA[M&A]]></category>
		<category><![CDATA[restructuring]]></category>

		<guid isPermaLink="false">http://www.pwcblogs.be/transactions/?p=533</guid>
		<description><![CDATA[Identifying the most important value drivers and estimating values in distressed companies is key for a successful restructuring process, especially in the case of debt for equity swaps. That’s what Michael De Roover, Partner at PwC and Philippe Rasquin, Director at PwC talked about on the fourth session of our M&#38;A Academy. They shared with [...]<div class="addthis_toolbox addthis_default_style addthis_32x32_style" addthis:url='http://www.pwcblogs.be/transactions/2010/01/ma-academy-%e2%80%93-%e2%80%9csafeguarding-value-through-business-restructuring%e2%80%9d/' addthis:title='M&#38;A Academy – “Safeguarding value through business restructuring” ' ><a class="addthis_button_preferred_1"></a><a class="addthis_button_preferred_2"></a><a class="addthis_button_preferred_3"></a><a class="addthis_button_preferred_4"></a><a class="addthis_button_compact"></a></div>]]></description>
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		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Credit where credit&#8217;s due?</title>
		<link>http://www.pwcblogs.be/transactions/2009/11/credit-where-credits-due/</link>
		<comments>http://www.pwcblogs.be/transactions/2009/11/credit-where-credits-due/#comments</comments>
		<pubDate>Mon, 23 Nov 2009 14:27:58 +0000</pubDate>
		<dc:creator>Sebastien Gabay</dc:creator>
				<category><![CDATA[Publications]]></category>
		<category><![CDATA[bonds]]></category>
		<category><![CDATA[credit]]></category>
		<category><![CDATA[leveraged finance]]></category>
		<category><![CDATA[multiples]]></category>
		<category><![CDATA[restructuring]]></category>

		<guid isPermaLink="false">http://www.pwcblogs.be/transactions/?p=442</guid>
		<description><![CDATA[Whilst credit markets have improved since the beginning of the year, borrowers continue to find raising or extending existing credit lines challenging. One of the big stories of the year has been the bond market. Banks remain cautious and often reluctant to advance loans to new customers. However, during the third quarter, upward pricing pressure [...]<div class="addthis_toolbox addthis_default_style addthis_32x32_style" addthis:url='http://www.pwcblogs.be/transactions/2009/11/credit-where-credits-due/' addthis:title='Credit where credit&#8217;s due? ' ><a class="addthis_button_preferred_1"></a><a class="addthis_button_preferred_2"></a><a class="addthis_button_preferred_3"></a><a class="addthis_button_preferred_4"></a><a class="addthis_button_compact"></a></div>]]></description>
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		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Is a clash between companies and banks avoidable?</title>
		<link>http://www.pwcblogs.be/transactions/2009/11/is-a-clash-between-companies-and-banks-avoidable/</link>
		<comments>http://www.pwcblogs.be/transactions/2009/11/is-a-clash-between-companies-and-banks-avoidable/#comments</comments>
		<pubDate>Fri, 06 Nov 2009 09:51:24 +0000</pubDate>
		<dc:creator>Philippe Fimmers</dc:creator>
				<category><![CDATA[News]]></category>
		<category><![CDATA[Bank]]></category>
		<category><![CDATA[debt covenant adjustments]]></category>
		<category><![CDATA[debt equity swap]]></category>
		<category><![CDATA[Future]]></category>
		<category><![CDATA[independent view]]></category>
		<category><![CDATA[restructuring]]></category>

		<guid isPermaLink="false">http://www.pwcblogs.be/transactions/?p=436</guid>
		<description><![CDATA[The current economic climate leaves a lot of companies exposed to lower trading volumes, pricing pressure, stretched client payments and cost structures that can not easily be aligned. Consequently cash flows come under a significant pressure and are sometimes insufficient to pay back debts or worse interest payments. Combining this with a banking sector that [...]<div class="addthis_toolbox addthis_default_style addthis_32x32_style" addthis:url='http://www.pwcblogs.be/transactions/2009/11/is-a-clash-between-companies-and-banks-avoidable/' addthis:title='Is a clash between companies and banks avoidable? ' ><a class="addthis_button_preferred_1"></a><a class="addthis_button_preferred_2"></a><a class="addthis_button_preferred_3"></a><a class="addthis_button_preferred_4"></a><a class="addthis_button_compact"></a></div>]]></description>
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		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>&#8220;Tax aspects of debt restructuring&#8221; presentation</title>
		<link>http://www.pwcblogs.be/transactions/2009/06/tax-aspects-of-debt-restructuring-presentation/</link>
		<comments>http://www.pwcblogs.be/transactions/2009/06/tax-aspects-of-debt-restructuring-presentation/#comments</comments>
		<pubDate>Thu, 18 Jun 2009 06:06:59 +0000</pubDate>
		<dc:creator>Jan Muyldermans</dc:creator>
				<category><![CDATA[Presentation]]></category>
		<category><![CDATA[debt]]></category>
		<category><![CDATA[M&A Academy presentation]]></category>
		<category><![CDATA[restructuring]]></category>

		<guid isPermaLink="false">http://www.pwcblogs.be/transactions/?p=313</guid>
		<description><![CDATA[On 28 May, we hosted the last M&#38;A Academy session of the season, which dealt with tax aspects of debt restructuring. Jan Muyldermans talked about what it is that is driving debt structuring transactions, the tax basics, the tax aspects of overall debt restructuring and the continuity law. Finally, he put all this into practice [...]<div class="addthis_toolbox addthis_default_style addthis_32x32_style" addthis:url='http://www.pwcblogs.be/transactions/2009/06/tax-aspects-of-debt-restructuring-presentation/' addthis:title='&#8220;Tax aspects of debt restructuring&#8221; presentation ' ><a class="addthis_button_preferred_1"></a><a class="addthis_button_preferred_2"></a><a class="addthis_button_preferred_3"></a><a class="addthis_button_preferred_4"></a><a class="addthis_button_compact"></a></div>]]></description>
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