UKEF is recruiting for Head of Project Finance and Aerospace Restructuring
- Full Time, Flexible Working
- Westminster, London (Hybrid Working)
- 25 days of annual leave, rising to 30 days after 5 years of service
- Employer pension contributions starting at 28.97%
The Restructuring, Claims & Recoveries Division (RCR) is part of Risk Management Group. It was formed in the summer of 2023 by the merging of a number of distinct restructuring teams with the claims and recoveries function. RCR incorporates:
- Sovereign Debt Sustainability & Restructuring (SDSR)
- Corporate & SME Restructuring
- Large Corporates and Project Finance
The Head of Project Finance & Aerospace Restructuring will be responsible for managing a team of 6 (1x G7, 3x SEO and 2x HEO – exact composition may change) reporting to the Head/Deputy Head of Restructuring, Claims & Recoveries.
The role involves reviewing, analysing, presenting, negotiating, documenting and closing complex restructurings on UKEF’s project finance and aerospace (asset backed) portfolios, some of which include large-scale sophisticated insolvency workouts (Chapter 11 or equivalent). These negotiations are prolonged, detailed, intensive and complex involving sophisticated counterparties who are very well represented and advised. The role involves liaising with and marshalling the policy position of the finance parties such as the borrower, other obligors, covered banks (agents, trustee and lenders) and external lawyers and financial advisers. The role involves the articulation and presentation of the financier’s position (UKEF as guarantor of a portion of the underlying lending) in negotiation often in adversarial and hostile situations not just with the borrower but with intercreditor parties whose interests may and will diverge from UKEF’s. The role demands an ability to reconcile commercial positions as well as to lead, influence and persuade the negotiation and to make reasoned and justifiable decisions in time pressured circumstances where the postholder will be the ultimate decision-maker.
Main Activities
Overseeing the restructuring of distressed PF /Aero cases.
- Meetings with Banks/ECAs/Borrower/Sponsors/Financial and External Legal Advisers
Shadowing cases in the Performing portfolio showing initial signs of stress and providing advice to PMD.
- Working in conjunction with PMD colleagues to shadow manage transactions that are showing signs of credit deterioration/distress.
Senior stakeholder engagement presenting restructuring proposals to ERiCC.
- Leading on making recommendations to ERiCC on restructuring proposals and other internal and cross-government stakeholders including HMT.
Policy input, governance support, continuous improvement.
- The jobholder will be responsible for providing input into UKEF policy on both new and existing products (from both a PF and Aero perspective) as well as other areas of governance including lessons learned on an iterative basis.
This list is not exhaustive, and you may be required to carry out additional duties according to business needs.
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