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2 years ago

InsO study 2015

  • Text
  • Insolvency
  • Restructuring
  • Proceedings
  • Mckinsey
  • Creditor
  • Esug
  • Creditors
  • Preliminary
  • Respondents
  • Germany

The options available

The options available for creditors to assert influence are considered positive following the introduction of ESUG Agreement Percent Shareholder rights I The modification of shareholders' rights outlined in the insolvency plan (e.g., debt equity swap) does not seriously disadvantage shareholders 81 The option to become involved in the creditor committee increases creditors' willingness to support restructuring II 83 Creditor involvement III IV Creditor committees are becoming increasingly professional 82 The rights of the preliminary creditor committee should be expanded 62 "As of now, the insolvency law has relinquished all moderation under company law." – Insolvency administrator SOURCE: Noerr; McKinsey 12

I The modification of shareholders' rights outlined in the insolvency plan is appropriate BACKUP The modification of shareholders' rights outlined in the insolvency plan (e.g., debt equity swap) is too much of a disadvantage to shareholders Percent Comments Completely agree Mostly agree Slightly agree 11 Slightly disagree 3 5 23 • Debt equity swap is an established restructuring instrument in US and UK • Initiating a debt equity swap is now easier in Germany thanks to ESUG (prohibition to obstruct §245 InsO and liability for difference §254 para. 4 InsO) • Debt equity swap has been implemented in several prominent proceedings Mostly disagree 31 81 Completely disagree 27 SOURCE: Noerr; McKinsey 13

English

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