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Corporate Restructuring: Finance in Times of Crisis

Michael Blatz ; Karl-J. Kraus ; Sascha Haghani (eds.)

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Institución detectada Año de publicación Navegá Descargá Solicitá
No detectada 2006 SpringerLink

Información

Tipo de recurso:

libros

ISBN impreso

978-3-540-33074-5

ISBN electrónico

978-3-540-33075-2

Editor responsable

Springer Nature

País de edición

Reino Unido

Fecha de publicación

Información sobre derechos de publicación

© Springer-Verlag Berlin Heidelberg 2006

Cobertura temática

Tabla de contenidos

Innovative Crisis Management Concepts — An Up-to-Date Status Evaluation

Michael Blatz; Sascha Haghani

Palabras clave: Equity Capital; Insolvency Proceeding; Strategy Consultant; Restructuring Process; Liquidity Crisis.

Part 1: - The Success Factors of Restructuring in Germany — New Challenges for Corporate Financing | Pp. 3-22

Corporate Restructuring in Germany — The Economy Remains Tense, but Restructuring Offers Definite Opportunities

Bernd Brunke; Stephan Foerschle; Sascha Haghani; Florian Huber; Nils von Kuhlwein; Björn Waldow

Comprehensive and consistent restructuring can play an important role in securing a stable and healthy financial foundation for the company and in ensuring sustainable results and liquidity. It thus clears the way for new strategic options. The effects are positive for all stakeholders; the loan value remains secure for banks and credit insurers, and the related credit rating can be improved. Customers and suppliers will obviously be more interested in continuing their business relations with the company given that they once again consider it a strong and valuable strategic partner. Restructuring offers investors attractive investment opportunities with long-term growth perspectives based on a solid and healthy financial foundation. Given this background, we are certain that the German restructuring environment will — after the end of “Germany Inc.” and the insolvency hype — offer many active approaches that will put companies on a more sustainable long-term footing.

Palabras clave: Private Equity; Equity Capital; Insolvency Proceeding; Bear Market; Corporate Financing.

Part 1: - The Success Factors of Restructuring in Germany — New Challenges for Corporate Financing | Pp. 23-35

Recapitalization — New Corporate Financing Options

Sascha Haghani; Maik Piehler

Several cases involving the successful recapitalization of companies through innovative concepts attract the attention of other medium-sized companies. We have observed a definitive increase in the interest of these clients in alternatives to conventional loans. Especially after having gone through an operational reorganization, an increasing number of medium-sized businesses in Germany are eager to reinvent their corporate financing. This is just the first wave!

Palabras clave: Equity Capital; Credit Institution; Corporate Financing; Loan Commitment; House Bank.

Part 1: - The Success Factors of Restructuring in Germany — New Challenges for Corporate Financing | Pp. 37-42

From Crisis to Value Increase: How Companies Can Attain High Profits During a Restructuring Phase

Karsten Lafrenz

Palabras clave: Success Factor; Hedge Fund; Excess Return; Private Equity; Equity Capital.

Part 1: - The Success Factors of Restructuring in Germany — New Challenges for Corporate Financing | Pp. 43-53

The Financial Restructuring of Medium-Sized Companies

Robert Simon

Palabras clave: Equity Capital; Restructuring Process; Credit Line; Convertible Bond; Joint Engagement.

Part 1: - The Success Factors of Restructuring in Germany — New Challenges for Corporate Financing | Pp. 55-63

Changes in Due Diligence Requirements

Nils von Kuhlwein

Palabras clave: Business Plan; Purchase Price; Financial Investor; Potential Buyer; Insolvency Process.

Part 1: - The Success Factors of Restructuring in Germany — New Challenges for Corporate Financing | Pp. 65-73

German-European Restructuring Survey 2004/05 — Results and Recommended Courses of Action

Max Falckenberg; Ivo-Kai Kuhnt

Palabras clave: Early Warning System; Balance Scorecard; Management Commitment; Liquidity Crisis; Staff Reduction.

Part 2: - The Results of the Latest Surveys Performed by Roland Berger Strategy Consultants | Pp. 77-87

Distressed Debt in Germany from the Banks’ Point of View

Nils von Kuhlwein; Michael Richthammer

Palabras clave: Equity Capital; Banking Secrecy; Loan Portfolio; Business Loan; Exit Strategy.

Part 2: - The Results of the Latest Surveys Performed by Roland Berger Strategy Consultants | Pp. 89-104

Financial Restructuring of a Pharmaceutical Company

Karl-J. Kraus; Ralf Moldenhauer

Palabras clave: Debt Ratio; Credit Institution; Working Capital; Investment Program; Operational Cash Flow.

Part 3: - Practical Financial Restructuring Examples — Case Studies | Pp. 107-116

Reorganization and Capital Market — Growth Financing Shores Up the Restructuring Process

Sascha Haghani; Maik Piehler

Fendox Domestic gained a lot of ground in just a year and a half of traditional restructuring, and changed considerably. The increasingly competitive environment in a shrinking market made this restructuring process very tough in some areas. Mistakes made in the past could not be completely corrected within this period. Experience has shown that the time required to correct errors frequently is just as long as the time these errors were allowed to wreak havoc. Most companies who are in these kinds of situations find it difficult to maintain or even expand the required financial flexibility for their continued development. After the successful traditional restructuring, the Fendox Group was in a position to substantially reduce financial burdens from the past and strengthen its financial circle. The respective leeway for continued growth in the profitable international markets could therefore be ensured and the planned domestic market consolidation could be initiated. Some of the problems that have developed in crisis companies over a long period of time can be corrected only by implementing comprehensive and consistent restructuring processes that prepare the affected company for its return to a successful development. The Fendox Group achieved this thanks to an integral restructuring concept comprising its strategic reorientation, structural and operational measures, as well as an integrated recapitalization concept.

Palabras clave: Equity Capital; Credit Line; Core Bank; Central Warehouse; German Subsidiary.

Part 3: - Practical Financial Restructuring Examples — Case Studies | Pp. 117-131