By Michael Blatz, Karl-J. Kraus, Sascha Haghani
The variety of company crises has elevated considerably in recent times. the firms affected has to be restructured, and it has turn into traditional knowledge that they need to do greater than enhance operations and realign their ideas. businesses at the present time should also specialise in reorganizing their funds, as this can be a primary a part of restructuring. on the way to achieve this, they need to grasp using company financing instruments. This ebook discusses the comparable demanding situations and gives how one can conquer them. In doing so, the focal point is often on expanding the company's worth. The e-book makes use of case stories to teach how monetary restructuring should be carried out in perform, hence paving the way in which for winning growth. The ebook is written for restructuring pros who need a specific evaluate of latest advancements in company recapitalization.
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Additional info for Corporate Restructuring
Lafrenz (2004a). 20 companies, that in addition to focusing on consolidation, also placed emphasis on a parallel or subsequent growth strategy (average increase 136%). Those enterprises in crisis that are indeed successful often secure financing via external capital influx, in particular also by way of a capital increase. Approximately three fourths of those businesses that were able to implement a capital increase in a time of crisis attained sustained positive results. In summary, it has been established that at the core, restructuring always follows a similar path.
Due to funding needs, only active investment strategies are conceivable for corporate financing that create a controlling position and lead to an active influence on business policies. This is accompanied by an injection of additional liquidity. Borders between private equity and distressed debt investors are blurred. The purchase of payables by debt investors is followed by a debt-equity swap so that investors can take ownership of the company. The entry points are different, but the goals are the same.
It indicates that at this time, about 40% of all companies in Germany are showing signs of a strategic crisis, earnings crisis, and/or liquidity crisis (see Fig. 2). All companies Symptoms of a evaluated strategic crisis 100% 20% Symptoms of an Symptoms of a earnings crisis liquidity crisis 14% 3% Ȉ = 37% Fig. 2: Classification of companies by crisis status Based on these circumstances, approximately EUR 100 to 150 billion in corporate loans in Germany can be categorized as so-called "problem loans" or "non-performing loans".
Corporate Restructuring by Michael Blatz, Karl-J. Kraus, Sascha Haghani