ISBN: 3540330747
TITLE: Corporate Restructuring
AUTHOR: Blatz et al.
TOC: 

PART 1: THE SUCCESS FACTORS OF RESTRUCTURING IN GERMANY - NEW CHALLENGES FOR CORPORATE FINANCING 1
Innovative Crisis Management Concepts - An Up-to-Date Status Evaluation 3
MICHAEL BLATZ, SASCHA HAGHANI
1 Preamble 3
2 The Traditional RBSC Approach to Restructuring 6
3 Innovative Ways out of Crisis Situations 8
4 Summary: Consolidate Quickly, Return to Growth Quickly 17
Corporate Restructuring in Germany-The Economy Remains Tense, but Restructuring Offers Definite Opportunities 23
BERND BRUNKE, STEPHAN FOERSCHLE, SASCHA HAGHANI, FLORIAN HUBER, NILS VON KUHLWEIN, AND BJORN WALDOW
1 The State of the German Economy 23
2 Restructuring Under the New German Insolvency Law - Beggars Still Can't Be Choosers 26
3 Distressed Capital - The Future of Corporate Financing in Germany? 28
4 Restructuring Success Factors 32
5 Conclusions and Outlook 35
Recapitalization - New Corporate Financing Options 37
SASCHA HAGHANI, MAIK PIEHLER
1 Financial Reorganization as the Third Restructuring Dimension 37
2 Alternative Financing Options Compete with Conventional Loans 38
3 A Concept Providing a Foundation for Competitiveness and Growth 40
4 Conclusions and Outlook 42
From Crisis to Value Increase: How Companies Can Attain High Profits During a Restructuring Phase 43
1 Crisis Companies Have to Fulfill High Profit Expectations 43
2 Restructuring Companies in Crisis 45
3 Increasing Corporate Value Even (and Especially) During the Restructuring Process 49
4 Summary: Restructuring Yields High Value Increase Potential - Companies Simply Have to Go After It 51
The Financial Restructuring of Medium-Sized Companies 55
ROBERT SIMON
1 The Breakdown of Trust Between Banks and Business 55
2 Potential Courses of Action for the Banks Involved 56
3 Potential Courses of Action for the Company in Crisis 58
4 The Prerequisites for a Persuasive Restructuring Concept 60
5 Agreements with Financial Partners 61
Changes in Due Diligence Requirements 65
NILS VON KHLWEIN
1 Due Diligence in a Time of Change 65
2 Types of Due Diligence 65
3 Special Requirements During Restructuring and Insolvency 70
4 New Trends in the Due Diligence Process 71
PART 2: THE RESULTS OF THE LATEST SURVEYS PERFORMED BY ROLAND BERGER STRATEGY CONSULTANTS 75
German-European Restructuring Survey 2004/05 - Results and Recommended Courses of Action 77
MAX FALCKENBERG, IVO-KAI KUHNT
1 Survey Results 77
2 Summary Survey Results and Recommended Courses of Action 86
Distressed Debt in Germany from the Banks' Point of View 89
NILS VON KHLWEIN. MICHAEL RICHTHAMMER
1 Introduction 89
2 Key Findings of the Survey 90
3 Conclusions and Outlook 102
PART 3: PRACTICAL FINANCIAL RESTRUCTURING EXAMPLES - CASE STUDIES 105
Financial Restructuring of a Pharmaceutical Company 107
KARL-J. KRAUS, RALF MOLDENHAUER
1 The Company 107
2 The Components of the Restructuring Concept 109
3 Financial Restructuring 111
Reorganization and Capital Market - Growth Financing Shores Up the Restructuring Process 117
SASCHA HAGHANI, MAIK PIEHLER
1 Introduction 117
2 Initial Situation 117
3 The Restructuring Process 120
4 Conclusions and Outlook 131
Restructuring and Recapitalization of the RD Co. Group 133
MICHAEL BLATZ, CHRISTIAN PAUL. JULIAN ZU PUTLITZ
1 Introduction 133
2 Initial Situation at the Beginning of the Restructuring Process 134
3 An Overview of the Restructuring Concept 137
4 Experiences with the Transferability and Applicability of the Recapitalization Approach 144
Return to Growth - The Wind AG Restructuring and Recapitalization Process 147
UWE JOHNEN, JRGEN SCHFER
1 Introduction 147
2 The Situation at the Beginning of the Restructuring Process 147
3 Overview of the Restructuring Concept 150
4 Transferable Experiences for Application of the Recapitalization Approach 155
The Utilization of Divestments in KML's Group Restructuring Process 157
GERD SIEVERS
1 Introduction 157
2 Corporate Profile and Development Before the Crisis 158
3 The Crisis and the Reorganization Concept 160
4 The Divestment Object Selection Process 162
5 Findings and Approaches for a General Model 170
ABOUT THE AUTHORS 175
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