Corporate Restructuring: Finance in Times of Crisis

ISBN-13: 9783540330745 / Angielski / Twarda / 2006 / 180 str.

Michael Blatz; Karl-J Kraus; Sascha Haghani

Opis

Technological progress and globalization have completely changed the overall conditions and rules of entrepreneurial engagement. The speed of this modern high performance economy has accelerated, competition is fiercer than ever, and the battles are no longer fought in the domestic or intra-European arena, but on a global level. To keep up with their rivals and increase their productivity, bu- nesses must be able to efficiently manage their processes and structures. However, strategies and business models must be developed simultaneously to set the stage for a successful and sustainable course of expansion. Driven by these forces, the management and focus of restructuring measures has also changed in recent years: in the past, the primary objective was to implement solutions to improve the operational end of the business and, ultimately, to cut costs. The strategic revamping of the company is closely linked to this type of operational restructuring. Since then, however, another financial dimension has been added to this restructuring approach. In other words, the restructuring pr- ess and the respective demands it imposes on stakeholders, such as managers, financial partners, and consultants has evolved substantially from pure cost cutting measures (often associated with "rightsizing") to consulting on the brink of insolvency (planned insolvency method) and growth-oriented financial restr- turing."

Spis treści

The Success Factors of Restructuring in Germany — New Challenges for Corporate Financing.- Innovative Crisis Management Concepts — An Up-to-Date Status Evaluation.- Corporate Restructuring in Germany — The Economy Remains Tense, but Restructuring Offers Definite Opportunities.- Recapitalization — New Corporate Financing Options.- From Crisis to Value Increase: How Companies Can Attain High Profits During a Restructuring Phase.- The Financial Restructuring of Medium-Sized Companies.- Changes in Due Diligence Requirements.- The Results of the Latest Surveys Performed by Roland Berger Strategy Consultants.- German-European Restructuring Survey 2004/05 — Results and Recommended Courses of Action.- Distressed Debt in Germany from the Banks’ Point of View.- Practical Financial Restructuring Examples — Case Studies.- Financial Restructuring of a Pharmaceutical Company.- Reorganization and Capital Market — Growth Financing Shores Up the Restructuring Process.- Restructuring and Recapitalization of the HD Co. Group.- Return to Growth — The Wind AG Restructuring and Recapitalization Process.- The Utilization of Divestments in KML’s Group Restructuring Process.

O autorze

Dr. Werner Stork promovierte am Institut für Genossenschaftswesen der Universität Münster. Er ist als Fachleiter für Firmenkunden/Kommunalwesen an der Ostdeutschen Sparkassenakademie in Potsdam tätig.