Table of contents for Corporate restructuring : finance in times of crisis / Michael Blatz, Karl-J. Kraus, Sascha Haghani, editors.


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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
S   Pream ble  .................................................................................................... 3
2    The Traditional RBSC Approach to Restructuring......................................6
3    Innovative W ays out of Crisis Situations................................ ......................
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
KARSTEN LAFRENZ
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 KUHLWEIN
1    Due Diligence in a Time of Change ......................................................65
2    Types  of D ue  D iligence  ............................................................................... 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
Recom  mended   Courses of Action......... ......................................................... 77
MAX FALCKENBERG, IVO-KAI KUHNT
1    Survey  R esults  ......................................................................................... 77
2    Summary Survey Results and Recommended Courses of Action .................86
Distressed Debt in Germany from the Banks' Point of View...........................89
NILS VON KUHLWEIN, MICHAEL RICHTHAMMER
1    Introduction  ............................................................................................. 89
2     Key Findings of the Survey ................................... ............................... 90
3     Conclusions and Outlook .................................................................. ...102
PART 3: PRACTICAL FINANCIAL RESTRUCTURING EXAMPLES -
C A SE  STU   D IE S  ................................................................................................105
Financial Restructuring of a Pharmaceutical Company...............................107
KARL-J. KRAUS, RALF MOLDENHAUER
1    T he  C om pany  ........................................................................................ .... 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 HD 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, JORGEN SCHAFER
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............................................... 60
4    The Divestment Object Selection Process.................................................162
5    Findings and Approaches for a General Model ......................................... 170



Library of Congress subject headings for this publication: Corporate reorganizations, Organizational change Management, Reengineering (management)Corporate reorganizations Germany, Organizational change Management Germany, Reengineering (management) Germany