Der aussergerichtliche Debt-Equity-Swap – Empirische Analyse der Anreizfaktoren der einzelnen Akteure zur Beteiligung am Debt-Equity-Swap

Nils Helms

Die Unternehmung - Swiss Journal of Business Research and Practice, 2020, vol. 74, issue 1, 82-106

Abstract: This article analyses the incentives of shareholders and lenders to agree to an Out-of-Court debt-equity-swap. The empirical results are based on a document analysis combined with structured interviews. It shows that even before a debt-equity-swap is implemented, developments occur on the creditor and shareholder sides that are decisive for subsequent approval. Furthermore, financial investors occupy a special position due to their objectives as both existing shareholders and lenders. According to the researched documents and the conducted interviews, the successful execution of the swap depends centrally on the at least proportional influence of the existing shareholders on company decisions after realization of the swap. In the case of creditors, the investment cessation is of particular importance for the approval of the debt-equity-swap. Furthermore, on the basis of the current legal situation, the hold-out value could be verified as an incentive problem for approval, although the EU directive on restructuring and insolvency adopted this year should reduce this problem.

Date: 2020
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DOI: 10.5771/0042-059X-2020-1-82

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Die Unternehmung - Swiss Journal of Business Research and Practice is currently edited by Prof. Dr. Artur Baldauf, Universität Bern, Prof. Dr. Manfred Bruhn, Universität Basel, Prof. Dr. Pascal Gantenbein, Universität Basel (geschäftsführend), Prof. Dr. Markus Gmür, Universität Fribourg, Prof. Dr. Klaus Möller, Universität St. Gallen, Prof. Dr. Günter Müller-Stewens, Universität St. Gallen, Prof. Dr. Dr. h.c. Margit Osterloh, Universität Zürich, Prof. Dr. Dieter Pfaff, Universität Zürich and Prof. Dr. Martin Wallmeier, Universität Fribourg

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