Debt-equity swap

Acqui­si­tion of the loan receiva­ble against a company with subse­quent contri­bu­tion of this receiva­ble to the company as a contri­bu­tion in kind. Company shares are gran­ted for this purpose. The contri­bu­tion in kind is regu­larly prece­ded by a capi­tal reduc­tion in order to provide the inves­tor with a higher equity share to be gran­ted. The valua­tion of the receiva­ble to be contri­bu­ted is regu­larly proble­ma­tic in such a tran­sac­tion, since a contri­bu­tion can only be made for “if neces­sary”. greatly dimi­nis­hed” repla­ce­ment value is possi­ble. This is parti­cu­larly the case since the nomi­nal value of the shares to be gran­ted must corre­spond to the repla­ce­ment value of the receivable.