{"id":44155,"date":"2017-11-26T16:09:32","date_gmt":"2017-11-26T14:09:32","guid":{"rendered":"https:\/\/newserver.fyb.de\/produkt\/company-acquisition-in-the-crisis-before-and-from-insolvency\/"},"modified":"2017-11-26T16:09:32","modified_gmt":"2017-11-26T14:09:32","slug":"business-acquisition-in-the-crisis-before-and-after-insolvency","status":"publish","type":"product","link":"https:\/\/www.fyb.de\/en\/produkt\/business-acquisition-in-the-crisis-before-and-after-insolvency\/","title":{"rendered":"Company acquisition in the crisis before and from insolvency"},"content":{"rendered":"

Hans\u00adj\u00f6rg Zelger<\/strong> \u2014 Part\u00adner MAZARS Hemmel\u00adrath GmbH, Munich<\/p>\n

Volk\u00admar Berner<\/strong> \u2014 Mana\u00adging Direc\u00adtor MAZARS Hemmel\u00adrath GmbH, Munich<\/p>\n","protected":false},"excerpt":{"rendered":"

The econo\u00admic situa\u00adtion is curr\u00adently deter\u00admi\u00adned by the econo\u00admic and finan\u00adcial crisis, which has also been clearly reflec\u00adted in the assess\u00adments of mana\u00adgers as well as in the popu\u00adla\u00adtion. Econo\u00admists now expect econo\u00admic output in the Fede\u00adral Repu\u00adblic of Germany to fall by 4 to 6 percent in 2009, and the IFO busi\u00adness climate index reached a histo\u00adric low of 82.1 in Febru\u00adary 2009. The market for corpo\u00adrate tran\u00adsac\u00adtions expe\u00adri\u00aden\u00adced signi\u00adfi\u00adcant slow\u00addowns in 2008 and 2009; in the first half of 2009, tran\u00adsac\u00adtions invol\u00adving German private equity compa\u00adnies slum\u00adped by more than 80 percent. In many cases, tran\u00adsac\u00adtions are taking place in an envi\u00adron\u00adment in which acqui\u00adsi\u00adtion finan\u00adcing is very diffi\u00adcult to obtain \u2014 if at all \u2014 and the compa\u00adnies up for sale are expe\u00adri\u00aden\u00adcing a signi\u00adfi\u00adcant decline in sales and earnings.<\/strong><\/p>\n

At the same time, the current crisis provi\u00addes oppor\u00adtu\u00adni\u00adties for targe\u00adted acqui\u00adsi\u00adti\u00adons, espe\u00adci\u00adally for stra\u00adte\u00adgic inves\u00adtors. Why choose to buy a company that is in crisis (also called distres\u00adsed M&A)? In addi\u00adtion to gene\u00adral reasons such as incre\u00adasing the value of the company, reali\u00adzing syner\u00adgies (econo\u00admies of scale), market growth, tech\u00adno\u00adlogy, a favorable purchase price is a frequently cited argu\u00adment. Howe\u00adver, a distres\u00adsed M&A tran\u00adsac\u00adtion also invol\u00adves speci\u00adfic risks that need to be addres\u00adsed in a parti\u00adcu\u00adlar way in order to ulti\u00adm\u00adately realize a successful transaction.<\/p>\n

Further\u00admore, the reasons for and the course of a corpo\u00adrate crisis are presen\u00adted, the sche\u00adma\u00adtic course of an insol\u00advency is briefly outlined and the special features of a corpo\u00adrate acqui\u00adsi\u00adtion before and from insol\u00advency are explai\u00adned. The measu\u00adres for restruc\u00adtu\u00adring (short and long-term) and the various opti\u00adons for injec\u00adting (equity and\/or debt) capi\u00adtal are not explai\u00adned here. This also applies to the gene\u00adral descrip\u00adtion and expl\u00adana\u00adtion of tran\u00adsac\u00adtion proces\u00adses and structures.<\/p>\n

Compa\u00adnies in crisis \u2014 reasons and course<\/strong><\/p>\n

In gene\u00adral, six stages are distin\u00adgu\u00adis\u00adhed in the course of a corpo\u00adrate crisis.<\/p>\n","protected":false},"featured_media":41143,"comment_status":"open","ping_status":"closed","template":"","meta":{"wp_typography_post_enhancements_disabled":false},"product_brand":[],"product_cat":[2452,2486,2511,2538],"product_tag":[1468,1471,1894,1949,1953,1957],"class_list":{"0":"post-44155","1":"product","2":"type-product","3":"status-publish","4":"has-post-thumbnail","6":"product_cat-ebook-en","7":"product_cat-volkmar-berner-en","8":"product_cat-fyb-2010-2","9":"product_cat-hansjoerg-zelger-en","10":"product_tag-volkmar-berner-en","11":"product_tag-corporate-transactions","12":"product_tag-hansjoerg-zelger-en","13":"product_tag-economic-situation","14":"product_tag-acquisition-finance","15":"product_tag-distressed-ma-transaction","16":"pa_sprache-english-3","17":"pa_sprache-german","19":"first","20":"outofstock","21":"taxable","22":"shipping-taxable","23":"purchasable","24":"product-type-variable"},"yoast_head":"\nCompany acquisition in the crisis before and from insolvency - FYB Financial Yearbook<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.fyb.de\/en\/produkt\/business-acquisition-in-the-crisis-before-and-after-insolvency\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Company acquisition in the crisis before and from insolvency - FYB Financial Yearbook\" \/>\n<meta property=\"og:description\" content=\"The economic situation is currently determined by the economic and financial crisis, which has also been clearly reflected in the assessments of managers as well as in the population. Economists now expect economic output in the Federal Republic of Germany to fall by 4 to 6 percent in 2009, and the IFO business climate index reached a historic low of 82.1 in February 2009. The market for corporate transactions experienced significant slowdowns in 2008 and 2009; in the first half of 2009, transactions involving German private equity companies slumped by more than 80 percent. In many cases, transactions are taking place in an environment in which acquisition financing is very difficult to obtain - if at all - and the companies up for sale are experiencing a significant decline in sales and earnings. At the same time, the current crisis provides opportunities for targeted acquisitions, especially for strategic investors. Why choose to buy a company that is in crisis (also called distressed M&A)? 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