House Banks in Out-of-court Reorganization: Evidence from Austria

The main purpose of this article is to study the role of house banks in out-of-court reorganization. Banks are traditionally one of the most important financial resources for firms. Especially in financially difficult times like those we now face due to the coronavirus, it can make a difference whether a bank supports its clients and accompanies firms through a crisis or not. With the help of relationship lending theory, we review the existing literature on this topic. Next, based on empirical findings from Austrian banks, we derive implications for corporate practice. The empirical study covers a sample of 658 firm reorganizations in Austria. The data were collected anonymously by different banks processing the cases in their workout departments between January 2011 and December 2013. Correlation analysis and logistic regression were applied to analyze the data. The findings indicate that house banks, despite their relationship of trust, must be critical in their assessment of reorganization projects due to the danger of zombie lending. The four most important prerequisites for completing an out-of-court reorganization were a new loan, an open and proactive communication policy on the part of the distressed company, management changes, and a financial contribution from existing shareholders. The findings show that bank-supported out-of-court reorganization has a high probability of success. A recommendation to entrepreneurs is to respond rapidly to financial distress and maintain open communication with stakeholders, in particular banks. The findings indicate that the implementation of Directive (EU) 2019/1023 on preventive restructuring frameworks in the European Union is crucial to enable bank-led reorganizations

Zwischen Dorf und Staat : Amtspraxis und Amtsstil französischer, luxemburgischer und deutscher Landgemeindebürgermeister im 19. Jahrhundert. Ein mikrohistorischer Vergleich/ À mi-chemin entre village et État : l’exercice de la fonction et le style administratif des maires ruraux en France, au Luxembourg et en Allemagne. Une comparaison micro-historique (1815-1890)

Cette thèse tire son origine d’un projet de recherche à l’Université de Trèves financé par la Deutsche Forschungsgemeinschaft entre 1997 et 2002. Une équipe d’historiens sous la direction du Prof. Lutz Raphael a travaillé sur « L’État dans le village. Les transformations du pouvoir local entre Meuse et Rhin pendant l’essor de l’État bureaucratique moderne ». Le projet de recherche a poursuivi une approche à la fois comparative et micro-historique. Un échantillon de huit communes rurales a été..

Zwischen Dorf und Staat : Amtspraxis und Amtsstil französischer, luxemburgischer und deutscher Landgemeindebürgermeister im 19. Jahrhundert. Ein mikrohistorischer Vergleich/ À mi-chemin entre village et État : l’exercice de la fonction et le style administratif des maires ruraux en France, au Luxembourg et en Allemagne. Une comparaison micro-historique (1815-1890)

Cette thèse tire son origine d’un projet de recherche à l’Université de Trèves financé par la Deutsche Forschungsgemeinschaft entre 1997 et 2002. Une équipe d’historiens sous la direction du Prof. Lutz Raphael a travaillé sur « L’État dans le village. Les transformations du pouvoir local entre Meuse et Rhin pendant l’essor de l’État bureaucratique moderne ». Le projet de recherche a poursuivi une approche à la fois comparative et micro-historique. Un échantillon de huit communes rurales a été..

Mechanisms of stress generation and relaxation during pulsed laser deposition of epitaxial Fe-Pd magnetic shape memory alloy films on MgO

Mechanical stress generation during epitaxial growth of Fe–Pd thin films on MgO from pulsed laser deposition is a key parameter for the suitability in shape memory applications. By employing in situ substrate curvature measurements, we determine the stress states as a function of film thickness and composition. Depending on composition, different stress states are observed during initial film growth, which can be attributed to different misfits. Compressive stress generation by atomic peening is observed in the later stages of growth. Comparison with ex situ x-ray based strain measurements allows integral and local stress to be distinguished and yields heterogeneities of the stress state between coherent and incoherent regions. In combination with cross-sectional TEM measurements the relevant stress relaxation mechanism is identified to be stress-induced martensite formation with (111) twinning

EGFR is not a major driver for osteosarcoma cell growth in vitro but contributes to starvation and chemotherapy resistance

Background Enhanced signalling via the epidermal growth factor receptor (EGFR) is a hallmark of multiple human carcinomas. However, in recent years data have accumulated that EGFR might also be hyperactivated in human sarcomas. Aim of this study was to investigate the influence of EGFR inhibition on cell viability and its interaction with chemotherapy response in osteosarcoma cell lines. Methods We have investigated a panel of human osteosarcoma cell lines regarding EGFR expression and downstream signalling. To test its potential applicability as therapeutic target, inhibition of EGFR by gefitinib was combined with osteosarcoma chemotherapeutics and cell viability, migration, and cell death assays were performed. Results Osteosarcoma cells expressed distinctly differing levels of functional EGFR reaching in some cases high amounts. Functionality of EGFR in osteosarcoma cells was proven by EGF-mediated activation of both MAPK and PI3K/AKT pathway (determined by phosphorylation of ERK1/2, AKT, S6, and GSK3). The EGFR-specific inhibitor gefitinib blocked EGF-mediated downstream signal activation. At standard in vitro culture conditions, clinically achievable gefitinib doses demonstrated only limited cytotoxic activity, however, significantly reduced long-term colony formation and cell migration. In contrast, under serum-starvation conditions active gefitinib doses were distinctly reduced while EGF promoted starvation survival. Importantly, gefitinib significantly supported the anti-osteosarcoma activities of doxorubicin and methotrexate regarding cell survival and migratory potential. Conclusion Our data suggest that EGFR is not a major driver for osteosarcoma cell growth but contributes to starvation- and chemotherapy-induced stress survival. Consequently, combination approaches including EGFR inhibitors should be evaluated for treatment of high-grade osteosarcoma patients.(VLID)486733

Scalable, Nanometer-Accurate Fabrication of All-Dielectric Metasurfaces with Narrow Resonances Tunable from Near Infrared to Visible Wavelengths

Dielectric metasurfaces are a class of flat-optical elements that provide new ways to manipulate light. Irrespective of the underlying operation principle, the realization of such nanometer-sized structures requires a high fabrication accuracy, e.g., to match resonant conditions. While electron-beam lithography (EBL) achieves feature sizes below 10 nm, transparent substrates, as used for transmission devices, are challenging due to proximity effects. Furthermore, EBL's sequential exposure limits the exposable area, making it unaffordable for applications. Here, a novel fabrication route is described based on a master template created by EBL, which is then replicated by nanoimprint lithography (NIL). A three-layer process enables high-resolution nanoimprint resists with low etching selectivity with respect to semiconductors yet to be used. The resulting structures are highly reproducible and defect-free thanks to the selective removal of residual layers and a master not suffering from proximity effects. Exemplarily, elliptical Mie resonators are fabricated with tunable resonances from the near infrared (NIR) to the visible wavelength regime. They reveal a high uniformity and sensitivity toward dielectric changes. The generic fabrication approach enables upscaling of nanoscale metasurfaces to wafer scales by step-and-repeat techniques and deployment of the optical devices fabricated in real-world applications due to massively reduced costs

To Protect Fatty Livers from Ischemia Reperfusion Injury: Role of Ischemic Postconditioning

BACKGROUND The benefit of ischemic postconditioning (IPostC) might be the throttled inflow following cold ischemia. The current study investigated advantage and mechanisms of IPostC in healthy and fatty rat livers. METHODS Male SD rats received a high-fat diet to induce fatty livers. Isolated liver perfusion was performed after 24 h ischemia at 4°C as well as in vivo experiments after 90 min warm ischemia. The so-called follow-up perfusions served to investigate the hypothesis that medium from IPostC experiments is less harmful. Lactate dehydrogenase (LDH), transaminases, different cytokines, and gene expressions, respectively, were measured. RESULTS Fatty livers showed histologically mild inflammation and moderate to severe fat storage. IPostC reduced LDH and TXB2 in healthy and fatty livers and increased bile flow. LDH, TNF-\textgreeka, and IL-6 levels in serum decreased after warm ischemia + IPostC. The gene expressions of Tnf, IL-6, Ccl2, and Ripk3 were downregulated in vivo after IPostC. CONCLUSIONS IPostC showed protective effects after ischemia in situ and in vivo in healthy and fatty livers. Restricted cyclic inflow was an important mechanism and further suggested involvement of necroptosis. IPostC represents a promising and easy intervention to improve outcomes after transplantation

Ischemic Postconditioning (IPostC) Protects Fibrotic and Cirrhotic Rat Livers after Warm Ischemia

Background. Decreased organ function following liver resection is a major clinical issue. The practical method of ischemic postconditioning (IPostC) has been studied in heart diseases, but no data exist regarding fibrotic livers. Aims. We aimed to determine whether IPostC could protect healthy, fibrotic, and cirrhotic livers from ischemia reperfusion injury (IRI). Methods. Fibrosis was induced in male SD rats using bile duct ligation (BDL, 4 weeks), and cirrhosis was induced using thioacetamide (TAA, 18 weeks). Fibrosis and cirrhosis were histologically confirmed using HE and EvG staining. For healthy, fibrotic, and cirrhotic livers, isolated liver perfusion with 90 min of warm ischemia was performed in three groups (each with n=8): control, IPostC 8x20 sec, and IPostC 4x60 sec. additionally, healthy livers were investigated during a follow-up study. Lactate dehydrogenase (LDH) and thromboxane B-2 (TXB2) in the perfusate, as well as bile flow (healthy/TAA) and portal perfusion pressure, were measured. Results. LDH and TXB2 were reduced, and bile flow was increased by IPostC, mainly in total and in the late phase of reperfusion. The follow-up study showed that the perfusate derived from a postconditioned group had much less damaging potential than perfusate derived from the nonpostconditioned group. Conclusion. IPostC following warm ischemia protects healthy, fibrotic, and cirrhotic livers against IRI. Reduced efflux of TXB2 is one possible mechanism for this effect of IPostC and increases sinusoidal microcirculation. These findings may help to improve organ function and recovery of patients after liver resection

Clinical, biochemical, and genetic spectrum of seven patients with NFU1 deficiency

Disorders of the mitochondrial energy metabolism are clinically and genetically heterogeneous. An increasingly recognized subgroup is caused by defective mitochondrial iron-sulfur (Fe-S) cluster biosynthesis, with defects in 13 genes being linked to human disease to date. Mutations in three of them, NFU1, BOLA3, and IBA57, affect the assembly of mitochondrial [4Fe-4S] proteins leading to an impairment of diverse mitochondrial metabolic pathways and ATP production. Patients with defects in these three genes present with lactic acidosis, hyperglycinemia, and reduced activities of respiratory chain complexes I and II, the four lipoic acid-dependent 2-oxoacid dehydrogenases and the glycine cleavage system (GCS). To date, five different NFU1 pathogenic variants have been reported in 15 patients from 12 families. We report on seven new patients from five families carrying compound heterozygous or homozygous pathogenic NFU1 mutations identified by candidate gene screening and exome sequencing. Six out of eight different disease alleles were novel and functional studies were performed to support the pathogenicity of five of them. Characteristic clinical features included fatal infantile encephalopathy and pulmonary hypertension leading to death within the first 6 months of life in six out of seven patients. Laboratory investigations revealed combined defects of pyruvate dehydrogenase complex (five out of five) and respiratory chain complexes I and II+III (four out of five) in skeletal muscle and/or cultured skin fibroblasts as well as increased lactate (five out of six) and glycine concentration (seven out of seven). Our study contributes to a better definition of the phenotypic spectrum associated with NFU1 mutations and to the diagnostic workup of future patients

Fish-derived low molecular weight components modify bronchial epithelial barrier properties and release of pro-inflammatory cytokines

The prevalence of fish allergy among fish-processing workers is higher than in the general population, possibly due to sensitization via inhalation and higher exposure. However, the response of the bronchial epithelium to fish allergens has never been explored. Parvalbumins (PVs) from bony fish are major sensitizers in fish allergy, while cartilaginous fish and their PVs are considered less allergenic. Increasing evidence demonstrates that components other than proteins from the allergen source, such as low molecular weight components smaller than 3 kDa (LMC) from pollen, may act as adjuvants during allergic sensitization. We investigated the response of bronchial epithelial cells to PVs and to LMC from Atlantic cod, a bony fish, and gummy shark, a cartilaginous fish. Polarized monolayers of the bronchial epithelial cell line 16HBE14owere stimulated apically with fish PVs and/-or the corresponding fish LMC. Barrier integrity, transport of PVs across the monolayers and release of mediators were monitored. Intact PVs from both the bony and the cartilaginous fish were rapidly internalized by the cells and transported to the basolateral side of the monolayers. The PVs did not disrupt the epithelial barrier integrity nor did they modify the release of proinflammatory cytokines. In contrast, LMC from both fish species modified the physical and immunological properties of the epithelial barrier and the responses differed between bony and cartilaginous fish. While the barrier integrity was lowered by cod LMC 24 h after cell stimulation, it was increased by up to 2.3-fold by shark LMC. Furthermore, LMC from both fish species increased basolateral and apical release of IL 6 and IL-8, while CCL2 release was increased by cod but not by shark LMC. In summary, our study demonstrated the rapid transport of PVs across the epithelium which may result in their availability to antigen presenting cells required for allergic sensitization. Moreover, different cell responses to LMC derived from bony versus cartilaginous fish were observed, which may play a role in different allergenic potentials of these two fish classes