Modernisierung der Wasserwirtschaft im Spannungsfeld von Umweltschutz und Wettbewerb: braucht Deutschland eine Rechtsgrundlage für die Vergabe von Wasserversorgungskonzessionen?

The working report looks at the actual situation of the German water market, the only infrastructure market the EU has not encouraged to deregulate until now. Especially important factors are the environmental relevance of the water market and the importance of water as a food. At the moment, however, there is a significant structural change taking place in the German water market. This is due to EU initiatives in the areas of Public Private Partnership (PPP) and, in general, to the allocation of public concessions as well as to a considerable need of modernisation and financing of German water management. The working report presents the current situation of this development and based on this tries to develop a sensible concession model for a competitive German water management. That is the only way to achieve the necessary legal security for PPP and its financing in water management

Distressed debt in Germany: What's next? Possible innovative exit strategies

During the past two years, private equity funds have acquired substantial portfolios of nonperforming loans from banks in Germany. Typically a private equity investor does not commit funds unless exit strategies are clearly defined. The usual exit strategies for distressed debt investors are fix it (restructuring and turnaround), sell it (sale of debt or equity), or shut it down (liquidation). A new alternative exit strategy for NPL investors considered here is the transfer of credit recovery risk. --Focus,diversification,specialization,monitoring,bank returns,bank risk,Non Performing Loans,Distressed debt investing,Synthetic securitization,Collateralized debt obligations,Credit risk transfer,Credit derivatives,Credit default swaps,Credit recovery swaps,Credit portfolio management,Credit portfolio risk,Credit portfolio returns,Efficiency of credit risk portfolio allocations,Learning effects

Modernisierung der Wasserwirtschaft im Spannungsfeld von Umweltschutz und Wettbewerb: braucht Deutschland eine Rechtsgrundlage für die Vergabe von Wasserversorgungskonzessionen?

The working report looks at the actual situation of the German water market, the only infrastructure market the EU has not encouraged to deregulate until now. Especially important factors are the environmental relevance of the water market and the importance of water as a food. At the moment, however, there is a significant structural change taking place in the German water market. This is due to EU initiatives in the areas of Public Private Partnership (PPP) and, in general, to the allocation of public concessions as well as to a considerable need of modernisation and financing of German water management. The working report presents the current situation of this development and based on this tries to develop a sensible concession model for a competitive German water management. That is the only way to achieve the necessary legal security for PPP and its financing in water management. --Water Management,Modernisation,European Union,Internal Market,Public Private Partnership (PPP),Public Concessions,Legal Security,Financing,Privatisation,Liberalisation,Environment

Distressed debt-investing in Deutschland: Geschäftsmodelle und Perspektiven

The global distressed debt market has been established for some years now, however within this investment universe German Distressed Debt is generally considered as underdeveloped. The aim of this paper is to highlight why Investments are transacted and the framework of processes involved within the German market additionally; the paper focuses on current active investors and concludes with a market survey covering the impressions of these participants. --Non-Performing-Loans,Distressed Debt,Distressed Debt-Trading,Bad Bank,Work-Out,Outsourcing,Data Protection,Banker´s duty of secrecy,Due Diligence

Wertpapierprospekte: Markteinführungspublizität nach EU-Prospektverordnung und Wertpapierprospektgesetz 2005

The legal environment for Securities Prospectuses in Germany has changed dramatically with the implementation of the German Securities Prospectus Act (Wertpapierprospektgesetz - WpPG) and the Commission Regulation (EC) No. 809/2004 of 29 April 2004 (Prospectus Regulation) regulating their content and format and harmonizing the requirements for public offerings and stock exchange listings with effect from 1 July 2005. This working report presents the current situation and describes the experience with BaFin, the German Federal Financial Supervisory Agency that now has sole competence for reviewing and approving prospectuses in accordance with the WpPG

Distressed debt-investing in Deutschland: Geschäftsmodelle und Perspektiven

The global distressed debt market has been established for some years now, however within this investment universe German Distressed Debt is generally considered as underdeveloped. The aim of this paper is to highlight why Investments are transacted and the framework of processes involved within the German market additionally; the paper focuses on current active investors and concludes with a market survey covering the impressions of these participants

Private Equity und Familienunternehmen: eine Untersuchung unter besonderer Berücksichtigung deutscher Maschinen- und Anlagenbauunternehmen

Despite the common view that there is inherently a relationship of confliction, it is now impossible to imagine the financing of family-owned enterprises in Germany without the alternative method of Private Equity financing. Based on a survey on Private Equity in family owned companies specialising in the mechanical engineering sector, this working paper identifies that Private Equity in general is not as unwanted as once assumed. Overall more than 3/4 of the surveyed companies do not exclude investment capital. However, the study demonstrates that the time of large buy-outs is arguably up, and minority capital has now come into vogue. This working paper examines, from the viewpoint of the managing directors of the studied companies, the conceptions and beliefs held by such persons about Private Equity. Generally speaking, besides loss of control, managing directors primarily fear Private Equity because of exaggerated returns on investment at the expense of the long-term development of the company. On the other hand, this paper also highlights that managing directors expect that Private Equity can have a positive element as it can enable bank independence, especially at a time when it becomes increasingly difficult to maintain creditworthiness. Further, this paper analyses the relationship between the managing director of the family enterprise and the Private Equity investor. Because of the special situation of the managing director in a family owned company, trust between that person and the Private Equity investor is one of the most important factors. If there is a lack of trust the business relation is troubled from the start

10 Jahre deutsche Buyouts

Private equity has seen an impressive activity surge in Germany over the last ten years. This working paper meets the increasing thirst for information on the German buyout market with an overview of its historic development, a quantitative analysis of its performance and a future outlook. While the authors' findings show an outperformance of buyout-financed businesses with regard to sales growth on CAGR basis, profitability growth and capex expansion, significant underperformance in terms of interest coverage levels and equity funding becomes apparent. This is in contrast to studies conducted by private equity associations and consultancies, and gives some validity to the growing fear of target company collapses as a result of riskier financing at the next economic downturn. As far as activity is concerned, the authors project only a short time-out for private equity in the wake of the ongoing credit crisis. The majority of German buyouts are middle market transactions which are fairly unaffected by the crisis and continue to offer great hidden potential. Investor returns are likely to fall in the short and midterm due to higher interest rates and risk premiums but more restrictive financing, in turn, will also lower entry prices. If private equity groups can outbid strategic players at moderate levels going forward, returns should continue to be attractive

Distressed debt in Germany: What's next? Possible innovative exit strategies

During the past two years, private equity funds have acquired substantial portfolios of nonperforming loans from banks in Germany. Typically a private equity investor does not commit funds unless exit strategies are clearly defined. The usual exit strategies for distressed debt investors are fix it (restructuring and turnaround), sell it (sale of debt or equity), or shut it down (liquidation). A new alternative exit strategy for NPL investors considered here is the transfer of credit recovery risk

Private Equity und Familienunternehmen: eine Untersuchung unter besonderer Berücksichtigung deutscher Maschinen- und Anlagenbauunternehmen

Despite the common view that there is inherently a relationship of confliction, it is now impossible to imagine the financing of family-owned enterprises in Germany without the alternative method of Private Equity financing. Based on a survey on Private Equity in family owned companies specialising in the mechanical engineering sector, this working paper identifies that Private Equity in general is not as unwanted as once assumed. Overall more than 3/4 of the surveyed companies do not exclude investment capital. However, the study demonstrates that the time of large buy-outs is arguably up, and minority capital has now come into vogue. This working paper examines, from the viewpoint of the managing directors of the studied companies, the conceptions and beliefs held by such persons about Private Equity. Generally speaking, besides loss of control, managing directors primarily fear Private Equity because of exaggerated returns on investment at the expense of the long-term development of the company. On the other hand, this paper also highlights that managing directors expect that Private Equity can have a positive element as it can enable bank independence, especially at a time when it becomes increasingly difficult to maintain creditworthiness. Further, this paper analyses the relationship between the managing director of the family enterprise and the Private Equity investor. Because of the special situation of the managing director in a family owned company, trust between that person and the Private Equity investor is one of the most important factors. If there is a lack of trust the business relation is troubled from the start. --Private equity,buyout,family owned enterprises,minority capital,credit crisis,MBO,MBI,return on investments,LBO,leveraged finance,M&A