Die Sanierungsfusion - eine rechtliche und ökonomische Analyse

With the enactment of the Merger Act, the restructuring merger was for the first time given a legal basis. Such a merger allows a financially troubled company to free itself in one fell swoop from the depths of impending bankruptcy. The fact that this restructuring instrument meets an economic need is evidenced by the approximately 300 restructuring mergers that were registered in the commercial register in the first two and a half years since the Merger Act came into force. This paper examines the legal and economic peculiarities of the restructuring merger and its effects on the various stakeholders. First, the statutory regulation of the restructuring merger under merger law is subjected to critical evaluation. The author concludes that the creditor protection article has been poorly drafted and does not serve its purpose.