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[in German only] Grupo Isolux: Die Blaupause für europäische Restrukturierungsfälle

Angesichts der anhaltenden Wachstumsschwäche in Europa erwarten wir eine Zunahme von Unternehmensrestrukturierungen innerhalb der nächsten Jahre. In 2016 ist diese Entwicklung deutlich wahrzunehmen und mit Abengoa, Oi SA/Portugal Telekom, Norske Skog und jüngst der Grupo Isolux sind bereits einige prominente Namen aus dem HYUniversum betroffen. In den letzten Jahren sind in einigen europäischen Ländern die Insolvenzverordnungen angepasst worden, die nach wie vor auf nationalem Recht beruhen und deshalb gewisse Besonderheiten aufweisen. Alle Konzepte folgen allerdings grob dem

Vorbild des amerikanischen Chapter 11 Verfahrens mit dem Ziel, die Sanierung von Unternehmen zu erleichtern1. Im Folgenden zeigen wir die Mechanismen dieser Restrukturierungen am Beispiel der spanischen Grupo Isolux auf und diskutieren insbesondere die Effekte auf Anleihen und Credit Default Swaps aus Sicht von Basis-Investoren.

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