Debt-to-Equity-Swap bei der (GmbH & Co.-)Kommanditgesellschaft

Wer von Debt-to-Equity-Swaps und von den durch das ESUG herbeigef�hrten Neuerungen spricht, meint bisher Sanierungstechniken und Sanierungsrisiken bei Kapitalgesellschaften. In Anbetracht der f�r Deutschland charakteristischen Bedeutung von Personengesellschaften wird hier das Blickfeld auf sanierende Kapitalmaßnahmen bei (GmbH & Co.-)Kommanditgesellschaften erweitert. Dies erweist sich als schwierig, namentlich vor dem Hintergrund der Interessenkonflikte zwischen Altgesellschaftern und beitrittswilligen Gesellschaftsgl�ubigern sowie ihrer Haftungsrisiken.

The debt to equity swap consisting of capital reduction and increase of capital produced by contributions in kind is subject to broad discussions in Germany due to recent reforms of the insolvency code and corporate law provisions (ESUG = Law for the Further Facilitation of the Restructuring of Enterprises). This restructuring measure has traditionally been debated as a mere corporate law concern. In Germany, however, commercial partnerships, particularly limited partnerships with a corporation as general partner (GmbH & Co. KG), are almost as common for business purposes as corporations. Accordingly, the legal analysis of debt to equity swaps as turnaround strategies should be extended to the law of commercial partnerships. This paper tries to point out solutions concerning this matter under company and insolvency law aspects, including stakeholder interests and financial risks, in order to foster the future discussion.