The Frankfurt Court of Appeal’s rulings on the German Bond Act in the Q-Cells and Pfleiderer matters has resulted in two high-profile insolvency filings. Must these cases lead to a change of legislation? Frankfurt’s Institute for Law and Finance has organized a one-day conference dealing with the impact of the court’s decisions on the law and legal practice. The first presentation’s title sets the agenda: “Can the German Bond Act be Rescued? (“Ist das Schuldverschreibungsgesetz noch zu retten?”). The conference will be held on June 28, 2012.
Today’s post provides some legal back ground on prominent corporate restructuring matters. Pfleiderer, a manufacturer of engineered wood and laminate flooring, and solar company Q-Cells have been making the headlines in the business press for quite some time now. Both were the brink of insolvency, both had bonds outstanding, the restructuring of which was central to their survival – and in both cases this led to litigation in the Frankfurt courts. Continue reading