The Chess Game of Restructuring


Matthias Kampshoff and Uwe Goetker cited competition from online retailing and large chains for the restructuring pressure on German retailers, but added that the new EU restructuring procedure can help. It can be invoked secretly so company problems can remain confidential and a company can speak separately with individual creditor classes, Mr. Goetker said. Mr. Kampshoff noted as another advantage that, because the new procedure is binding, all parties are pressured to settle.