Financial Optimization
Niveau
3rd semester Master: 1st Study cycle
Learning outcomes of the courses/module
The students:
• are able to apply basic and structured financing tools to problems.
• can calculate and interpret selected financial ratios from the analysis of annual financial statements.
• know different financial restructuring tools.
• know special forms of restructuring financing and can distinguish them from classical financing instruments.
• know financial restructuring measures in the field of equity capital.
• are able to apply basic and structured financing tools to problems.
• can calculate and interpret selected financial ratios from the analysis of annual financial statements.
• know different financial restructuring tools.
• know special forms of restructuring financing and can distinguish them from classical financing instruments.
• know financial restructuring measures in the field of equity capital.
Prerequisites for the course
3rd semester Master: no details
Course content
I. Fundamentals of Corporate Finance
II. Fundamentals of Restructuring Financing
III. Financial restructuring measures in the area of debt capital
• Waiver of loan termination
• Standstill agreement
• Conversion of existing liabilities
- Declaration of subordination, debt-equity swap
• Reduction or waiver of existing liabilities
- Waiver of claims
• Injection of new debt capital
- Restructuring loan
IV. Special forms of restructuring financing (mezzanine loan incl. participating loan, typical and atypical dormant part-nership, debtor-in-possession capital, profit participation rights, convertible bonds)
V. Other financial restructuring measures
• Book-based equity restructuring
• Subsidies and capital increases
• Shareholder loans
• Turnaround equity Financial restructuring measures in the area of assets (sale of non-operating assets; factoring & forfeiting)
II. Fundamentals of Restructuring Financing
III. Financial restructuring measures in the area of debt capital
• Waiver of loan termination
• Standstill agreement
• Conversion of existing liabilities
- Declaration of subordination, debt-equity swap
• Reduction or waiver of existing liabilities
- Waiver of claims
• Injection of new debt capital
- Restructuring loan
IV. Special forms of restructuring financing (mezzanine loan incl. participating loan, typical and atypical dormant part-nership, debtor-in-possession capital, profit participation rights, convertible bonds)
V. Other financial restructuring measures
• Book-based equity restructuring
• Subsidies and capital increases
• Shareholder loans
• Turnaround equity Financial restructuring measures in the area of assets (sale of non-operating assets; factoring & forfeiting)
Recommended specialist literature
Crone, A., & Werner, H. (Hrsg.) (2024). Modernes Sanierungsmanagement: Drei Sanierungsoptionen im Überblick: Außergerichtliche Sanierung, StaRUG und Insolvenz als Sanierungsinstrument. München: Vahlen.
Exler, M. W., & Situm, M. (2025) (Hrsg.). Restrukturierungs- und Turnaround-Management: Strategien, Erfolgsfaktoren und Best Practice für die Transformation. Berlin: Erich Schmidt Verlag.
Hohberger, S., & Damlachi, H. (Hrsg.) (2019). Praxishandbuch Sanierung im Mittelstand. Wiesbaden: Springer.
Sands, J. (2022). Corporate turnaround artistry: Fix any business in 100 days. Hoboken, NJ: John Wiley & Sons.
Tron, A. (2021). Corporate financial distress: Restructuring and turnaround. Bingley, UK: Emerald.
Exler, M. W., & Situm, M. (2025) (Hrsg.). Restrukturierungs- und Turnaround-Management: Strategien, Erfolgsfaktoren und Best Practice für die Transformation. Berlin: Erich Schmidt Verlag.
Hohberger, S., & Damlachi, H. (Hrsg.) (2019). Praxishandbuch Sanierung im Mittelstand. Wiesbaden: Springer.
Sands, J. (2022). Corporate turnaround artistry: Fix any business in 100 days. Hoboken, NJ: John Wiley & Sons.
Tron, A. (2021). Corporate financial distress: Restructuring and turnaround. Bingley, UK: Emerald.
Assessment methods and criteria
Exam
Language
German
Number of ECTS credits awarded
2
Semester hours per week
Planned teaching and learning method
A part of the course will be covered through e-learning. This involves a combination of online phases (an inductive method for independently developing knowledge and practicing tasks) and in-person phases (a deductive method in which support is provided during the learning process and knowledge is also conveyed through lectures).
Semester/trimester in which the course/module is offered
3