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Massekredit

English translation: loan extended after the opening of composition proceedings

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15:56 Apr 3, 2002
German to English translations [PRO]
Bus/Financial / insolvency
German term or phrase: Massekredit
The context is insolvency. A group of banks is giving a company a Massekredit. Does anyone have the official term for this loan?
AmiHH
Germany
Local time: 01:20
English translation:loan extended after the opening of composition proceedings
Explanation:
this is translation given by Zahn Banking and Stock Trading for "Massedarlehen"
Selected response from:

Cilian O'Tuama
Local time: 01:20
Grading comment
Thanks. I didn't actually use this variation, but it seems acceptable and backed up by a reference.
3 KudoZ points were awarded for this answer

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Summary of answers provided
4 +1loan extended after the opening of composition proceedings
Cilian O'Tuama
4Debtor in possession financinggangels


Discussion entries: 3





  

Answers


11 mins   confidence: Answerer confidence 4/5Answerer confidence 4/5 peer agreement (net): +1
loan extended after the opening of composition proceedings


Explanation:
this is translation given by Zahn Banking and Stock Trading for "Massedarlehen"

Cilian O'Tuama
Local time: 01:20
Native speaker of: English
PRO pts in pair: 7232
Grading comment
Thanks. I didn't actually use this variation, but it seems acceptable and backed up by a reference.

Peer comments on this answer (and responses from the answerer)
agree  Jacqueline McKay
53 days
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51 mins   confidence: Answerer confidence 4/5Answerer confidence 4/5
Debtor in possession financing


Explanation:
Means: a bank (which is owed money by the insolvent co.) or just a competitor will buy them out (including the usually heavy debt). They thereby automatically move to the top of the creditor list (even ahead of secured bondholders). They can then either restructure, sell off in pieces, or swallow the company to recapture their outstanding loans. That's what American Airlines did with TWA. Even billionaire Carl Icahn had to take a backseat to AMR.

gangels
Local time: 17:20
Native speaker of: Native in EnglishEnglish, Native in GermanGerman
PRO pts in pair: 5480
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