Corporate Restructurings, Debt-for-Equity Swaps: Competition Law Perspectives

This article discusses the application and practical implications of merger control rules to certain transactions not traditionally seen as mergers; namely, the taking for a certain period of time of an equity stake by a bank in a company that faces financial difficulty, in return for a write-down of (some of) the outstanding debt. This “debt-for-equity swap” is usually part of a wider restructuring and refinancing.

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