The buyout by the establishment of an assembly based on LBO leverage legal, financial leverage and tax leverage.
It is now commonly used and essential for any potential buyer as it has since its inception, to prove himself.
The LBO market has developed tremendously in recent years, based on the idea that debt is a means of enrichment.
This arrangement seems to date the only reasonable alternative buyout and will soon be exploited by mass when a large number of companies will change hands.
Although it is well known, mounting LBO is not without risk and requires careful consideration in advance of a legal perspective, financial and tax on behalf of legal certainty.
Indeed, although it is commonly used for several years, this requires advance and caution.
Thus, if risks are unacceptable, others may be taken knowingly. We must therefore proscribe montages too "artificial" that will inevitably attract the suspicion of the Administration.
Besides the best possible optimization of the three levers on which the assembly, it is possible to increase the chances of success by adding other components. Employee savings, employee ownership, careful selection of the target, management involved and interested, are all important aspects.
This optimization effort becomes even more critical today with the financial crisis became economic crisis which has seriously undermined the market for LBO.
The trading volume in 2008 has seen a decline of 70% globally and 52% nationally.
contractual and structural solutions exist against the difficulties encountered by existing LBO.
Facing the main risk of not being able to honor the acquisition debt should be renegotiated the terms of the original agreements, mezzanine and senior debt or the "package management".
The decrease in leverage by providing capital or the search for internal and external liquidity should also be encouraged.
Therefore, if the mounting LBO seems shaken by the financial crisis, it is not necessarily doomed.
The multiple options available to him when he is in danger will remain the inescapable mounting buyout.
Stéphane BERRUCAZ - Lawyer and Pauline BARTHELET - Lawyer
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