주요국의 차입매수(Leveraged Buyout)의 역사, 기본 구조, 기존 및 최근 판례의 평가
The History of a Leveraged Buyout of major advanced countries, the Attribute of a Leveraged Buyout, and the Assesment of existing and recent cases
문준우(신경대학교); 안영규(신경대학교)
10권 1호, 561~590쪽
초록
LBO is the purchase of a corporation's outstanding share by its management or employee or outside investors and so on, financed mainly with funds borrowed from banks, investment bankers, private equity fund and usually secured by the corporation's assets. The transaction of LBO contains the risk of asset loss of the target company. But when the acquirer acquires the target company and does a multilateral structural adjustment, the profit can be maximized, the cash flow can be increased. Therefore we think that court must not judge easily the crime of breach of trust for the director of the target company. If court easily presumes the crime of breach of trust for the director of the target company, LBO and the market of M&A are able to be shrunk. For making up for the risk of LBO, we had better enact the LBO road-map which parties of LBO should obey.
Abstract
LBO is the purchase of a corporation's outstanding share by its management or employee or outside investors and so on, financed mainly with funds borrowed from banks, investment bankers, private equity fund and usually secured by the corporation's assets. The transaction of LBO contains the risk of asset loss of the target company. But when the acquirer acquires the target company and does a multilateral structural adjustment, the profit can be maximized, the cash flow can be increased. Therefore we think that court must not judge easily the crime of breach of trust for the director of the target company. If court easily presumes the crime of breach of trust for the director of the target company, LBO and the market of M&A are able to be shrunk. For making up for the risk of LBO, we had better enact the LBO road-map which parties of LBO should obey.
- 발행기관:
- 한국금융법학회
- 분류:
- 법학