영업용 부동산의 매각을 예정한 회생계획의 실무상 문제점 - 중소제조기업의 회생계획을 중심으로

Many small and medium sized manufacturing firms (SMMfs) initiate rehabilitation procedures for corporate restructuring. SMMfs that wish to maintain stable business operations attempt to initiate rehabilitation procedures by holding on to their real estate for business use (such as a factory) and pay rehabilitation security rights in installments during the rehabilitation plan period. Nevertheless, under the circumstance of insufficient DIP financing, SMMfs are led to submit rehabilitation plans that force them to sell the real estate, because of lack of free cash flow during rehabilitation plan periods, the requests of rehabilitation secured creditors, and claims whose rights are prohibited from modification. To continue business operations even after the sale of the real estate, the SMMfs devise a rehabilitation plan based on a sale and leaseback plan of the real estate. However, mainly due to the difficulties of finding investors with deep pockets, the sale and leaseback plan is known to be hard to perform, and thus the feasibility of the rehabilitation plans may become a point of contention. Accordingly, the corporate restructuring of the SMMfs tends to be delayed or fail. Therefore, countermeasures for enhancing feasibility need to be discussed so as to support rehabilitation procedures of the SMMfs.