TFL Vsebine / Revija Pravnik

9

Članek je namenjen predstavitvi potencialnih virov financiranja dolžnika v finančni reorganizaciji, njihovi kategorizaciji in predstavitvi osnovnih dilem pri posameznih potencialnih virih financiranja. Glede na pomanjkanje take pravne literature v slovenskem jeziku je temeljni namen članka prispevati osnovno pravno literaturo na tem področju, ki bi bila lahko temelj za prepotrebne nadaljnje znanstvene in strokovne razprave. Poseben poudarek je namenjen transformaciji dolžniškega kapitala v lastniškega in vprašanju superprednosti pri dolžniških virih financiranja. Zadnji del prispevka je namenjen umestitvi refinanciranja z odkupom terjatev v shemo virov financiranja dolžnika v finančni reorganizaciji, s poudarkom na osnovnih spoznanjih teorije iger. V prispevku zagovarjam tezo, da bi bila lahko posebna, privilegirana ureditev dolžniškega financiranja v postopkih finančne reorganizacije bolj liberalno urejena, saj je nadzor upravitelja, upniškega odbora in sodišča po mnenju avtorja dovolj veliko jamstvo za preprečevanja zlorab tega instituta.

The article seeks to present the potential sources of financing the debtor in the financial reorganization proceedings, their basic characteristics, categorization of those sources, and the presentation of the main dilemmas of each individual potential source of financing. Given the lack of such legal literature in Slovenian, the basic purpose of the article is to contribute to the essential legal literature in this field, which could be the basis for much needed further scientific and professional discussions. Special emphasis is given to the question of using debt to equity transformation as a source of financing on one hand and to the question of using superpriority debt on the other hand. The last part of the article aims to arrange the refinancing through the purchase of receivables into the scheme of potential sources of financing the financial reorganization, using especially basic knowledge of the game theory. The author argues that the special, privileged arrangement of debt financing in the procedures of financial reorganization could be more liberalized, since the supervision of the manager, the creditors’ board and the court, in his opinion, constitutes a sufficient guarantee for preventing the abuse of this institute.

Financing Corporate Reorganizations