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January 2008 - Insolvency & Restructuring. Legal Developments by KPMG LLP.

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In the spring of 2007, the English coastal village of Portchester welcomed a new corporate citizen. Schefenacker, a manufacturer of mirrors and lights for the global automotive industry, relocated its headquaters from the German town of Schwaikheim near Stuttgart to Hampshire in the UK as part of a wide-ranging restructuring operation. It was more a move that enabled a troubled company to ward off German corporate law and the German Insolvency Code, while implementing a rescue plan that would satisfy the demands of its financial backers. That the strategy succeeded was good news not only for Schefenacker itself, but also for its car-industry customers.

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