STUDY TRIP ACROSS GERMANY
Accompanied by Director of Studies and Head of Department Prof. Markus Exler, PhD, the one-week trip allowed the students to visit six international and national businesses.
Their first stop was at the law firm Müller-Heydenreich Bierbach & Kollegen in Munich. The law firm, specializing in bankruptcy law, gave a practical insight into the challenges of proceedings based on the example of the bankruptcy proceeding of the German newspaper Die Abendzeitung. In addition to concrete restructuring measures, sector-specific problems of this bankruptcy case were highlighted. One such problem was confidentiality, as most of the newspaper’s employees are journalists.
Next up was the company FRIMA Friction Material GmbH in Meinerzhagen. The company was founded in 1993, had quite a turbulent time and, after 20 years of being in business, asked for advisory support. The students were able to gain insight into the main causes of the company's crisis. The company’s solution to its problem came with the support of external consultancy. Thus, the strained management situation could be eased through clear allocation of responsibilities. On top of that, special attention was paid to sales diversification, the introduction of a control system, the establishment of a purchasing department, the optimization of product processes and the further development of quality management. At the center of this holistic approach is the company's focus: its employees.
On the third day of the study trip, students and the Director of Study went to Hannover, where they were given an overview of restructuring, settlement, real estate portfolios and ship auctions at the bank Nord/LB Norddeutsche Landesbank Girozentrale. NORD/LB is based in Hannover and is one of the eight largest banks in Germany. Their business activities range from private to business customers with a focus on clients from the energy, marine, aviation or real estate sector.
"We try, as part of the Corporate Restructuring Master's program, to give the students profound and varied insights into all restructuring fields. That is what makes the study trip particularly important. It allows the students to deepen their theoretic knowledge through practical examples," explains Prof. Markus Exler, PhD, about the week abroad.
From Hannover, the group travelled on to Hamburg to visit Beiersdorf AG. There, the major points of strategic orientation in regards to business development were presented. The motivating presentation was concluded with a tour through the product development department where the development of a strong brand was discussed.
The second appointment in Hamburg was at Angermann M&A International GmbH. The Angermann group has been in business since 1953 and is one of the oldest mergers and acquisitions consulting companies in Germany.
Euler Hermes Deutschland AG in Hamburg was the students' last stop on their study trip. There, the highlighted topics were risk management and the role of credit insurers.