For a long time, German restructuring and insolvency law had no pre-insolvency restructuring scheme binding on dissenting creditors. Only in opened insolvency proceedings a restructuring plan could be used for debt restructuring. Now the German legislators has taken means to improve German law in three ways: first, by updating the German Bond Act (also known as the German Debenture Act), especially through permitting the change of the bond conditions by a majority vote of the creditors if the conditions allow for such majority vote; second, by improving German insolvency law through the “Act for the Further Simplification of Company Restructuring (ESUG)” which enables the debtor to start early restructuring preparation proceedings (“protective umbrella proceedings”); and, third, by announcing the introduction of new pre-insolvency restructuring proceedings as a reaction to the EU Directive proposed by the European Commission on 22 November 2016.

中文翻译：

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德国债务重组

长期以来，德国的重组和破产法没有对异议债权人具有约束力的破产前重组计划。只有在公开的破产程序中，重组计划才能用于债务重组。现在，德国立法者已经采取了以下三种方式来改善德国法律：首先，通过更新《德国债券法》（又称《德国债权法》），特别是在债权人以多数票通过的情况下，允许改变债券条件。条件允许进行多数表决；第二，通过《进一步简化公司重组法》（ESUG）完善德国破产法，使债务人能够开始及早进行重组准备程序（“保护伞程序”）；第三，