Mezzanine - en efterställd fordring: En utredning av rättsliga förutsättningar vid obestånd för fordringsmezzanine

Sammanfattning: Mezzanine is a collective term for hybrid instruments on the leverage finance market, offered as an alternative to traditional debt. As a hybrid, mezzanine combines elements of debt and equity financing. Mezzanine appears, in its most common shape, as subordinated to the senior debt, but ranks higher than pure equity. Reminiscent of security interests, the main importance of subordination is upon the default of the borrower. Therefore, the aim of the thesis is partly to investigate the legal prerequisites for a solid subordination of mezzanine financing, and partly to explain the consequences of subordination in a default. By defining three main aspects of a solid subordination and by stating different methods of how to create subordination in contracts or by structural means, the thesis intends to increase the awareness of legal pitfalls seen in court cases and on the market. The thesis concludes that the intercreditor agreement, hence turnover subordination is important, in order to achieve a solid subordination. Furthermore, a better knowledge of the associated legal risks could emerge the instrument further and imply a use within new areas.