What is an übertragende Sanierung (transferring restructuring) in German insolvency, and what are its advantages and risks?

An übertragende Sanierung is a restructuring achieved by selling the viable business as an asset deal out of insolvency — the operating assets (and chosen contracts) are transferred to a new entity (often a NewCo, sometimes sponsor-backed), while the old company and its liabilities remain behind in the insolvency estate to be wound down. Advantages: the buyer takes a clean business free of most legacy liabilities, the insolvency framework allows shedding burdensome contracts and reducing obligations, and it can be executed quickly to preserve going-concern value and jobs. Risks and frictions: §613a BGB still transfers employees (and their entitlements) to the acquirer by operation of law in a going-concern transfer, limiting the 'clean' headcount reset; the administrator must achieve a proper price (creditor and Anfechtung scrutiny); and certain liabilities (environmental, some tax) or key contracts may not be cleanly severable. It contrasts with an Insolvenzplan, which restructures the existing entity rather than moving the business to a NewCo.