This article, which is part of a comparative survey, provides an overview of the tax consequences, from a German tax and legal perspective, related to debt restructuring and workouts (both domestic and cross-border). In the author's opinion, this topic is particularly interesting and useful for those active in the financial markets in view of major cases of default and insolvency in recent times. Consider Enron, Parmalat and Argentinean bonds as examples of international cases, Karstadt/Quelle AG as an example of averted insolvency proceedings of a German stock corporation, and Philipp Holzmann AG and Metallgesellschaft AG as examples of insolvencies of German stock corporations in the past.