With more than 250 lawyers around the world, our team represents one of the biggest concentrations of lawyers specializing in restructuring and insolvency issues. We combine seamless coordination of national or cross-border restructurings with worldwide advisory services for our clients.
In Germany, there are 10 restructuring lawyers available at our offices in Berlin, Frankfurt am Main, Cologne and Munich. We combine excellent technical expertise with our knowledge of both regional and cross-border markets, standards and requirements.
Our full-service approach gives you extensive expertise in all matters relating to insolvency and insolvency law, through specially configured cooperation with other practice groups affected by restructuring and insolvency matters, such as corporate, real estate, labour, corporate criminal and tax law, as well as our litigation department.
We advise a wide variety of companies all over the world on their national and international insolvency and restructuring questions, in addition to non-performing loans and distressed investments.
Restructuring requirements are often very complex and usually involve implementation at short notice. In most cases, matters subject to insolvency law are very time-sensitive and usually demand a pragmatic approach. Thus, we believe that it is critical and necessary to quickly and fully understand our clients’ problems, especially from an economic perspective, and to work with our clients in developing an appropriate, effective and practical solution. Taking this understanding as our focus allows us to offer advisory services that are tailored to the individual priorities of the specific situation.
Advisory services on insolvency for companies
We work together with senior executives, management boards and partners to identify acute and long-term problems and obstacles, and devise solutions in our clients’ interest so as to achieve the best possible results in critical situations. Our range of advisory and other services includes advising on rescue and reorganization measures, especially in insolvency-related scenarios, solvent reconstruction, collecting outstanding debts, the conventional and creative use of opportunities offered by the various aspects of insolvency proceedings, financial restructuring, and asset and share deals.
We also offer excellent knowledge of and experience in liability issues, the duties of involved parties and effective cooperation with creditors and insolvency administrators.
Advising and representing creditors
But we also advise financial creditors, suppliers and other contractual partners of insolvent companies in order to safeguard their rights in critical pre-insolvency scenarios as well as during the early phase of insolvency, and we support them in enforcing these rights, especially vis-à-vis the insolvency administrator or an insolvent company under self-administration.
We possess not only the necessary infrastructure for comprehensive advisory services, but also extensive experience in representing (bodies of) creditors in some of the world’s biggest and most complex restructuring and insolvency proceedings.
Financial restructuring, refinancing
In cases involving the restructuring of financial liabilities, we advise our clients on restructuring debt capital and on bringing equity and debt capital into closer alignment. Restructuring often involves providers of outside capital waiving part of their debt (haircut), or else they are allowed to convert their debt into equity positions (debt-equity swap). Often, however, restructuring financial liabilities also entails additional collateralization or marking down existing collateral, necessitating an intercreditor agreement. In such cases, we also support our clients in structuring pool agreements and implementing trust structures, and wherever appropriate we also draft standstill and prolongation agreements, repayment plans or even liquidation agreements.
Cross-border restructuring strategies and procedures
In cross-border matters, we support our international clients in their selection of a suitable insolvency jurisdiction, known as COMI shifting or forum shopping, and in any necessary relocation of assets. In addition, we devise fund solutions via foreign structures or liquidation agreements for foreign assets.
Trading in distressed debt and non-performing loans
We also advise international investors on trading in all types of non-performing loans and distressed assets. Overall, our team has both a broad and a deep range of experience in due diligence reviews as well as structuring and documentation matters, whether this involves international business standards or individually tailored contracts.
Restructuring of real estate investments and portfolios
We can help clients to effectively implement their restructuring plans for real estate investments, thereby applying our broad knowledge and experience from the perspective of investors and workout managers as well as lenders. Our expertise in this area ranges from the restructuring of national or international real estate investments to the development of exit strategies. We provide support in optimizing existing portfolios and the associated (re)financing, including evaluations of collateral, restructuring and imminent insolvencies.
Distressed asset investments and divestments
In the context of business realignment projects, we routinely advise financial institutions regarding the acquisition and sale of distressed assets. Our expertise extends to refinancing and financial restructuring for the purpose of satisfying statutory liquidity and capital requirements.
- Advisory services on insolvency for companies
- Advising and representing creditors
- Financial restructuring, refinancing
- Cross-border restructuring strategies and procedures
- Trading in distressed debt and non-performing loans
- Restructuring of real estate investments and portfolios
- Distressed asset investments and divestments
- Advised and supported various debtors in the real estate sector on the restructuring of their financial liabilities and refinancing by retiring old loans, including haircut (2014)
- Advised a global manufacturer of video-conferencing systems concerning the insolvency of its distributors and distribution partners, especially securing goods subject to retention of title, asserting rights and cooperating with the reorganization of business operations by transfer (2014)
- Extensive advising of a bank regarding the insolvency of factoring clients in connection with the exorbitant rates of their factoring business, including issues of corporate criminal law (2013/2014)
- Advised a foreign investment bank in liquidation regarding the realization of investments in portfolios with real estate situated in Germany (2013/2014)
- Advised various investment banks on asserting and converting claims in investments in the insolvency planning procedure for IVG Immobilien AG (2013/2014)
- Advised an international construction company on aspects of insolvency law pertaining to the construction of a building for an Austrian fund (2013/2014)
- Advised various international investment banks and funds on trading in collateralized (consumer) loan portfolios (2013/2014)
- Advised a real estate fund on the due diligence process regarding the acquisition of a Europe-wide loan portfolio collateralized by real properties in Germany, Spain, Sweden, Norway, the Czech Republic, the Netherlands, Belgium and Poland (2013)
- Mentioned in the JUVE handbook for restructuring/reorganization
- Among the recommended law firms in The Legal 500 for 2014 in the area of restructuring/reorganization