Restructuring & Insolvency
The challenges facing companies are becoming ever more complex. A constant stream of new crises is plunging companies into financial difficulties. Governments are taking a new approach to supporting companies in these crises in the form of DIP arrangements referred to as “protective shields”, stabilisation packages and changes to insolvency filing requirements.
The German legislature has, by introducing a pre-insolvency restructuring procedure, recently expanded the range of legal instruments available for corporate restructuring. These developments will open up more possibilities, but will increase the burden of responsibility placed on the shoulders of the persons involved. These more stringent requirements mean that business owners, managers and creditors must show that they have made the best possible use of all existing options in restructuring situations.
We use our deep economic understanding and customised solutions to guide you through a crisis. When working with us, you can benefit from our many years of experience as a leading law firm in the field of restructuring and insolvency. We can assist you both in national and international contexts with proven as well as new legal instruments and creative solutions.
Our services
- Turnaround and restructuring within and outside of insolvency proceedings
- Purchase and sale of insolvent companies (distressed M&A)
- Industry-specific crisis advice (e.g. automotive, energy and real estate)
- Funding in distressed situations and during insolvencies
- Advising on capital markets law during critical situations
- Representing creditors
- Distressed disputes
- Fiduciary solutions
Selected projects
- Air Berlin
Advising Thomas Cook Group/Condor as supplier and bidder in the insolvency and bidding proceedings of Air Berlin/Niki Luftfahrt - Aluminium Rheinfelden
Advising on the sale of the company’s operational business to Russian aluminium manufacturer RUSAL out of insolvency - Federal Republic of Germany – Economic Stabilisation Fund
Advising the Economic Stabilisation Fund of Deutsche Finanzagentur, the agency representing the German government on the financial markets, on the Covid-19 rescue of Germany’s largest travel group TUI (value €1.8 billion) and the Covid-19 rescue of German tour operator FTI Touristik - Condor
Advising on the transfer of shares to an interim shareholder by way of a new insolvency plan; restructuring under “protective shield proceedings” (pre-insolvency moratoriums); Covid-19 financing by the German development bank KfW (value €550 million) and acquisition of a majority stake by Attestor - Cordenka
Advising on the investor process, restructuring by way of an insolvency plan as well as energy and environmental law issues relevant to reorganisation - DRK-Kliniken Nordhessen
Acting as trustee on behalf of Helios Kliniken to facilitate the takeover of DRK Kliniken Nordhessen out of their preliminary insolvency proceedings - Germania
Advising Hi Fly on the bidding process during insolvency proceedings involving Germania Airline - Gerry Weber
Advising a private equity investor on their offer to buy the insolvent company Gerry Weber in insolvency plan proceedings; renegotiating the plan due to Covid-19 - Klier Hair Group
Advising the family shareholders of Germany’s biggest hairdressing chain on the restructuring of their company as part of "protective shield" proceedings - Losberger De Boer
Advising the management of Losberger De Boer on the successful out-of-court restructuring - Nanogate
Nanogate – Assisting in the sale of the plastic manufacturer’s core business by way of reorganisation and transfer to the US Techniplas Group - Saurer Spinning Solutions
Advising on the granting of insolvency estate loans and complex securities in the preliminary insolvency proceedings - STEAG
Advising on the financial restructuring of the energy group (value €1.4 billion) - Thomas Cook
Advising Thomas Cook’s insolvency administrators on the sale of the German business units to Galeria Karstadt Kaufhof, ANEX Tour, DER Touristik, RTK Reisen and DUBAG - Wirecard
Providing advice upon the discovery of accounting irregularities, on rescue negotiations with the banks and the preparation and initiation of insolvency proceedings; advising the insolvency administrator on the sale of the global activities of the Wirecard group
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“I can recommend Noerr as one of the top firms in insolvency in Germany (…) (i) highly skilled in analysing complex issues of insolvency law; (ii) Noerr regularly handles high-profile insolvency-related engagements, which emphasises how relevant the firm is in the market; and (iii) Noerr’s lawyers are generally very efficient and focused in their work.”
Client in Legal 500 Germany, 2021Insights
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“Noerr’s large restructuring team covers all the advice needed in this area of law, which is something only a handful of firms can offer. With topics such as restructuring financing and restructuring trusts, insolvency plans and distressed M&A, this includes the entire toolbox of in-court and out-of-court restructuring options. In disputes with insolvency administrators, Noerr’s litigation lawyers are a great asset on the banking side. Only a few law firms offer this service combined with a nationwide regional presence at a similar level.”
Client in Legal 500 Germany, 2021
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