Noerr advises various promissory noteholders on restructuring of Branicks Group AG’s promissory notes in German StaRUG proceedings

Noerr has advised various promissory noteholders on the restructuring of Branicks Group AG’s promissory notes in a procedure under the German Act on the Stabilisation and Restructuring Framework for Businesses (StaRUG). With the consent of the lenders, the maturity date for the promissory notes, which have a combined value of €225 million and were due to mature in 2024, will be extended until 30 June 2025. The competent local court (Amtsgericht) in Frankfurt am Main officially sanctioned the restructuring plan on 26 March 2024.

In parallel to extending a bridge loan, Branicks Group AG had asked the promissory noteholders to approve the restructuring plan in order to establish a secure and long-term financial foundation for the company. Following this approval, the company’s management board has announced that it will continue to pursue its strategy of generating value and increasing operational efficiency.

Branicks Group AG is Germany’s leading listed specialist for office and logistics properties. The company currently manages properties with a market value of around €13.9 billion.

Advisors to various promissory noteholders: Noerr

Lead: Christian Pleister (partner, Corporate, Berlin), Simone Schönen (partner, Restructuring & Insolvency, Hamburg), Andreas Naujoks (partner, Banking & Finance, Frankfurt)

Restructuring & Insolvency: Stephanie Bender (senior associate, Hamburg), Konrad Fichter (associate, Berlin)

Litigation: Ben Kempe (partner), Katharina Frenzl (senior associate, both Berlin)

Capital Markets: Julian Schulze De la Cruz (partner), Thomas Thies (senior associate, both Frankfurt)