Noerr advises Cordenka restructuring management in investor process

A team led by Thomas Hoffmann and Marlies Raschke comprehensively supported the self-administration of the tyre fibre manufacturer Cordenka in the investor process, in particular with the investor agreement on the insolvency plan, the asset deal negotiated in parallel and the energy and environmental law issues relevant to the restructuring, up to and including judicial measures in interim legal protection.

The restructuring plan now provides for a debt waiver and the continuation of the company with 600 employees. After the creditors' meeting has already approved the plan, the court still has to confirm it, after which Cordenka can start implementing it. The restructuring process can then be completed this summer.

Cordenka is the leading manufacturer of technical rayon, marketed worldwide under the brand name CORDENKA®, a high-strength cellulose-based fibre used primarily as a reinforcing material in high-performance tyres, mechanical rubber goods, composites and agricultural applications. As a bio-based and biodegradable fibre, rayon is an environmentally friendly alternative to plastic-based fibres and an established material - especially with a view to a sustainable future. Cordenka GmbH & Co. KG is based in Obernburg am Main, Bavaria, and employs around 600 people.

Advisors to Cordenka GmbH & Co. KG: Noerr Partnerschaftsgesellschaft mbB

Restructuring & Insolvency
Thomas Hoffmann (partner, Frankfurt), Marlies Raschke (partner, Dresden), (both joint lead), Andrea Braun (associated partner, Frankfurt), Sabrina Lux (associate, Frankfurt)

Energy and environmental law
Martin Geipel (partner), Hendrik Schlutt (counsel, both Berlin)

Judicial measures in interim relief
Kolja Dörrscheidt (partner, Frankfurt/Berlin)
Christopher Lautenbach (senior associate, Berlin)