Regional news: Austria
Leoni completes “historic” restructuring as shareholders crammed down
In what marks the first major restructuring using Germany’s StaRUG tool, international auto parts manufacturer Leoni has secured court approval for a plan that will see shareholders wiped out and Austrian billionaire Stefan Pierer take control of the group.
29 June 2023
German department store chain Galeria enters protective shield proceedings again
Department store chain Galeria Karstadt Kaufhof has entered protective shield proceedings in Germany for the second time in as many years, with advice from McDermott Will & Emery and local firms Seitz and Wellensiek.
04 November 2022
The new Austrian Restructuring Code in the light of Germany’s StaRUG and the Dutch WHOA
Matthias Stipanitz and Stephanie Rendl at Preslmayr Attorneys at Law in Vienna assess Austria’s implementation of the EU’s preventive restructuring frameworks directive, giving a quick comparison with the implementation in Germany and the Netherlands.
17 May 2022
German bondholders bemoan real estate group’s Austrian restructuring
A Frankfurt and Vienna-listed real estate group has launched restructuring proceedings in Austria, frustrating bondholders pursuing an insolvency petition against it in Germany.
23 November 2021
US recognition sought for fugitive investor’s Israeli insolvency
The trustee of an American-born fugitive who allegedly orchestrated a “complex and massive cross-border fraud” has sought recognition of his Israeli insolvency proceedings in New York.
04 August 2021
Gleiss Lutz advising German retailer on self-administration
UPDATED: A German clothes retailer with international stores has filed preliminary insolvency proceedings, marking the first test of Germany’s newly strengthened self-administration rules.
15 January 2021
Ropes & Gray hires second Kirkland partner in London
Kirkland & Ellis special situations partner Samuel Norris has moved to Ropes & Gray in London – six months after restructuring partner Matt Czyzyk made the same move.
02 December 2020
Vapiano enters insolvency in Austria
Having filed for insolvency in Germany a few weeks ago, the German restaurant chain Vapiano is now also in self-administration in Austria, where it has retained Freshfields again.
21 April 2020
Steinhoff sells off British and Australian retailers
Scandal-hit South African conglomerate Steinhoff has sold the group behind British retailers Bensons for Beds and Harveys Furniture, as well as the merchandise division of its Australasian subsidiary, owner of Debenhams Australia.
22 November 2019
Steinhoff’s European subsidiaries complete €9bn restructuring
Scandal-hit South African retail group Steinhoff has announced the completion of its €9 billion European restructuring, but the news has failed to stop its share price falling below 1 Rand for the first time.
20 August 2019