Regional news: Germany
Adler to push through note amendments via English restructuring plan
German real estate group Adler says it will seek to cram down dissenting noteholders through an English restructuring plan, after an ad hoc group blocked its first attempt at passing amendments to six series of unsecured notes consensually.
12 January 2023
Adler changes restructuring plans as bondholders block proposals
An ad hoc group of bondholders has voted against proposed changes to the terms of their notes in German real estate group Adler’s US$1 billion restructuring, but sources tell GRR the company plans to move forward with a risky alternative implementation process.
20 December 2022
Wirecard shareholders lose landmark damages ruling in Munich
UPDATED: In a first-of-its-kind ruling, a German court has found damages claims brought by Wirecard’s shareholders rank behind all other creditor claims in the collapsed payment processor’s insolvency.
01 December 2022
White & Case advising as Adler Group enters lock-up with bondholders
German real estate group Adler has reached an agreement with its bondholders to extend maturities on notes that were due in July next year and secure almost €1 billion of new financing, after it was rocked by fraud allegations last year.
30 November 2022
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
McDermott advising as VW and Daimler supplier enters administration in Germany
A supplier to German automotive giants Volkswagen and Daimler has placed its German affiliates into insolvency, blaming increased energy and material costs.
25 October 2022
Dr Beck & Partner, Schultze & Braun advising as automotive supplier enters German proceedings
Dr Beck & Partner is advising car interior manufacturer Dr Schneider on a reorganisation before a Bavarian court, with Schultze & Braun acting on the side of credit insurers.
20 September 2022
Two new European partners for White & Case
White & Case has bolstered its debt finance and restructuring offerings with new recruits from Herbert Smith Freehills in Madrid and Schalast in Hamburg.
13 September 2022
European column: Appeal to ignorance of insolvency
Bob Wessels, professor emeritus of international insolvency law at Leiden University and expert counsel on restructuring and insolvency to the European Commission, asks a complex question arising from a simple, everyday occurrence: is a payment to someone residing or located in another EU member state, who is already insolvent, legally valid?
22 August 2022
Crypto bank Nuri files insolvency proceedings in Germany
As the “crypto winter” continues, a German crypto-focused digital banking platform has entered insolvency proceedings before a Berlin court, while crypto exchange CoinFlex has announced it is seeking to restructure in the Seychelles.
11 August 2022