Allen & Overy advises CORESTATE on successful restructuring

Over a period of several months, a plan was developed and implemented together with a group of international bondholders and new investors that has resulted in a substantial reduction of the group's debts. In this context, the financial liabilities from notes were reduced from EUR 535 million to EUR 143 million and the equity base received a substantial boost through recapitalisation, including a capital increase in the form of around 132 million new shares. The operative restructuring process, with a comprehensive cost saving programme, has also launched successfully.

The A&O team advised on all relevant legal fields (incl. corporate, insolvency, capital markets, debenture, tax, financial supervisory and investment law) across all relevant jurisdictions (Germany, Luxembourg, France, UK and Spain).

The Allen & Overy team covered all relevant aspects of the complex transaction. The project was led by partners Dr Christian Eichner (Corporate, Düsseldorf), Dr Stefan Henkelmann (ICM, Frankfurt) and counsel Jens Nollmann (ICM, Frankfurt) and Kyrill Chilevych (Corporate, Düsseldorf), with the core team comprising partners Dr Sven Prüfer (Corporate/Restructuring), Dr Knut Sauer (Corporate/ECM), Marc Plepelits, Dr Alexander Behrens (both ICM), Dr Heike Weber, Florian Lechner (both Tax, all Frankfurt), counsel Dr Daniela Schmitt (ICM), Nadine Kämper (Corporate, both Frankfurt), Dr Michael Fink (Real Estate, Düsseldorf), Dr Hauke Sattler (Corporate/Restructuring, Hamburg) and Dr Sebastian Schulz (Employment, Frankfurt), senior associates Martin Schmidt (ICM, Frankfurt) and Dr Marcus Mackensen (Corporate, Hamburg) and associates Eva Hohmann (Corporate, Düsseldorf), Florian Seck (ICM, Frankfurt), Suzana Cvejic (Banking, London), Dr Christina Vossen (Corporate, Düsseldorf), Vincent Buchta, Alan James-Schulz (both Corporate) and Dr Manuel Köchel (Taxation, all Frankfurt).

Support on the highly significant aspects of Luxembourg law was provided by partners Jacques Graas (Corporate), Paul Peporte (ICM) and Jean Schaffner (Taxation), counsel Pol Theisen, senior associates Caroline Motzer and Philippe Eicher, and associates Jacques Hoffmann (all Corporate) and Julie Kofler (Taxation, all Luxembourg).

Support on the relevant aspects of UK law was provided by partner Tom Constance and associate Umaang Trivedi (both ICM, London).

Support on questions of Spanish law was provided by partner Jimena Urretavizcaya, senior associates Sofia Sanchez-Calero and Sara Sanz and associates Julia Munoz and Laura Cabezas (all ICM Banking, Madrid).

Support on questions of French law was provided by partner Julien Roux, senior associate Arnaud Terren and associate Dusan Vukanovic (all Banking, Paris).

Patrick Ehrich (Group Head of Legal) was responsible in house at CORESTATE for legal support and coordination.

Over a period of several months, a plan was developed and implemented together with a group of international bondholders and new investors that has resulted in a substantial reduction of the group's debts. In this context, the financial liabilities from notes were reduced from EUR 535 million to EUR 143 million and the equity base received a substantial boost through recapitalisation, including a capital increase in the form of around 132 million new shares. The operative restructuring process, with a comprehensive cost saving programme, has also launched successfully.

The A&O team advised on all relevant legal fields (incl. corporate, insolvency, capital markets, debenture, tax, financial supervisory and investment law) across all relevant jurisdictions (Germany, Luxembourg, France, UK and Spain).

The Allen & Overy team covered all relevant aspects of the complex transaction. The project was led by partners Dr Christian Eichner (Corporate, Düsseldorf), Dr Stefan Henkelmann (ICM, Frankfurt) and counsel Jens Nollmann (ICM, Frankfurt) and Kyrill Chilevych (Corporate, Düsseldorf), with the core team comprising partners Dr Sven Prüfer (Corporate/Restructuring), Dr Knut Sauer (Corporate/ECM), Marc Plepelits, Dr Alexander Behrens (both ICM), Dr Heike Weber, Florian Lechner (both Tax, all Frankfurt), counsel Dr Daniela Schmitt (ICM), Nadine Kämper (Corporate, both Frankfurt), Dr Michael Fink (Real Estate, Düsseldorf), Dr Hauke Sattler (Corporate/Restructuring, Hamburg) and Dr Sebastian Schulz (Employment, Frankfurt), senior associates Martin Schmidt (ICM, Frankfurt) and Dr Marcus Mackensen (Corporate, Hamburg) and associates Eva Hohmann (Corporate, Düsseldorf), Florian Seck (ICM, Frankfurt), Suzana Cvejic (Banking, London), Dr Christina Vossen (Corporate, Düsseldorf), Vincent Buchta, Alan James-Schulz (both Corporate) and Dr Manuel Köchel (Taxation, all Frankfurt).

Support on the highly significant aspects of Luxembourg law was provided by partners Jacques Graas (Corporate), Paul Peporte (ICM) and Jean Schaffner (Taxation), counsel Pol Theisen, senior associates Caroline Motzer and Philippe Eicher, and associates Jacques Hoffmann (all Corporate) and Julie Kofler (Taxation, all Luxembourg).

Support on the relevant aspects of UK law was provided by partner Tom Constance and associate Umaang Trivedi (both ICM, London).

Support on questions of Spanish law was provided by partner Jimena Urretavizcaya, senior associates Sofia Sanchez-Calero and Sara Sanz and associates Julia Munoz and Laura Cabezas (all ICM Banking, Madrid).

Support on questions of French law was provided by partner Julien Roux, senior associate Arnaud Terren and associate Dusan Vukanovic (all Banking, Paris).

Patrick Ehrich (Group Head of Legal) was responsible in house at CORESTATE for legal support and coordination.