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New perspectives for Gerry Weber

 

17 July 2019

Allen & Overy advises fashion group on two key restructuring-related transactions  

Allen & Overy has advised the German fashion and lifestyle group GERRY WEBER International AG ("GWI") on two milestone projects in the context of its restructuring programme: Just in time for the CPD trade fair in Düsseldorf, the group has successfully signed an investment agreement with Robus Capital Management and Whitebox Advisors, and has also sold its subsidiary HALLHUBER. The investment agreement provides for Robus and Whitebox to make up to EUR 49.2 million available for GERRY WEBER's restructuring. This should allow GWI to move out of the insolvency procedure in late autumn. One of the most complex restructuring projects on the German market in recent years has thus taken a decisive step forward. These transactions open up new perspectives for customers, business partners, suppliers and employees. GWI has been under self-administration in the context of the insolvency procedure since January 2019.

The sale of Hallhuber had already been successfully closed last week. Hallhuber, which operates over 160 own shops across Germany and has its own online presence, was promptly stabilised following GWI's application for insolvency by granting Robus Capital an option to purchase Hallhuber in return for providing EUR 10 million in bridge financing in February. The exercise of this option offers Hallhuber the opportunity to implement its own restructuring plan as an independent company. GWI retains a 12 percent stake in Hallhuber and also receives a EUR 500,000 cash payment from Robus Capital.

Under the investment agreement between Gerry Weber and Robus Capital Management/Whitebox Advisors, GWI's creditors are to be presented with an insolvency plan for consultation which, if approved, would enable a competitive financing structure for the company. Robus and Whitebox will be making up to EUR 49.2 million available in this context. The operative restructuring concept which has been developed by the company and provides for branch closures and staff reduction measures will continue to be implemented as scheduled. The insolvency plan will also provide for the current share capital of GWI to be reduced to zero and increased again by issuing new shares. The new shares are initially to be subscribed by Robus and Whitebox, before being made available to the creditors of GWI (to some extent).

GERRY WEBER International AG, which has its registered office in Halle (Westphalia), was established in 1973 and is a corporate group with global operations including the brand families GERRY WEBER, TAIFUN and SAMOON. Hallhuber GmbH is a fashion company which has been based in Munich since 1977 and has belonged to GERRY WEBER International AG since February 2015.

Allen & Overy is advising GERRY WEBER International AG on all aspects of its ongoing restructuring programme.

The team is being led by  Dr. Sven Prüfer (partner, Corporate/M&A/Restructuring) and Dr. Franz Bernhard Herding (partner, Banking & Finance/Restructuring, both Frankfurt).

In addition, the team comprised partner Thomas Ubber, counsel Boris Blunck (both employment), Peter Wehner (pensions), Dr Katharina Stüber, Dr Roman Kasten, Dr Michael Weiß, associates Robert Jochim, Wencke Rusbüldt, Bastian Schmack (all Frankfurt), Christin Schlorf (all corporate/M&A, Hamburg), Moritz Probst (banking), partner Dr Knut Sauer, senior associate Nadine Kämper (both equity capital markets, all Frankfurt), partner Dr Jens Matthes, associate Anna Kräling (both IP, both Düsseldorf), partner Dr Börries Ahrens (antitrust, Hamburg), partner Dr Marc Zimmerling, senior associate Dr Charlotte Willemer, associates Charlotte Wirxel (all litigation) and Dr Anna Opel (public law, all Frankfurt), partner Dr Christian Hilmes, senior transaction officer Oliver Ahnseel (both real estate, both Hamburg), partner Dr Michael Ehret, senior associate Marc Christ and associate Sven Bischoff (all tax, all Frankfurt).

 

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