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Our German restructuring team includes experts in banking, capital markets and corporate law as well as employment and tax law. We advise banks and corporate entities on cross-border reorganisations, restructurings and insolvency proceedings. The specific practice groups required for each individual restructuring are consulted and involved in the project as necessary.

We develop innovative solutions and products in order to provide the best advice to lenders and borrowers in crisis or facing imminent insolvency in the context of an international and increasingly complex market. As part of the worldwide restructuring group, we also work with our colleagues in the world's key financial centres as an international team, setting new standards in cross-border debt reschedulings and restructurings. Restructuring involves many stakeholders, and solutions often need to be implemented quickly. We have experience in dealing with these challenges and in executing such transactions, in particular advising steering committees on the lender side or securing a solution for the borrower side.

Our team ranks among the leading practices for restructuring and insolvency in Germany.

Information on current topics at a glance

Our team offers up-to-date information on all the latest developments in the field of restructuring. Currently, a key focus of our efforts is set on the various legal instruments relating to the Covid-19 crisis and the implementation of the European Directive (EU) 2019/1023 on preventive restructuring frameworks, which is about to be transposed in Germany and various other European member states. We have prepared all the essential information for you in client bulletins, interviews and podcasts.

As an integrated team with a broad range of advisory skills, our experts monitor the challenges and new trends and develop the best solutions for practical applications on a daily basis. Thus, we would like to highlight key topics such as the suspension of the obligation to file for insolvency (COVInsAG) and the new Act on the Stabilisation and Restructuring Framework for Businesses (StaRUG), including, for example, an exclusive English translation of the StaRUG. Background information such as ministerial and governmental draft bills, including various statements by key professional associations on StaRUG are also available.

As part of Allen & Overy's global restructuring group, we are always in close contact with our colleagues around the globe on the latest trends and issues. Therefore, we also offer an international perspective on restructuring and easy access to the comprehensive international content produced by our lawyers in this field. For example, information on the Dutch Scheme, which came into force on 1 January 2021, and the British Corporate Insolvency and Governance Act 2020, which has been available since summer 2020. These new restructuring instruments are key landmarks for putting the StaRUG restructuring plan into context.

 

Highlight Deals

Benteler

Benteler

Advising the family shareholders of BENTELER Group in connection with the refinancing of existing financial indebtedness in the context of the group’s restructuring programme.
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ENERCON

ENERCON

Advice on the refinancing of existing financial liabilities as part of a fundamental realignment of the company.
ESCADA

ESCADA

Advising the insolvency administrator Dr Christian Gerloff on the negotiation, conclusion and closing of the relevant requisite agreements with a US financial investor regarding the transfer of parts of the assets of ESCADA SE as part of an asset deal in the context of the insolvency proceedings.
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Fintyre Group

Fintyre Group

Advising a European banking consortium comprehensively on the insolvency of the German and English Fintyre companies, the disposal of Reiff Reifen to Bridgestone as well as the restructuring of the Italian branch of the Fintyre Group by way of a concordato in bianco proceeding.
Gerry Weber

Gerry Weber

Advising on the comprehensive restructuring in a self-administered insolvency process, in connection with the financing and on ongoing financing and corporate law issues.
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KATHREIN

KATHREIN

Advising on a group-wide restructuring with a new financing agreement, the reorganisation of the group structure as well as several disposals of business units.
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Steinhoff

Steinhoff

Advising a co-ordinating committee of lenders to Steinhoff International Holdings N.V. and its subsidiaries in relation to the restructuring and recapitalisation of the Group.
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Wirecard

Wirecard

Advising a banking syndicate on the pre-insolvency restructuring and subsequent preliminary proceedings for Wirecard AG and representation in the creditors’ committee.

News & insights

Covid-19 COVInsAG

Publications: 01 MARCH 2021

Covid-19 coronavirus: Amendment to COVInsAG

Partial suspension of obligation to file for insolvency extended until 30 April 2021 – **Update February 2020**

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Documents

Publications: 10 NOVEMBER 2020

Act on the Stabilisation and Restructuring Framework for Businesses

A short bullet point summary of the new StaRUG-Scheme and a non-reliance translation of the draft bill for the StaRUG-Scheme from German into English based on the preliminary text of the new draft…

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Publications: 01 OCTOBER 2020

German scheme under the StaRUG (draft bill)

Germany uses the implementation of the EU directive to make a bold move: As from January 2021, German companies too can successfully carry out their restructurings with cram-down decisions, moratorium…

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covid-19

Publications: 31 MARCH 2020

Covid-19 coronavirus: temporary suspension of obligation to file for insolvency in Germany

From announcement to law With unprecedented speed, the legislation only proposed by the Federal Government on 16 March 2020 temporarily suspending the obligation to file for insolvency proceedings for…

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Restructuring 2021: Beyond the pandemic

Scanning the horizon of the global restructuring landscape in 2021, our talking-heads series comprises bite-sized analytical insight delivered on a regional basis across the globe. In several short videos, partners from our market-leading global restructuring practice discuss and provide, on a regional basis, insight into the restructuring landscape. Looking at the economic and geopolitical climate, we delve deeper than the effects of the global pandemic to bring you concise but granular reports on a country by country basis. The videos pick up market trends, government intervention and changes in laws that will impact our clients and sectors in the short to medium term.

Recognition

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Overview of our expertise in restructuring and insolvency

Allen & Overy’s Restructuring team consists of experts in banking and corporate law as well as employment, tax and international capital markets law, and advises banks and corporate entities on cross‑border reorganisations, restructurings and insolvency proceedings involving any practice group required for the relevant restructuring.

Restructuring across borders

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Developed by Allen & Overy’s market-leading Restructuring group, “Restructuring across borders” is an easy to use resource that provides information and guidance on key practical aspects of restructuring and insolvency proceedings in more than 30 jurisdictions in Europe, Asia, Africa, the Middle East and the U.S