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Allen & Overy adds restructuring expert Josef Parzinger to boost advisory offer for distressed investment funds

Allen & Overy is growing its Banking & Finance practice with the hire of new partner, restructuring expert Dr Josef Parzinger who is expected to join the firm’s Munich office on 28 January 2023.

Josef Parzinger has extensive experience in advising creditors, debtors, the management or shareholders in connection with cross-border corporate and financial restructurings. His clients include, among others, alternative investors such as funds specialising in private debt and distressed situations. He advises them on the acquisition and restructuring of capital market instruments, loans or liquidation claims. He also advises the creditors seeking to protect their interests in the event of an insolvency of their contractual counterparties. Josef boasts around a decade of experience, most recently, as partner at Kirkland & Ellis.

"With Josef Parzinger joining the team, we are boosting our market-leading Banking & Finance practice with a brilliant restructuring expert who also boasts comprehensive experience particularly in advising private debt and distressed funds," commented Dr Wolf Bussian, Managing Partner of Allen & Overy Germany. "This puts us in an excellent position to meet the growing need for advice which we anticipate in view of the economic downturn forecast for this year."

Dr Walter Uebelhoer, head of the German Banking & Finance practice, added: "We advise a multitude of parties in the context of restructurings, representing both debtors and creditors. We will now increasingly offer this expertise in the growing segment of alternative debt providers. Josef Parzinger is a first-rate choice to drive this plan. We are very much looking forward to working with him."

Commenting on his appointment as an A&O partner, Josef Parzinger stated: "I look forward to the challenge of working with the top notch team at A&O to grow the advisory services offered to alternative capital providers."

Allen & Overy’s Global Restructuring Group has more than 150 lawyers specialising in restructuring across over 40 offices. Sigrid Jansen, co-head of A&O’s Global Restructuring Group commented: “Our clients face unprecedented and complex restructuring scenarios that span different countries and involve diverse stakeholders. We are therefore very pleased with the expansion of our German offering with Josef to strengthen our ability to advise across the capital structure and offer holistic and strategic advice that ensures the best possible outcome for our clients.”

In Germany, Josef’s addition follows the hiring of restructuring counsel Dr Hauke Sattler in the Hamburg office at the end of last year. A&O continues to invest in growing our global restructuring practice, having made recent hires in Paris and New York over the past 18 months.

Josef Parzinger is the second new German partner to be welcomed by the law firm this year. As announced in December, the renowned tax lawyer Florian Lechner will join the firm on 1 February 2023.