References 




Company Year Sector Activity Client
X

Corporate profile

Background

Project

Key measures

Outcome

2017 Industry Distressed M&A Company
X

Corporate profile

Background

Project

Key measures

Outcome

2017 Fashion Industry Distessed M&A Administrator
X

Corporate profile

Background

Project

Key measures

Outcome

2017 Industry Financial Restructuring, CRO Company
X

Corporate profile

Background

Project

Key measures

Outcome

2016 Consumer Goods Distressed M&A (sell side) Insolvency Administrator
X

Corporate profile

Background

Project

Key measures

Outcome

2016 Shipping Financial Restructuring Company
X

Corporate profile

Background

Project

Key measures

Outcome

2016 Fashion Industry Financial Restructuring Bondholder
X

Corporate profile

Background

Project

Key measures

Outcome

2016 Fashion Industry Financial Restructuring Company
X

Corporate profile

Background

Project

Key measures

Outcome

2016 Renewable Energies Financial Restructuring Bondholder
X

Corporate profile

Background

Project

Key measures

Outcome

2016 Renewable Energies Financial Restructuring Bondholder
X

Corporate profile

Background

Project

Key measures

Outcome

2016 Paper Industry Distressed M&A Administrator
X

Corporate profile

Background

Project

Key measures

Outcome

2016 Women's apparel, fashion Distressed M&A Administrator
X

Corporate profile

Background

Project

Key measures

Outcome

2016 Retail Financial Restrukturing Bondholder
X

Corporate profile

Background

Project

Key measures

Outcome

2016 Combustable Producer Financial Restructuring, CRO Aquiror, Insolvency Administrator
X

Corporate profile

Background

Project

Key measures

Outcome

2016 Automotive Distressed M&A (sell side) Insolvenca Administrator
X

Corporate profile

Background

Project

Key measures

Outcome

2016 Steel Industry Financial Restructuring Bonholder
Deutsche Forfait
X
Deutsche Forfait

Corporate profile

Background

Project

Key measures

Outcome

2015 Financial Services Financial Restructuring, bondholder representative Bondholder
Ekotechnika
X
Ekotechnika

Corporate profile

Background

Project

Key measures

Outcome

2015 Trading and export of farming equipment Financial restructuring, Bondholder representative Bondholder
X

Corporate profile

Background

Project

Key measures

Outcome

2015 Speciality textiles and plastics manufacturing Financial Restructuring, bondholder representative Bondholder
X

Corporate profile

Background

Project

Key measures

Outcome

2015 Real Estate Financial Restructuring, bondholder representative Bondholder
X

Corporate profile

Background

Project

Key measures

Outcome

2015 Logistics Services Financial Restructuring, bondholder representative Bondholder
X

Corporate profile

Background

Project

Key measures

Outcome

2015 Wholesale, electrical goods Financial Restructuring, bondholder representative Bondholder
X

Corporate profile

Background

Project

Key measures

Outcome

2015 Consumer goods, food Financial Restructuring, bondholder representative Bondholder
X

Corporate profile

Background

Project

Key measures

Outcome

2015 Women's apparel, fashion Financial Restructuring, bondholder representative Bondholder
X

Corporate profile

Background

Project

Key measures

Outcome

2015 Textile industry Financial Restructuring, bondholder representative Bondholder
X

Corporate profile

Background

Project

Key measures

Outcome

2015 Engineering Financial Restructuring, bondholder representative Bondholder
X

Corporate profile

Background

Project

Key measures

Outcome

2015 Industrial services Distressed M&A (buy side) Acquiror
X

Corporate profile

Background

Project

Key measures

Outcome

2015 Engineering, wind farms Distressed M&A (sell side) Administrator
Windreich GmbH
X
Windreich GmbH

Corporate profile

Background

Project

Key measures

Outcome

2014 Wind energy Representative of the bondholders, financial restructuring advice Lender
X

Corporate profile

Background

Project

Key measures

Outcome

2014 Financial Services Financial Restructuring, bondholder representative Promissory note holder
X

Corporate profile

Background

Project

Key measures

Outcome

2014 Services, provision of man power Financial Restructuring, bondholder representative Bondholder
X

Corporate profile

Background

Project

Key measures

Outcome

2014 Bicycle manufacturing Financial Restructuring, bondholder representative Bondholder
X

Corporate profile

Background

Project

Key measures

Outcome

2014 Tourism, cruise vessel operator Financial Restructuring, CRO Company
X

Corporate profile

Background

Project

Key measures

Outcome

2014 Engineering, bio gas plants Financial Restructuring, bondholder representative Bondholder
X

Corporate profile

Background

Project

Key measures

Outcome

2014 Engineering, solar power plants Financial Restructuring Company
X

Corporate profile

Background

Project

Key measures

Outcome

2014 Ship operator, container and MPP vessels Advice to restructuring shareholder Company
X

Corporate profile

Background

Project

Key measures

Outcome

2014 Engineering, solar and water treatment plants Financial Restructuring, bondholder representative Bondholder
X

Corporate profile

Background

Project

Key measures

Outcome

2014 Women's apparel, fashion CRO Company
X

Corporate profile

Background

Project

Key measures

Outcome

2014 Engineering, solar power plants Financial Restructuring, bondholder representative Bondholder
X

Corporate profile

Background

Project

Key measures

Outcome

2014 Woman's apparel, fashion Financial Restructuring, bondholder representative Bondholder
X

Corporate profile

Background

Project

Key measures

Outcome

2014 Consumer goods, food Financial Restructuring, bondholder representative Bondholder
PHP
X
PHP

Corporate profile

Background

Project

Key measures

Outcome

2013ff Chemicals, Automotive Trustee and board role, monetisation of asset Lender
SiC Processing
X
SiC Processing

Corporate profile

Background

Project

Key measures

Outcome

2013ff Solar Representative of the bondholders, financial restructuring advice Lender
X

Corporate profile

Background

Project

Key measures

Outcome

2013ff Shipping Corporate Governance Solution, Review of exit options Lender
Solarworld
X
Solarworld

Corporate profile

Background

Project

Key measures

Outcome

2013ff Solar Representative of the bondholders, financial restructuring advice Lender
Voerde Aluminium GmbH
X
Voerde Aluminium GmbH

Corporate profile

Background

Project

Key measures

Outcome

2013ff Aluminium producer Distressed M&A (sell side), monitoring and reporting Administrator
X

Corporate profile

Background

Project

Key measures

Outcome

2013 Shipping Financial restructuring advice Company
Meissen
X
Meissen

Corporate profile

Background

Project

Key measures

Outcome

2013 Luxury goods Debt advisory Company
Ziegler
X
Ziegler

Corporate profile

Background

Project

Key measures

Outcome

2013 Automotive, Emergency Distressed M&A (buy side) Strategic Investor
Primacom
X
Primacom

PrimaCom Holding GmbH (2012)

Corporate profile
  • 4th largest German cable TV, broadband and telephony provider
  • Turnover €100m / total debt €295m

Background
  • Over-leveraged balance sheet following
  • underperformance of business plan

Project
  • Financial advisor to company
  • CRO role

Key measures
  • Negotiation with equity and debt holders
  • Co-ordination of financial restructuring process and implementation

Outcome
  • Successful financial restructuring using  an English Scheme of Arrangement
  • Mezzanine debt waiver
  • Subordination of 2nd lien debt
  • €20m new money

2012ff Telecoms Financial restructuring advice, CRO, Scheme of Arrangement Company
Max Bahr
X
Max Bahr

Corporate profile

Background

Project

Key measures

Outcome

2012 Real Estate Financial restructuring advice, Option review Lender
Praktiker
X
Praktiker

Corporate profile

Background

Project

Key measures

Outcome

2012 Retail Raising of financing Investor
Voerde Aluminium GmbH
X
Voerde Aluminium GmbH

Voerde Aluminium GmbH (2012)

Corporate profile
  • Primary aluminium producer (smelter, anode production, cast house)
  • Production capacity of  125,000 t. Turnover €220m

Background
  • Underperformance due to falling aluminium price and increasing electricity cost

Project
  • Liquidity review
  • German Restructuring Opinion (IBR)
  • Advisor to management pre and during application for insolvency in self administration
  • Liquidity management
  • Advisor to management and custodial guardian in preliminary administration and to administrator during insolvency
  • M&A: Sale of cast house to strategic buyer, incl. implementation of carve out
  • Restructuring of business processes and overheads

Key measures
  • Maximum use of legal framework in insolvency to the benefit of the company
  • Restructuring of business model and strategic direction
  • Seeking investors
  • Management of insolvency specific tasks

Outcome
  • Sale of cast house, smelter and anode production being operated by administrator
  • Ongoing.

2012 Aluminium producer Viability opinion, financial restructuring advice, cash monitoring Company
Primacom
X
Primacom

PrimaCom Management GmbH (2011)

Corporate profile
  • German cable TV, broadband and telephony provider
  • Turnover €110m / total debt €370m

Background
  • Over-leveraged balance sheet following acquisition by a financial investor
  • Lenders enforced on share pledge
  • Listed parent company  PrimaCom AG was placed in insolvency 

Project
  • Buy side mandate acting for a financial investor to acquire the shares of PrimaCom Management GmbH
  • Financial and operational restructuring

Key measures
  • Negotiation and valuation advice to investor
  • Co-ordination of financial restructuring process and implementation of operational efficiency measures

Outcome
  • Shares successfully acquired from the administrator
  • Successful financial restructuring  / significant reduction in debt
  • CRO role

2011 Telecoms Distressed M&A, financial restructuring advice, CRO Investor
Joh. Friedrich Behrens AG
X
Joh. Friedrich Behrens AG

Joh. Friedrich Behrens AG (2011)

Corporate profile
  • Market leading fastening manufacturer
  • Family-owned
  • Turnover €100m / total debt  €30m

Background
  • Revenue and profitability decline due to financial crisis 2008/09
  • Maturing syndicated loan resulting in refinancing  need
  • Working capital requirement to finance growth

Project
  • Seeking alternative financing without changing shareholder structure

Key measures
  • Negotiation of standstill agreement with the banks
  • Preparation of equity story
  • Issuance of €30m bond in the mid-cap segment of the Stuttgart Stock Exchange

Outcome
  • Successful bond placement led to lenders continuing to finance
  • No change in shareholder structure

2011 Industrials Raising of financing (Bond), financial restructuring advice Company
Pfleiderer
X
Pfleiderer

Pfleiderer AG (2011)

Corporate profile
  • Globally active, listed wood processor
  • Turnover €1.5bn /total debt €1.2bn

Background
  • Cash-intensive acquisitions and investments prior to the financial crisis resulted in high leverage
  • Declining demand in important markets, in particular North America

Project
  • Financial advisor to the lenders represented in steering committed

Key measures
  • Coordination of and definition of objectives for the steering committee
  • Negotiation with company, other stakeholders and advisors
  • Structuring and valuation of potential options

Outcome
  • Successful balance sheet restructuring

2011 Wood processing Financial restructuring advice Lender
Systaic
X
Systaic

Corporate profile

Background

Project

Key measures

Outcome

2010 Solar Raising of emergency financing, financial restructuring advice Company
Babcock Rohrleitungsbau
X
Babcock Rohrleitungsbau

Babcock Industrierohrleitungsbau GmbH (2010)

Corporate profile
  • Pipeline construction business
  • Turnover €80m / total debt > €40m

Background
  • Fraudulent / voidable transactions left creditors with an insolvent corporate shell without assets

Project
  • Advisor to majority lender regarding recovery optimisation in- and out-of-court

Key measures
  • Option analysis and evaluation incl. out-of-court measures
  • Negotiation with other stakeholders
  • Negotiation with insolvency administrators re DIP loan to fund legal claw-back actions incl. sharing of proceeds
  • Negotiation with potential fraudster about solutions to return the business

Outcome
  • Recovery process ongoing


2010 Industrials Recovery optimisation and exit implementation Lender
Bäumler
X
Bäumler

Bäumler (2010)

Corporate profile
  • German manufacturer and distributor of men’s wear
  • Turnover €80m / total debt €30m

Background
  • Declining performance
  • Additional funding needed

Project
  • Advisor to ABL lender regarding recovery optimisation
  • Exit options and downside protection

Key measures
  • High-level business review
  • Analysis of security position
  • Evaluation of liquidation options and scenarios
  • Negotiation of asset disposals with administrator

Outcome
  • Carve-out and sale of the core business
  • Liquidation of the remaining assets
  • Substantial recovery of outstanding debt

2010 Textile Recovery optimisation and exit implementation Lender
ae group
X
ae group

Corporate profile

Background

Project

Key measures

Outcome

2009 Automotive Recovery optimisation and exit implementation Lender
AST Aluminiumguss
X
AST Aluminiumguss

Corporate profile

Background

Project

Key measures

Outcome

2009 Automotive Financial restructuring advice Shareholder
Peacemark
X
Peacemark

Corporate profile

Background

Project

Key measures

Outcome

2009 Watches Recovery options for European assets Administrator
Vatter GmbH
X
Vatter GmbH

Corporate profile

Background

Project

Key measures

Outcome

2009 Textile Distressed M&A, insolvency plan Administrator
Aleris
X
Aleris

Aleris International (2009)

Corporate profile
  • Metal-processing company
  • Turnover  €1bn / total debt €700m

Background
  • US entities in Chapter 11
  • DIP loan, part of which aimed at European activities

Project
  • Financial restructuring advice
  • Viability opinion (“Sanierungsgutachten”) for German subholding incl. German and Belgian entities

Key measures
  • Detailed review of operations and capital structure
  • Financial restructuring measures

Outcome
  • Viability report accepted by lenders and
  • DIP financing secured

2009 Aluminium processing Financial restructuring advice, viability opinion Company
X

Tier-1 supplier (2009)

Corporate profile
  • Automotive supplier
  • Turnover €500m / total debt €200m

Background
  • Operational and financial distress following the downturn in the automotive industry
  • Business in need of refinancing
  • Additional funding needed

Project
  • Financial restructuring mandate, acting for the company

Key measures
  • Evaluation of insolvency options
  • Crisis management
  • Covenant management
  • State guarantee
  • Ringfencing
  • Reduction of debt level

Outcome
  • Group refinanced in combination with the receipt of fresh money of €30m

2009 Automotive Financial restructuring advice Company
TMD Friction
X
TMD Friction

TMD Friction (2009)

Corporate profile
  • German Automotive Supplier
  • Turnover €700m / total debt €400m

Background
  • Financial distress following radical downturn in automotive market
  • Unwillingness of investors to provide further funds
  • Insolvency in December 2008

Project
  • Advise Pamplona Capital on the acquisition of assets out of insolvency

Key measures
  • Support in negotiation with administrator
  • Deal structuring
  • Identification of working capital funding sources

Outcome
  • Assets successfully purchased by Pamplona Capital

2009 Automotive Distressed M&A (buy side) Investor
XL Airways
X
XL Airways

Corporate profile

Background

Project

Key measures

Outcome

2008 Aviation Management of German assets for UK administrator Administrator
Schieder
X
Schieder

Corporate profile

Background

Project

Key measures

Outcome

2007 Furniture Financial restructuring advice Lender
Synventive
X
Synventive

Synventive (2007)

Corporate profile
  • Specialist tooling manufacturer
  • Turnover €80m / total debt €90m

Background
  • Transatlantic group in need of balance sheet restructuring and additional funding

Project
  • Advisor to senior lenders

Key measures
  • Provided advice on debt capacity of German businesses
  • Produced viability opinion (“Sanierungsgutachten”)

Outcome
  • Equity sponsor and senior lenders agree on restructuring of capital structure

2007 Automotive Viability opinion, financial restructuring advice Lender
Biria
X
Biria

Corporate profile

Background

Project

Key measures

Outcome

2006 Bicycles Financial restructuring advice, board roles Shareholder
TMD Friction
X
TMD Friction

TMD Friction (2006)

Corporate profile
  • German automotive supplier
  • Turnover €650m / total debt €900m

Background
  • Financial distress as a result of operational inefficiencies, over-leverage and slowing demand in automotive market

Project
  • Financial restructuring advisory mandate, acting for company

Key measures
  • Debt-to-equity swap of €175 million of mezzanine
  • Cash  and covenant management
  • Board advice on strategy regarding financial restructuring and German insolvency laws

Outcome
  • Successful financial restructuring and refinanced in November 2006

2006 Automotive Financial restructuring advice Company
Kiekert
X
Kiekert

Kiekert AG (2006)

Corporate profile
  • German automotive supplier
  • Turnover €500m / total debt €300m

Background
  • Declining performance in an over-leveraged business, numerous and complex lending groups incl. traditional lenders, traders and other distressed players

Project
  • Financial restructuring advisory mandate, acting for company

Key measures
  • Debt-to-equity swap
  • New financing
  • Evaluation of insolvency options

Outcome
  • Successful financial restructuring; mezzanine and senior debt holders become new shareholders

2006 Automotive Financial restructuring advice Company
Rinol
X
Rinol

RINOL AG (2006)

Corporate profile
  • European market leader in industrial flooring solutions
  • Listed company
  • Turnover €360m / total debt €77m
  • 1,500 employees

Background
  • Operational and financial crisis
  • Debt instruments purchased by hedge funds

Project
  • Financial restructuring advice
  • Operational restructuring, incl. board roles
  • Distressed M&A

Key measures
  • Financial restructuring incl. debt-to-equity swap

Outcome
  • Successful financial restructuring
  • Sale of company

2006 Construction Financial restructuring advice, board role Company
Edelrid
X
Edelrid

Edelrid AG (2006)

Corporate profile
  • Sports and leisure equipment manufacturer
  • Turnover €10m / total debt €3m

Background
  • UK parent in receivership, sale of Edelrid as part of asset realisation strategy
  • Complex realisation due to involvement of three jurisdictions (UK, France, Germany)

Project
  • Sell-side mandate acting for the administrator

Key measures
  • Marketing of asset to selected strategic buyers

Outcome
  • Edelrid sold for 9x EBITDA

2006 Sports equipment Distressed M&A Administrator
Schefenacker
X
Schefenacker

Schefenacker (2005)

Corporate profile
  • Automotive supplier
  • Turnover  €900m / total debt €400m

Background
  • Business in need of refinancing to pre-empt breach of covenants
  • Additional funding needed

Project
  • Development of a viability opinion (“Sanierungsgutachten”) pursuant to German law used required by syndication banks

Key measures
  • Detailed review of operations and capital structure

Outcome
  • Group refinanced in combination with the receipt of additional €50 million of senior debt

2005 Automotive Refinancing, viability opinion Company
Collins & Aikman
X
Collins & Aikman

Collins & Aikman Europe (2005)

Corporate profile
  • US/European automotive supplier
  • Turnover  €1bn (Europe) / total debt €1bn

Background
  • European entities under English administration proceedings

Project
  • Mandate as representative of insolvency administrators for two German sites

Key measures
  • Assumption of executive management as administrator (CRO)
  • Headcount reduction
  • Conclusion of loss funding and capex funding agreements with Daimler for European plants
  • Initiation of secondary proceedings under German debtor-in-possession provision

Outcome
  • Sale of German and other European entities as going concern after 7 months

2005 Automotive Management of German assets for UK administrator Administrator