act legal Germany responsible for self-administration of Saurer Spinning Solutions GmbH & Co. KG

Sven Tischendorf, in the function of CRO and Alexander Höpfner, functioning as CIO, have been responsible for the self-administration of leading global textile machinery manufacturer since June 16, 2021.

In the course of preparations and the implementation of self-administration proceedings according to § 270 ff, 270 d InsO („protective shield proceedings“), Dr. Sven Tischendorf, MBA (CRO), as well as Dr. Alexander Höpfner (CIO) reinforce the management of Saurer Spinning Solutions GmbH & Co. KG as general representatives, both operationally and as insolvency law experts.

The COVID-19 pandemic and it’s negative effects, in combination with the impact of tariff and trade wars on strongly international supply relationships, had unexpectedly weighed heavily on the business of Saurer Spinning Solutions GmbH & Co. KG. Saurer Spinning Solutions GmbH & Co. KG disposes of considerable substance while maintaining a currently very established order situation. Thanks to the protective shield, business operations can in all respect be continued in an orderly manner, as well as further developed in a sustainable manner.

Saurer Spinning Solutions GmbH & Co. KG is a traditional German company founded in 1904. Since July 2013, it has been part of the global technology group Saurer, which is listed on the Shanghai Stock Exchange. With annual sales of approximately EUR 450 million, Saurer Spinning Solutions GmbH & Co. KG employs around 1,200 people at a total of three locations in Germany. Along the various stages of the textile value chain, Saurer Spinning Solutions plays a leading key role in the global market amongst renowned spinning technology brands such as Schlafhorst and Zinser (high-tech components and systems for textile machines) as producers of machines and systems. With the market-renowned self-administration proceedings of Baden-Board, Picard, JMT, Hallhuber and Vossloh-Schwabe, which have already been successfully completed in 2020, the practice led by partners Dr. Sven Tischendorf, MBA and Dr. Alexander Höpfner, as part of act AC Tischendorf, is one of the market leaders in Germany in the area of insolvency and restructuring.

Self-Administration Saurer: act AC Tischendorf Rechtsanwälte, Frankfurt: Dr. Sven Tischendorf, MBA (lead, chief-representative, CRO), Dr. Alexander Höpfner (lead, chief-representative, CIO), Dr. Felix Melzer. (handling of proceedings), Dr. Fabian Laugwitz, MBA, LL.M (Commercial)

Update on international data protection: new standard contractual clauses for international data transfers

Almost a year ago, the ECJ declared the EU-US Privacy Shield as invalid (Schrems II) and also raised some questions regarding the EU Standard Contractual Clauses (SCC), the most important instrument for international data transfers. The EU Commission has now adopted new SCCs, with which it has adapted the previous SSCs to the General Data Protection Regulation (GDPR) and also taken the ECJ’s specification into consideration. However, it quickly becomes clear that the EU Commission has not created a carte blanche for data exchange with the new SCCs. Companies that transfer personal data to third countries such as the USA on the basis of SCC now have some work to do.

To read the full newsletter, please click here.

WMWP placed in the IFLR1000 „Banking and Finance” ranking 2020/2021

Our successful development of the banking and finance practice in recent years has now also led to international recognition. The placement in the current IFLR1000 Ranking 2020/2021.

This success is due to our satisfied clients and a strong team around Mag. Martin MutzDr. Roman Hager and Mag. Franz Asseg.

Click here for the IFLR1000 Ranking.

Dr. Sven Tischendorf, MBA, Dr. Alexander Höpfner and Dr. Felix Melzer ensure profitability and refinancing of the international Vossloh-Schwabe Group within the scope of self-administration proceedings



The Vossloh-Schwabe Group enjoys a tradition of more than 100 years as one of the world’s leading manufacturers and distributors of LED systems, lighting control systems and lighting technology components with subsidiaries in Europe, Asia, Africa and Oceania. Until the end of 2019, the Vossloh-Schwabe Group was part of the Panasonic Group and was sold to the private equity investor Fidelium Partners at the beginning of 2020. With a total of more than 1,000 employees, the Vossloh-Schwabe Group generated sales of EUR 160 million in the fiscal year of 2019.

After the creditors have unanimously approved the insolvency plans submitted by the self-administration on May 03, 2021, the self-administration proceedings (protective shield proceedings), pending since May 2020, will be able to be lifted in the near future. In addition to optimizing the entire production and sales organization, the reorganization carried out in the course of self-administration proceedings likewise comprised of partial plant closures and relocations of operating units. By these measures, the long-term profitability of the entire Vossloh-Schwabe Group is ensured and the permanent existence of jobs is safeguarded.

Fidelium Partners continues to support the Vossloh-Schwabe Group as a shareholder and, as part of the capital measure implemented in the insolvency proceedings, has extensively re-funded the Vossloh-Schwabe Group. Thus, the Vossloh-Schwabe Group is not only fully financed but has also regained its full operational capacity and competitiveness.

After the successful completion of self-administration proceedings of Baden-Board, Picard, JMT and Hallhuber in the past six months alone, act legal Germany’s insolvency and restructuring practice can record a further restructuring success with the Vossloh-Schwabe Group within one of Germany’s market-renowned proceedings.

Self-Administration, Consultancy Vossloh-Schwabe Group: act AC Tischendorf: Dr. Sven Tischendorf, MBA (lead, chief representative, CRO), Dr. Alexander Höpfner (lead, chief representative, CIO), Dr. Felix Melzer (process handling), Dr. Fabian Laugwitz, MBA, LL.M. (supplier management), Dr. Stephan Schwilden, MBA (Employment law), Dr. Nina Honstetter (Employment law)

Flagship mandate: TECHNIPLAS, together with act AC Tischendorf, takes over the business operations and key assets of the publicly listed Nanogate Group out of insolvency



By notarized purchase agreement dated 7 May 2021, TECHNIPLAS is taking over the material assets of Nanogate SE and its insolvent subsidiaries Nanogate Management Services GmbH, Nanogate NRW GmbH, Nanogate PD Systems GmbH and Nanogate Neunkirchen GmbH by way of so-called „asset deals” (transferring restructuring), as well as the equity investments in non-insolvent subsidiaries held by Nanogate SE which are attributable to the core business (including Nanogate heT Engineering GmbH, Nanogate Netherlands B.V., and Nanogate Netherlands B.V.). Nanogate North America LLC, Nanogate heT Engineering GmbH, Nanogate Netherlands B.V., Nanogate Schwäbisch Gmünd GmbH, Nanogate Slovakia s.r.o.) by way of share deals.

The closing of the transaction is still subject to various conditions.

Nanogate, headquartered in Göttelborn, Germany, is a leading technology group that produces design-oriented, multifunctional components and surfaces primarily for the automotive and industrial sectors. The company has an extensive technology portfolio and supplies major international customers worldwide (e.g. Airbus, BMW, Daimler, Ford, GM and the VW Group). The 22 group companies are active at ten locations in seven countries; Nanogate SE shares are traded in the scale segment of Deutsche Börse Frankfurt. In 2019, Nanogate generated sales of approximately EUR 243 million with around 1,800 employees. On 22 June 2020, the management filed for insolvency in self-administration pursuant to Section 270b InsO (protective shield proceedings) for Nanogate SE as well as five German subsidiaries. All other companies in the group continued to operate as solvent entities.

TECHNIPLAS is a global supplier of advanced plastic components, primarily for the automotive sector, but also for industrial, consumer goods, medical and other markets. The group was founded in 1941 and today generates sales of around USD 500 million at ten locations. The sustainable growth course is supported by the shareholders H.I.G Capital, Amzak Capital Management and The Jordan Company.

Background

act legal Germany is trusted advisor to many well-known private equity funds and their portfolio companies, especially in the areas of distressed M&A and restructuring. There is a long-standing relationship with H.I.G. Capital. act legal Germany has already advised on several transactions for TECHNIPLAS in the past. In addition to the transaction management in Germany, act legal Germany’s office was also responsible for the overall international management of the legal aspects of the transaction, for which it was able to draw on the support of numerous other act legal offices.

Legal advisors TECHNIPLAS

act legal Germany – AC Tischendorf Rechtsanwälte (Lead management, transaction advice and documentation): Dr. Sven Tischendorf, MBA (M&A, insolvency law, labor law), Dr. Matthias Müller, MBA (M&A, Corporate, insolvency law), Dr. Fabian Brocke, LLM. (Transaction documentation, management due diligence worldwide), Dr. Stephan Schwilden (labor law, antitrust law), Dr. Florian Wäßle (IP / IT), Marcus Columbu (Finance), Dr. Fabian Laugwitz LL.M., MBA (Real Estate), Sarah Landsberg (Corporate, M&A)

act legal Austria – WMWP (Austrian transaction aspects): Dr. Martin Wiedenbauer, Mag. Franz Asseg

act legal Slovakia – act MPH (Slovak transaction aspects): Mgr. Jana Alušíková, Mgr. Zuzana Jahodníková, LL.M., Mgr. et Mgr. Katarína Kasalová

act legal The Netherlands – act FORT (Dutch transaction aspects): Derk van Geel, Terry Steffens, Elias van Kampen

LAWorld – Nexsen Pruet (US transaction aspects): Todd Davidson, Mark W. Bakker

LAWorld – Nordia (Finnish transaction aspects): Matti Kari, Annamarie Männikkö

LAWorld – Özkan (Turkish transaction aspects): Zeynep Özkan Özeren

Flick Gocke Schaumburg (Taxes and tax structure): Christian Schatz, Corina Hackbarth, Anne-Catharine Lorek, LL.M.

act AC Tischendorf, Gerloff Liebler and K&L Gates successfully secure HALLHUBER’s path out of self-administration via insolvency plan into a successful future after the lockdown



The well-known German fashion company Hallhuber GmbH („Hallhuber„) successfully completes the self-administration proceedings (protective shield proceedings) ongoing since April 2020 via an insolvency plan and is once again fully operational and competitive. 

The creditors unanimously approved the insolvency plan submitted by the self-administration on 11 May 2021. Today also secures the long-term continuation of around 1,100 jobs and the sustainable existence of one of the well-known landmarks in almost all major German city centres. 

Hallhuber is one of the most prominent German fashion companies with currently 1,100 employees, 380 stores and retail spaces in Germany, Austria, Switzerland, Benelux and other European countries as well as its own online platforms in Germany, Austria, Switzerland and France. In the financial year 2019, Hallhuber achieved sales of around EUR 200 million. The significant challenge in recent months was to manage two lockdowns due to the COVID-19 pandemic from a business and legal perspective. After Hallhuber was unable to receive state aid due to the insolvency petition filed, Hallhuber put itself into a kind of „hibernation” and thus entered new legal territory. This also includes the unanimous adoption of a so-called insolvency plan for insufficiency of assets in accordance with § 210a InsO (German Insolvency Code) by the creditors (of old debts incumbent on the estate), which made the current prospects and continuation of operations possible in the first place and is likely unique in Germany on this scale.

The success of the self-administration procedure is not only due to the courageous decision-making but also to the unparalleled solidarity of all Hallhuber’s important stakeholders in Germany – financiers, landlords, suppliers, employees and, last but not least, Hallhuber’s loyal customer base. The previous Hallhuber financiers, Robus Capital and CSP, will continue to provide Hallhuber with committed and lasting support. Based on the insolvency plan, which provides for a capital cut, the managing directors of Hallhuber, Rouven Angermann and Torsten Eisenkolb, have acquired shares and are new shareholders of Hallhuber. 

Self-administration, advisors Hallhuber: act AC Tischendorf, Dr. Sven Tischendorf, MBA (lead, general representative, CRO), Dr. Alexander Höpfner (lead, general representative, CIO), Dr. Felix Melzer (litigation), Dr. Tara Kamiyar-Müller, (real estate law), Dr. Matthias Müller, MBA (transaction negotiation) Dr. Stephan Schwilden, MBA (labour law), Dr. Nina Bogenschütz (labour law), Dr. Fabian Laugwitz, MBA, LL.M. (commercial)

WMWP act legal Austria rises further in the JUVE Banking and Finance Law Ranking 2021

In recent years, WMWP has been working steadily to expand and develop the area of „Banking and Finance Law”. This was recently rewarded by JUVE, the magazine for business lawyers in Austria, with another star in the 2021 ranking.

The team around Mag. Martin Mutz, Dr. Roman Hager and Mag. Franz Asseg draws on an excellent network in the financial sector and many years of advising renowned institutions and banking mandates.

JUVE particularly emphasizes the expansion of the advisory spectrum, which, among other things, deals more intensively with regulatory issues, development of new business models in payment transactions and investments in renewable energy.

Click here for the JUVE Ranking 2021 / Banking and Finance Law.

Pitfalls of Trademark Prosecution in China & Shadow Companies in Hong Kong

act legal Germany & ONC Lawyers Hong Kong/China join forces to host a webinar on 5th May 2021



GUEST SPEAKER

Lawrence Yeung 楊先恒律師
Lawyer, partner
ONC Lawyers
Hong Kong • China

T: +852 2810-1212
E: lawrence.yeung@onc.hk

Read more about the webinar under events or our LinkedIn profile.

Tempton group continues to expand

Tempton intends to take over the entire operative business of its competitor Brilliant – with more than 30 branches and around 1,200 employees. With more than 9,000 employees at around 150 locations nationwide, Tempton will thus rise even further among the TOP 10 leading temporary employment agencies in Germany and consolidate its position as one of the most attractive partners and employers in the personnel services sector.

Download the full newsletter about the take over below (in German language only):



Read the news also on act legal Germany’s LinkedIn profile.