Reorganisation: Experienced and well-established ACT team responsible for the self-administration of Alpha Real Estate Holding and 13 subsidiaries

Alexander Höpfner, Sven Tischendorf and Felix Melzer as well as Tara Kamiyar-Müller (Real Estate) have been responsible for the self-administration of the Germany-wide asset and investment manager and leading company in the privatisation of residential real estate – Alpha Real Estate Group – since 27 November 2023.

The entire property and construction industry in Germany is currently struggling with the consequences of high interest rates, rising construction costs and uncertainty in the face of falling property prices. In recent months, for example, the major nationwide property project developer Gerch and Euroboden in Munich, Nuremberg-based Project Immobilien and the Düsseldorf-based property companies Centrum and Development Partner have already had to file for insolvency.

Due to the economic challenges posed by the war in Ukraine, the energy crisis and, in particular, the drastic rise in interest rates and the resulting restraint on the financing and investment market, Alpha Real Estate’s business model has now also found itself in a precarious situation. business model of Alpha Real Estate also found itself in a precarious situation, which led to liquidity bottlenecks and the need for comprehensive restructuring.

With the subsequent applications for self-administration for Alpha Real Estate Holding and 13 of its subsidiaries, which the Mannheim Local Court decided in favour of, the starting signal has now been given for successful and far-reaching restructuring and reorganisation measures towards a repositioning and realignment in the current market. Jens Lieser from the insolvency law firm Lieser Rechtsanwälte, which specialises in insolvency law, has been appointed as provisional administrator.

With a transaction volume of 1.4 billion and a portfolio of 350 thousand square metres of residential and commercial space, the Mannheim-based investment house has been successfully designing and developing investment properties for private investors, tenants and owner-occupiers as well as institutional investors throughout Germany for 10 years with its full-service concept. Alpha Real Estate’s range of services covers the entire property value creation process, from buying and selling to active and value-enhancing asset and property management.

The ACT team is optimally positioned for the planned reorientation, as in addition to the well-known insolvency and restructuring practice of Sven Tischendorf and Alexander Höpfner, the strong expertise of the ACT Real Estate division under the leadership of Tara Kamiyar-Müller, which focuses on special property law situations/restructurings, will also be deployed here.

Alpha Real Estate self-administration:
act legal Germany (act AC Tischendorf Rechtsanwälte), Frankfurt: Dr. Alexander Höpfner (lead, general representative, CIO), Dr. Sven Tischendorf, MBA (lead, general representative, CRO), Dr. Felix Melzer (general representative, restructuring), Dr. Tara Kamiyar-Müller (real estate restructuring), Dr. Fabian Laugwitz, MBA, LL.M. (real estate, commercial)

Strong for the future – Outpatient care service provider Dignicare Pflege GmbH restructures itself in self-administration

Dr Alexander Höpfner, DigniCare’s trustee: “I see a concrete need for care services, a business model that is in demand on the market and opportunities for restructuring that are also in the interest of the creditors”.

Due to the high shortage of labour and skilled workers in the care sector as well as a decline in sales of private cost coverage for certain care and nursing services, the outpatient care service with around 200 employees at 14 operating sites nationwide got into financial difficulties. Within the framework of self-administration and under the constructive support of the restructuring process by the restructuring experts of LIESER Rechtsanwälte Partnerschaft mbB and act legal Germany (act AC Tischendorf Rechtsanwälte), who are particularly experienced in the area of nursing services/hospitals, the outpatient nursing services can be continued without restriction and interruption and the wages and salaries of the employees can be secured via insolvency benefits.

Property administration: act legal Germany – Dr. Alexander Höpfner (property administrator), Dr. Felix Melzer, Maximilian Dieler (both restructuring/insolvency)

For additional information see also our LinkedIn article (in German language only):

Dr. Sven Tischendorf, MBA (self-administrator) and Dr. Alexander Höpfner (self-administrator) ensure the successful conclusion of the insolvency proceedings of the Salamander Klauser shoe stores via an investor solution

Dr Sven Tischendorf in the function of CRO, Dr Alexander Höpfner in the function of CIO and Dr Christian Holzmann in the function of administrator have been responsible for the self-administration of the traditional German companies Salamander Klauser since 13 December 2022.

The shoe chains Salamander and Klauser Schuhe were taken over in 2016 by the parent company Ara, which is backed by the Röseler family of entrepreneurs. Ara manufactures shoes itself and also owns other shoe brands, such as Lloyd or Lurchi.

The unfortunate combination of the negative effects of the COVID-19 pandemic and the economic turbulence triggered by the Ukraine war had put a heavy strain on Salamander’s and Klauser’s retail business.

In the past months of the self-administration proceedings, the restructuring experts Dr. Sven Tischendorf and Dr. Alexander Höpfner, each as managing director, together with the two Salamander/Klauser managing directors Jens Keller and Jens Peter Klatt, got the company back on track by immediately stabilising business operations and successfully realigning it.

In parallel to the operational tasks and the securing of stable financing, an investor process was initiated on the part of the owner and property management with the aim of acquiring new owners with a sustainable continuation strategy by autumn 2023.

Within the framework of this investor process, the Prime Footwear investor group prevailed over other renowned strategists and financial investors. Prime Footwear Investors AG is an association of experienced managerial personalities with profound knowledge of the shoe industry as well as renowned retail experts: Franz W. Wiest (transformation expert), the Brandstetter-Finger family (organisational consultant with shoe retail background) as well as Convergenta Beteiligungsgesellschaft are the new main shareholders.

In addition, the entrepreneurs Peter Prange (former owner of Salamander/Klauser), Günter Althaus (EX-CEO ANWR Group) and Lothar Schäfer (EX-CEO of Adler Modemärkte and AppelrathCüpper) are also involved.

Both the timing and the outcome of the investor process have exceeded expectations, in particular due to the currently very fragile market environment in the branch-based shoe retail sector. As a result, the majority of the approx. 1,000 jobs will be secured both in the now total of 65 branches as well as in the head office and logistics at the Wuppertal location.

The investor group has become a shareholder in Salamander and Klauser via an insolvency plan. After the creditors have approved the insolvency plans submitted to Salamander and Klauser on the occasion of discussion and voting meetings held on 15 September 2023, the Local Court of Wuppertal will terminate the insolvency proceedings in the near future.

The aim is now to achieve/ensure the operational transition until the formal termination of the proceedings. In order to ensure a smooth transition, the team around Sven Tischendorf and Alexander Höpfner will continue to be available to the new owner of Salamander and Klauser.

With a large number of market-renowned self-administration proceedings already successfully concluded in 2020-2022, act AC Tischendorf’s insolvency and restructuring practice, led by partners Dr Sven Tischendorf, MBA and Dr Alexander Höpfner, is one of the market leaders in Germany.

Salamander/Klauser self-administration: act legal Germany (act AC Tischendorf Rechtsanwälte, Frankfurt) – Dr Sven Tischendorf, MBA, Dr Alexander Höpfner (both restructuring managing directors); Dr Felix Melzer (insolvency law, restructuring); Dr Tara Kamiyar-Müller (real estate); Dr Fabian Laugwitz, MBA, LL.M. Eur. (Commercial); Dr. Nina Honstetter (Labour Law); Maximilian Dieler (Insolvency Law, Restructuring)

Realignment – Salamander Deutschland GmbH & Co. KG and 𝗞𝗹𝗮𝘂𝘀𝗲𝗿 are being restructured in self-administration

Dr. Sven Tischendorf, MBA and Dr. Alexander Höpfner were appointed to the management board on 13 December 2022 and, together with the two other managing directors Jens Keller and Jens Peter Klatt, have since ensured the successful and unrestricted continuation of both traditional companies.

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