Dentons Berlin office has successfully advised Decor Druck Leipzig GmbH within the context of a protective shield proceeding during the acquisition by a new owner. The insolvency plan drawn up by Dentons on behalf of Decor Druck Leipzig GmbH was unanimously accepted at the creditors’ meeting held on November 14, 2013 and was confirmed by the local court of Leipzig on the same day.
The restructuring plan’s creditor and shareholder groups have all agreed to the restructuring plan without a dissentient vote or vote abstention. Thus, Decor Druck Leipzig GmbH, with the support of Dentons, was able to tackle the main obstacle standing in its way to sustainable reorganization and continuation. As soon as the restructuring plan is deemed effective, the ongoing insolvency proceedings will be terminated. Therefore, the capital measures provided for in the plan – approved by vote at a creditor’s meeting, based on the reformed insolvency law of March 1, 2012 – will be enforced. Due to a capital decrease to zero with subsequent capital increase, the former shareholders will leave the company. A new investor was found in the applicable tendering procedure, who, as the new sole shareholder, takes over the new company shares of Decor Druck Leipzig GmbH.
January the local court of Leipzig approved the request for a protective shield proceeding filed by Decor Druck Leipzig GmbH with the assistance of Dentons, ordered temporary debtor-in-possession proceedings of Decor Druck Leipzig GmbH and appointed attorney Mr. Rainer M. Bähr of HERMANN RWS as preliminary custodian. Thereafter, the court opened the insolvency proceedings of the Decor Druck Leipzig GmbH estate on April 1, 2013 and appointed Mr. Bähr as preliminary custodian, who therefore has been selected as preliminary custodian for debtor-in-possession proceedings for the fourth time.
Dentons’ restructuring team led by Dirk Schoene and including German Managing Partner, Andreas Ziegenhagen advised Decor Druck Leipzig GmbH under Managing Director Mr. Werner Stockhausen on all issues in the context of the protective shield proceeding, accompanied the M&A process, negotiated and implemented all necessary personnel measures, prepared the acquisition agreement with the new owner and designed the insolvency plan.
Following the recent implementation of the German reform of insolvency law (ESUG), Dentons has already successfully advised on five protective shield proceedings, including for SOLARWATT AG – the first protective shield proceeding in the solar industry – and on the insolvency plan proceedings for Berliner Geyer-Gruppe as well as the insolvency plan proceedings for Blechformwerke Bernsbach GmbH, an automotive supplier.
Advisor Decor Druck Leipzig GmbH:
Dentons (Berlin): Andreas Ziegenhagen, Dirk Schoene (leading), Dr. Bernd Schumann, Dr. Hanna Kappstein (each in the area of restructuring), Steffen Langner, Andreas Braunsdorf (both certified accountants), Dr. Markus Diepold, Matthias Stelzer (both in the area of labor law), Hauke Thieme and Dr. Sebastian Krieg (both in the area of Tax)
Trustee:
HERMANN RWS: Rainer M. Bähr (trustee), Michael Putze
