The Legal 500

Freshfields Bruckhaus Deringer has a diversified and ‘highly professional’ practice that excels at advising both on national and cross-border matters. The team is among the few dominating a market in which ‘there is no way around’ Lars Westpfahl, whose ‘performance is beyond any doubt’. With traditionally strong ties to the banking sector, the team recently acted for SoFFin/Financial Markets Stabilisation Agency on a federal bad bank model in form of a special public law entity. Berggruen Holdings instructed the team on the acquisition of insolvent department store chain Karstadt Warenhaus, and the team has been visible in restructuring of public companies, the automotive and the shipping sectors, including the successful debt restructuring of Israeli shipping container company ZIM. Yorck Jetter is recommended.

Leading firm in the restructuring arena, Linklaters LLP links the practice with other areas such as finance, and has been involved in some of the most significant mandates of 2010. Highlights included advising General Motors Europe as parent company on the restructuring of Opel Group, and Almatis on its restructuring through Chapter 11 proceedings under US law. The team includes the ‘pragmatic’ Kolja von Bismarck, who ‘always finds a solution’ and ‘absolutely nothing negative’ can be said about Sven Schelo. It also advised Cerberus as landlord in connection with the insolvency of Woolworth (Germany).

Allen & Overy LLP traditionally acts for banks, but has recently broadened its sprectrum, including advising truck industry supplier SAF-Holland Group on the restructuring of its financial indebtedness. The ‘excellent’ Peter Hoegen leads a team that acted for News Corporation on the restructuring of the financing arrangements for Sky Deutschland, and Böwe Systec on the restructuring of its credit portfolio comprising loans, bonds and mezzanine programmes.

‘Renowned’ Heinz-Günter Gondert remains the figurehead at Clifford Chance, who heads the team jointly with newly elected partner Stefan Sax. Noteworthy is the group’s seamless cooperation with the banking and finance teams as well as the London team, leading to a significant number of international mandates. Highlights included acting for the senior lenders during the insolvency of Edscha, for a consortium of banks in Rodenstock’s restructuring, and the senior lender committee on the buy out restructuring of Monier.

The team at Gleiss Lutz knows the German law ‘inside out’ and lawyers are ‘technically extremely good’. The firm capitalises on its full service approach for generating work in numerous sectors. It advised RREEF, Generali, Pirelli RE and Borletti Group on the restructuring of the Highstreet real estate joint venture, and Golden Gate Capital on its planned acquisition of Primondo/Quelle/HSE 24 from the insolvency administrator. Andreas Spahlinger and Burkard Göpfert are recommended.

Featuring highly rated insolvency administrators, Görg Partnerschaft von Rechtsanwälten is active advising on restructuring matters, with several administrators counting among its clients. Highlights included acting for HP-Pelzer-Group on refinancing matters, for Nokia on the acquisition of assets out of insolvency, and Primacom Management. Helmut Balthasar and Martin Stockhausen are well regarded.

Latham & Watkins LLP’s ‘exceptionally strong team’ has advised on the first matters in Germany where German companies resorted to Chapter 11 in their restructurings. The Federal Association of German Private Banks – Deposit Protection Fund instructed the team on the sale of all shares in troubled Düsseldorfer Hypothekenbank to Lone Star, led by banking restructuring expert Uwe Eyles. Andreas Diem and the ‘pragmatic and commercial’ Frank Grell are noted.

Noerr LLP’s dynamic practice had a solid 2010, and features young lawyers who are increasingly recognised. The team delivers ‘great quality work’, advising Qimonda and its insolvency administrator on the sale of the chip maker’s patent portfolio, and Thomas Cook Group regarding its release from the collapse of majority shareholder Arcandor. A number of partners come in for praise, underlining the breadth of the practice, including Christian Pleister, Eckhard Martin, Thomas Hoffmann and Christoph Schotte.

New opportunities in cooperation with Hogan Lovells International LLP’s US practice are opening up post-merger. However, the practice already has a track record of cross-border mandates, and a recent highlight has been advising the senior lender consortium on the restructuring of IMO Car Wash. Heiko Tschauner leads the team that includes Detlef Hass and new partner Christian Herweg.

Though still comparatively small in Germany, Kirkland & Ellis International LLP’s competitors are ‘impressed by what the team has managed to accomplish’. The practice, featuring the recognised Bernd Meyer-Löwy and Leo Plank, advised a consortium of senior lenders on the hostile debt M&A takeover of Monier Group, and acted for the mezzanine lenders in the restructuring of TeleColumbus Group.

Among the leading firms for insolvency law, Schultze & Braun also maintains a busy restructuring practice. Cooperation with the London office is fruitful, however, the firm does not have an office network similar to some other international law firms. Merckle instructed the team on restructuring VEM Finanzholding; EP Elsterberg is also a client. The team includes the well-regarded Eberhard Braun.

Weil, Gotshal & Manges advises on distressed matters, partly generated through the firm’s regarded private equity and M&A practice. Again, restructurings with a US angle have been a significant source of work, including acting for General Motors regarding the US Chapter 11 proceedings. WKO instructed the team regarding the transactions with Volkswagen and Magna. Gerhard Schmidt is recognised.

The team at Wellensiek Rechtsanwälte – Partnerschaftsgesellschaft is rated for its ‘technical excellence’, and draws on the vast experience of its administrators. Particularly singled out are Alfred Hagebusch, who delivers ‘top class results’, and Christopher Seagon. Barclays Bank and Deutsche Bank London instruct the team on the restructuring of real estate portfolios, further clients include HSW, Faist Chem Tec and Primacom.

White & Case LLP has a great reputation with banks and private equity funds for its financial restructuring work, and the recent addition of a renowned administrator has opened up new synergy possibilities for the group. The team, including Biner Bähr and Sven-Holger Undritz, acted for the City of Hamburg and the State of Schleswig-Holstein on the restructuring of HSH Nordbank, and for Commerzbank on the restructuring of a German automotive supplier.

Handling ‘very complex matters’, Hengeler Mueller utilises the team’s finance and M&A capabilities for its work in the financial restructuring arena. The team acted for the administrator regarding Lehman Brothers’ insolvency, advised Monier-Group on its restructuring, and acted for Carl Zeiss on the credit restructuring of Carl-Zeiss-Vision-Group. Johannes Tieves is recommended.

Heuking Kühn Lüer Wojtek’s team, including Georg Streit, had a busy 2010 advising mid-cap clients, who appreciate the group’s good value for money ratio. Berwin & Berwin instructed the team on the acquisition of assets from the insolvency administrator of Bäumler, and the team acted for Icebank regarding a bankruptcy initiation proceeding under Icelandic law.

Jones Day’s Frankfurt office is noted for the constant workflow coming from the US, where several US-based funds and lenders instruct the team. The team advised Patriarch Partners Management Group on the recapitalization and takeover of majority interest in Dura Automotive Systems, and IAC Group on the purchase of the business of automotive supplier Stankiewicz. Volker Kammel is recommended.

Recommended for restructuring work, Piepenburg – Gerling Rechtsanwälte is however mainly known for administrating insolvencies. Horst Piepenburg and Peter Minuth are held in high esteem, acting for Arcandor’s insolvency administrator and its board of directors.

Salans LLP bolstered its capabilities by adding German-qualified lawyer Bodo Schaar to its London team, and hiring Dietmar Schulz from Ashurst LLP. Highlights included advising investor Gordon Brothers on the acquisition of German Woolworth Group, and ORCO Property Group on the debt restructuring on its multibillion-euro real estate portfolio. Andreas Ziegenhagen leads the team.