Restructuring in Germany

Freshfields Bruckhaus Deringer

Freshfields Bruckhaus Deringer advises banks, debtors and buyers on the financial restructuring of companies facing insolvency, including the settlement of loan claims and renegotiation of non-performing loans. The team also assists insolvency administrators and trustees with distressed M&A transactions and the liquidation of insolvent companies. Led by Lars Westpfahl, the practice acts for various sectors such as finance, energy, aviation and shipping.

Practice head(s):

Lars Westpfahl

GÖRG Partnerschaft von Rechtsanwälten mbB

GÖRG Partnerschaft von Rechtsanwälten mbB regularly carries out financial restructurings in and outside of insolvency, which includes the restructuring of business units and financial portfolios, and assists debtors, banks, investors and creditors with distressed M&A transactions. The team also represents creditors in creditors' committees and acts for clients in defending and challenging financial claims in and out of court. Led by Christian Bärenz, the team includes Helmut Balthasar, who frequently acts at the corporate and financial interface, and restructuring and insolvency lawyer Martin Stockhausen, and acts for clients from the shipping, finance, retail, mechanical engineering and automotive industries.

Practice head(s):

Christian Bärenz

Gleiss Lutz

The restructuring practice at Gleiss Lutz handles financial restructurings and refinancings including associated corporate, tax and employment law matters, while also providing assistance with operative restructuring issues. Additionally, the team has expertise in insolvency-related litigation and acts for clients in defence against rescission claims brought by insolvency administrators. Co-practice heads Ralf Morshäuser and Andreas Spahlinger advise on distressed M&A transactions and prepare insolvency solutions as part of insolvency plan proceedings. Matthias Tresselt advises institutional investors, among other clients, on insolvency law matters in pre and post-insolvency scenarios, while Helge Kortz regularly represents creditors in creditors' committees. Alexander Nagel made counsel in January 2019 and regularly acts at the interface with corporate law.

Practice head(s):

Andreas Spahlinger; Ralf Morshäuser

Kirkland & Ellis International LLP

Kirkland & Ellis International LLP focuses on advising creditors and debtors on financial restructuring matters but also acts in insolvency-related judicial and extrajudicial disputes in order to prevent insolvency proceedings. In restructuring, the practice makes use of various methods, including debt equity swaps and international restructuring concepts such as arrangement schemes. Leo Plank, who jointly heads the team with Bernd Meyer-Löwy and Sacha Lürken, also has experience in handling the employment law aspects of financial restructurings as well as in enforcing reorganisation plans. Wolfram Prusko's focus lies on advising investors, debtors and creditors on cross-border corporate acquisitions. Providing assistance with the assertion of claims and the defence against insolvency-related liability claims is another key element of the practice.

Practice head(s):

Leo Plank; Bernd Meyer-Löwy; Sacha Lürken

Other key lawyers:

Wolfram Prusko


‘The law firm understands commercial correlations and gets to solutions in a creative way.’

‘The practice covers the whole range of complex restructurings and at the same time is able to constantly deliver first-class advice.’

Key clients


Toys ‘R’ Us

Schuldscheingläubiger der GERRY WEBER International AG

Aegean Marine Petroleum Network Inc.

Aktionärsgruppe der Banco Popular in Spanien

J.C. Flowers & Company

Work highlights

  • Advised Agrokor on restructuring proceedings monitored by a Croatian court.
  • Representation of a bondholder in the creditors’ committee in the insolvency proceedings of Air Berlin.
  • Advised an ad-hoc committe of holders of convertible bonds in the restructuring of the retail conglomerate Steinhoff International Holdings.

Latham & Watkins LLP

Latham & Watkins LLP's cross-border and multidisciplinary experience in the segments M&A, stock corporation and capital markets law alongside banking, employment law, tax law and litigation is applied when advising on matters at the intersection of financial and operative restructurings. This includes advice on the acquisition of non-performing loans, debt equity swaps and the analysis of potential insolvency scenarios, while taking into account insolvency protection, self-administration and insolvency plan proceedings. Practice head Frank Grell advises buyers, debtors and creditors on distressed M&A transactions and assists defendants and plaintiff insolvency administrators with insolvency-related disputes. In distressed M&A, Jörn Kowalewski regularly acts for shareholder consortiums in the sale and restructuring of companies. Its client portfolio includes several players from the aviation, furniture, energy and financial sectors.

Practice head(s):

Frank Grell

Other key lawyers:

Jörn Kowalewski


‘Creditors, sponsors and debtors are being advised adeptly and competently. Additionally the team always has an eye on solution-oriented approaches with the client’s interest in mind.’

‘Frank Grell as well as Jörn Kowalewski are outstanding technical experts.’

Key clients

Achim Ahrendt als Insolvenzverwalter von S+K und REVA

Air Berlin

Apollo Global Management, LLC

Bartec Group


BNP Paribas


CMP Capital Management-Partners GmbH


creatrade Holding GmbH

Schneider Versand GmbH & Co. KG

Deutsche Bank

DSD Duales System Holding GmbH & Co. KG

DZ Bank

Gerflor SAS Group

Hellmann Logistik



Invia Group

Keymile Group

One Equity Partners


Riverside Beteiligungs GmbH

Scholz Recycling GmbH

Solarworld Holding Beteiligungsgesellschaft


TKN Marktkarree Langenfeld GmbH & Co. KG

Work highlights

  • Assisted Air Berlin and its insolvency administrator Lucas Flöther with the examination and enforcement of claims of over €1bn against Etihad at courts in Berlin and London.
  • Advised CMP Capital Management-Partners on the acquisition of the insolvent Bavaria Yachtbau.
  • Advised Hellmann Worldwide Logistik on its operative restructuring and refinancing.

Allen & Overy LLP

Allen & Overy LLP focuses on financial restructuring, the restructuring of companies in crisis and on distressed M&A transactions. The first segment includes debt equity swaps and advice on debt securities trading, where the team mainly acts for buyers. In other work, the practice acts for debtors and creditors in judicial and extrajudicial disputes, enforcing and defending claims. Practice head Peter Hoegen advises business partners on the implications of insolvency on trade, supply and leasing contracts.

Practice head(s):

Peter Hoegen

Clifford Chance

Clifford Chance assists banks with the financial restructuring of insolvent and pre-insolvent companies and advises companies in financial difficulties on various restructuring matters such as cross-border liabilities arising from insolvency scenarios. Its offering also includes assistance with the restructuring of non-performing loans and with securing follow-up financings. Counsel Christina Weidner is the main contact for the acquisition of non-performing loans and the establishment of joint ventures, while team head Stefan Sax receives regular instructions on restructurings alongside the sale and liquidation of insolvent companies. Typical clients include aviation, banking, apparel and automotive supply industry players as well as real estate funds.

Practice head(s):

Stefan Sax

Other key lawyers:

Christina Weidner


‘The practice group consists of good mediators and is excellent at representing the interests of creditors.’

Key clients

Hemisphere International

Properties B.V.

Bank of Ireland


Deutsche Bank AG

Jack Wolfskin

Geschäftsführer der GmbH


Prolimity Capital Partners

Work highlights

  • Advised the insolvency administrator on the sale of the business operations of BOA Balg- und Kompensatoren-Technologie and remaining companies to the Austrian industry group Ring International Holding.
  • Advised Steinhoff’s real estate daughter Hemisphere on the restructuring of $1 bn debts.
  • Advised a banking syndicate in connection with the insolvency and restructuring of wind turbine manufacturer Senvion.


Dentons has solid expertise in matters at the interface with finance, corporate and insolvency law and is best known for its trustee work, which is frequently handled by managing partner Andreas Ziegenhagen, who also acts as  general representative in self-administration proceedings. As another key individual, Arne Friel, who was appointed co-head in May 2019, is experienced in cross-border restructurings and distressed M&A transactions. These two segments are among the practice's key areas of expertise along with assisting creditors and lenders with debt restructuring as well as with the restructuring of real estate financings and promissory note loans. The team also represents creditors in insolvency proceedings and in defence against rescission claims.

Practice head(s):

Andreas Ziegenhagen; Arne Friel


‘The practice is excellent in the area of interest representative as trustee.’

‘The team around Mr Ziegenhagen is at all times goal- and performance-oriented and is characterised by absolute professional and technical competence.’

‘Particularly regarding the negotiation and support of trust models, the experience of dealing with matters of company and tax law is showing through. The projects are also actively supported, for example with supervisory mandates or as the member of a steering committee.’

‘The law firm has a very pragmatic approach, considers costs, is characterised by a very good reachability and fast reactions, even on cross-practice matters such as tax law.’

‘Andreas Ziegenhagen is an excellent trustee.’

Key clients

Paracelsus-Kliniken Group

Germania Beteiligungsgesellschaft mbH

Air Berlin Finance BV

Speyside Equity LLC

Schuldscheindarlehensgläubiger der IFA Group


DRK Kliniken Brandenburg-Thüringen gGmbH

Gerry Weber International AG

Pickhardt & Siebert GmbH

Addfinity Testa Group

CRI Group / Mriya Group

Treveria F S.À.R.L.

Chemnitzer Freie Presse


DIHAG Holding GmbH

Work highlights

  • Advised the Paracelsus clinics on the restructuring in the context of insolvency proceedings, including assisting with an M&A tender procedure.
  • Assisted Speyside Equity with the insolvency proceedings of the previously listed SKW Stahl-Metallurgie Holding until termination of proceedings.
  • Advised DRK gemeinnützige Krankenhausgesellschaft Thüringen Brandenburg and its subsidiaries on the restructuring in the context of insolvency proceedings in self-administration.


Noerr advises creditos, debtors, investors and insolvency administrators on national and international restructurings whereby its expertise includes both insolvency and self-administration proceedings. The team co-led by Thomas Hoffmann and Martin Kleinschmitt provides assistance with distressed M&A transactions and advises banks on various types of financial restructuring such as debt equity swaps. The team has also been increasingly handling trustee work, while also advising suppliers and business customers of insolvency debtors on the commercial implications of their business partners' insolvency, and assisting insolvency administrators with the liquidation of assets and restructuring measures to safeguard the interests of creditors. Baker McKenzie's former co-practice head and transactions specialist Dorothee Prosteder joined the team in September 2019, while Simone Schönen, who acts for debtors and creditors, joined one month earlier from Freshfields Bruckhaus Deringer as salary partner.

Practice head(s):

Thomas Hoffman; Martin Kleinschmitt

Other key lawyers:

Dorothee Prosteder; Simone Schönen

White & Case LLP

The team at White & Case LLP, who also acts as insolvency administrator, is adept at handling financial restructuring as well as operative insolvency and reorganisation work, including associated transactional matters. Its client base includes players from the automotive, shipping and consumer goods industries. Co-practice head Sven-Holger Undritz frequently applies his restructuring and reorganisation know-how to advise on cross-border insolvency plans and the acquisition of insolvent companies, while his colleague Riaz Janjuah represents debtor companies in reorganisation negotiations and advises banks, companies and investors on restructurings.

Practice head(s):

Sven-Holger Undritz, Riaz Janjuah

Key clients

HSH Nordbank AG

GALERIA Kaufhof GmbH

Daimler AG

Wilmington Trust SP (Services) Frankfurt GmbH

Asklepios Kliniken GmbH & Co. KGaA

Voltaire Finance B.V.

Cerberus Capital Management, L.P.


Work highlights

  • Advised HSH Nordbank on the restructuring of the global shipping company Rickmers with an overall volume of over $1.4bn.
  • Advised GALERIA Kaufhof on the merger with Karstadt.
  • Advised Daimler on the global restructuring of Takata Corporation.


The focus of CMS' practice lies on reorganisation and restructuring matters, providing debtors and creditors with pre-insolvency advice, collateral management as well as on bank and supplier pools-related issues. In other work, the team advises managing directors and board members on company crises, regulatory insolvency plan reviews and liquidations, including subsequent disputes. This broad range of services is called upon by automotive, technology, financial and real estate sector players. Team head Alexandra Schluck-Amend assists creditors, sellers and debtors with insolvency-related corporate acquisitions and regularly acts in creditors' committees.

Practice head(s):

Alexandra Schluck-Amend


‘The practice is diverse across Germany, legally strong and very client-oriented.’

‘The very high technical know-how in combination with speed, flexibility and solution-orientedness make the restructuring- and insolvency team of CMS unique.’

‘The practice is characterised by constant reachability and legal brilliance.’

‘Alexandra Schluck-Amend is very motivated and assertive. She has a good eye for feasibility and is leading the restructuring team with a very good technical knowledge, combined with empathy, speed, flexibility and solution-orientedness.’

Key clients

Maple Bank / Maple Financial Europe SE

Small Planet Airlines GmbH

Gußwerke Saarbrücken GmbH

Work highlights

  • Advised Circle Media Group on the takeover of the insolvent company Körner Druck.
  • Advised KTG group on the settlement of the funds KTG Lucrum I and LTG Lucrum II.
  • Advised Robus Capital Management on the takeover and restructuring of the Beate Uhse group.

Hengeler Mueller

Hengeler Mueller advises both buyers and sellers on the acquisition and sale of distressed business units and their assets, including the related unbundling of shareholder structures, as well as on restructuring-related compliance and associated financing matters such as debt equity swaps. Other work pertains to the investigation and defence against claims brought by insolvency administrators as well as to the restructuring of banks and financial services providers. Many of its clients stem from the automotive, financial and telecommunications sectors alongside the furniture industry. Martin Tasma, who frequently acts for companies and private equity funds, made partner in January 2019.

Other key lawyers:

Johannes Tieves; Daniel Weiß; Martin Tasma


‘Very good solicitors, very good general overview of intertwining areas of law, first-class advice.’

‘All lawyers at Hengeler Mueller are excellent legal experts and highly qualified, especially when it comes to complex cases of finance restructuring.’

‘Martin Tasma already is a very experienced, alert and at the same time pragmatic colleague, who also addresses unpleasant truths openly and always works solution-oriented.’

Key clients



Accel Partners

Cerberus Capital Management

Work highlights

  • Advised Ericsson on the acquisition of parts of the Kathrein group.
  • Advised the Seifert group on the acquisition of shares in furniture corporation POCO from LiVest, a Steinhoff group company.
  • Advised Cerberus Capital Management on the restructuring of HSH Nordbank.

Heuking Kühn Lüer Wojtek

Heuking Kühn Lüer Wojtek acts for insolvency administrators in defence against liability claims and prepares rescissory actions. In other work, the team advises on distressed M&A and real estate transactions, acts for banks and creditors in matters pertaining to the restructuring of borrowers and handles restructuring-related antitrust law issues. As well as acting for banks, the team's client portfolio includes shipping companies, automotive suppliers, logistics companies and healthcare sector players. Georg Streit heads the practice and is experienced in representing managing directors alongside management and supervisory boards in litigation. Kai Uwe Büchler and Christopher Görtz were made salary partners at the beginning of 2019 and have experience in handling various restructuring-related matters.

Practice head(s):

Georg Streit


‘The practice has its strengths in the technical competence, the commercial viewpoint and the preparation of solutions for complex issues.’

‘Heuking Kühn Lüer Wojtek has the highest technical competence, is fast and always available and shows great dedication, fairness and a very high legal quality.’

‘The team is very flexible and answers requests fast. One always has the feeling, that the client comes first. The requirements of insolvency law are translated very comprehensibly to the client. This way, the clients are shown a clear picture of their situation.’

‘Georg Streit is leading a strong team and is himself almost always present. The technical reputation and his network have been proven to help public officials make decisions in line with the recommendations of Heuking.’

Key clients

Bavaria Yachtbau

United Battery Management

Viessmann Bavaria Yachtbau

Work highlights

  • Advised Bavaria Yachtbau on the sale of the company by means of a tender procedure.
  • Advised a financial institution on the drafting of a model contract for the sale of portfolios of distressed receivables from loans and other types of financing in the context of a tender procedure.
  • Advised a capital investment company on the acquisition of shares in Charles Vögele Deutschland.

Hogan Lovells International LLP

Assisting buyers and sellers with distressed transactions, handling liability claims brought by and against businessmen and supervisory board members as well as acting in bankruptcy appeals are key elements of Hogan Lovells International LLP's expertise. Christian Herweg advises on financial and liability side restructuring as well as on insolvency plan proceedings, cross-border insolvencies and the enforcement of security rights, while team head Heiko Tschauner regularly acts in insolvency protection proceedings and advises on the protection against insolvency risks, by way of double trust schemes, among others. The team regularly acts for clients from the telecommunications, energy, pharmaceutical and aviation sectors as well as the real estate, automotive and media sectors.

Practice head(s):

Heiko Tschauner

Other key lawyers:

Christian Herweg


‘The Hogan Lovells-team always offers seamless, integrated and cross-border advice. The team is very compact and the team members are working in perfect balance. One can always rely on an immediate and correct support.’

‘The team has an excellent expertise on insolvency law through the far-reaching practice in several procedural stages. The team acts on behalf of different participants in proceedings. This way, it is familiar with the interests of everyone concerned and can thereby offer preventative and reactively-optimised advice. ‘

‘Great international competence.’

‘Heiko Tschauner is an extraordinarily good insolvency lawyer. He is always eager to offer a pragmatic and creative solution.’

Work highlights

  • Defended a former board member of the insolvent KTG Agrar against claims made the insolvency administrator.
  • Advised MAREŠ PARTNERS on new developments in the lawsuit by the Czech Republic regarding oil reserves in the insolvency proceedings of Viktoriagruppe and the defense against an action for restitution by the insolvency administrator.


Linklaters has expertise in judicial and extrajudicial restructuring and insolvency disputes, in risk and liability matters as well as in rescission risks and bank liquidations. Handling cross-border distressed M&A transactions, which is another core competence of the team, regularly includes various financial restructuring aspects such as the structuring and disposal of real estate portfolios and creditors' guarantees to ensure refinancing. Sven Schelo heads the practice and advises clients on the risk of insolvency and insolvent companies on various matters including regulatory issues, while Sabine Vorwerk, who made partner in May 2019, is experienced in due diligence and in analysing competition law aspects of insolvency proceedings.

Practice head(s):

Sven Schelo

Other key lawyers:

Sabine Vorwerk


‘The aspects and questions concerning insolvency law are confidently and proactively driven forward in the course of long-standing restructuring projects. Short response-times and short-notice resource allocations during constantly changing levels of intensity of the project are warranted at all times. It is particularly valuable, that Sabine Vorwerk always keeps an eye on the economically relevant topics, and not just restricts herself to the pure legal advice. Also noteworthy is the very pleasant and humorous atmosphere, which is very formative for a good collaboration.’

Key clients

KfW Bankengruppe

HSH Nordbank


Work highlights

  • Advised KfW Bankengruppe on the financial rescue package for the Air Berlin group and subsequent calling in of granted securities, including questions within the company group regarding the insolvency of the Austrian subsidiary Nicki.
  • Advised Hamburg Commercial Bank on the restructuring and marketing of real estate portfolios within a CMBS transaction.
  • Advised Bilfinger in connection with the defense against appeal and liability claims by the insolvency administrator of a former subsidiary.

McDermott Will & Emery Rechtsanwälte Steuerberater LLP

McDermott Will & Emery Rechtsanwälte Steuerberater LLP handles distressed M&A transactions for buyers and sellers and, with Uwe Goetker and Matthias Kamphshoff co-heading the team, it is also well placed to provide assistance with financial restructurings. This includes insolvency and pre-insolvency debt equity swaps as well as advice on segregation rights and liquidation agreements with major creditos. In other work, the practice advises shareholders and creditors alongside management and supervisory boards on their obligations during insolvency protection, insolvency and self-administration proceedings. Contentious matters such as rescission proceedings are also part of its offering. Clients include players from the retail and metallurgy, telecommunications, automotive and media sectors.

Practice head(s):

Uwe Goetker; Matthias Kampshoff


‘The practice has a very good understanding of the economically relevant matters and offers a very solution-oriented approach.’

‘The restructurers of the law firm are well interconnected.’

‘Uwe Goetker is characterised by the very quick analytical gathering of the economically relevant circumstances. He is a dealmaker, since he is looking for solutions that are accepted all around and is able to develop these fast.’

‘Uwe Goetker is very competent on restructuring matters and gets cross-border transactions successfully to their destination.’

‘With Matthias Kampshoff, one can rely on a very good collaboration. He is thinking economically and acts cautiously.’

Key clients

SIGNA Prime Selection AG / SIGNA Retail

H.J. Küpper Metallbearbeitung

O.W. Bunker Germany

Work highlights

  • Advised SIGNA group on the establishment of a joint venture with the Canadian Hudson’s Bay Company (HBC) for the merger between department store chain Galeria Kaufhof and Karstadt Warenhaus, and on the acquisition of 50% of HBC’s European real estate portfolio.
  • Represented H.J. Küpper Metallbearbeitung GmbH and H.J. Küpper System- und Modultechnik GmbH in connection with the assessment of separation rights and a liquidation agreement with a major creditor.
  • Advised an automotive manufacturer on the restructuring of Takata’s European division.

Taylor Wessing

The restructuring team at Taylor Wessing regularly represents shareholders, institutional creditors, financial investors, strategic bidders and insolvency administrators in the enforcement of insolvency-related claims. This also includes self-administration and insolvency plan proceedings. In non-contentious work, the team provides management boards with advice on their rights and obligations in insolvency-related scenarios and assists principal creditors with equity debt swaps and with the acquisition and sale of insolvency assets. The team, which recently acted for a number of clients from the automotive, shipping, furniture and aviation industries, is led by Bernhard Kloft and includes Martin Heidrich, who made equity partner in April 2019 and also acts for insolvency administrators. Alexander Senninger, who made salary partner in January 2019 and frequently acts at the corporate law interface, is another key individual.

Practice head(s):

Bernhard Kloft

Other key lawyers:

Hendrik Boss; Michael Malitz; Martin Heidrich; Alexander Senninger


‘Martin Heidrich has years of experience, which works in the clients’ advantage when advising them.’

‘The technical knowledge of Michael Malitz in the area of insolvency law is outstanding. He looks after the mandates very fast and thoroughly.’

Key clients

RiverRock European Opportunities Fund II Limited

Kapilendo AG

Lucas Flöther als Insolvenzverwalter

Jürgen Wallner als Insolvenzverwalter

Daviry GmbH

GPS Glasproduktions-Service GmbH

Work highlights

  • Advised RiverRock as main creditor on a debt-equity swap.
  • Advised the finance company Kapilendo in connection with a debt collection.
  • Advised Lucas Flöther as insolvency administrator for Air Berlin on several claims at a total volume of €15m against business partners of Berlin, particularly airports.

Weil, Gotshal & Manges LLP

Weil, Gotshal & Manges LLP provides comprehensive advice on national and cross-border restructurings and has recently assisted several investors with the restructuring and sale of financial institutions. In other work, the team handles distressed M&A transactions and insolvency-related acquisitions as well as contentious matter arising from insolvency proceedings. Sponsors, portfolio companies as well as senior and mezzanine lenders, who frequently stem from the shipping, automotive supply and entertainment sectors, also benefit from the team's financing expertise, which is reflected in mandates on debt equity swaps, bond restructurings and NLP transactions. Gerhard Schmidt heads the practice.

Practice head(s):

Gerhard Schmidt

Key clients

Westinghouse Electric Company LLC

Claire’s Stores, Inc.

Joint Special Administrators von MF Global

(WKO) Wilhelm Karmann GmbH & Co. KG

Work highlights

  • Advised Claire’s Stores, Inc. on the restructuring of its German subsidiary in connection with creditor protection proceedings according to Chapter 11.
  • Represented Westinghouse Electric Company in connection with its strategic restructuring and the sale to Brookfield as part of its insolvency proceedings.
  • Advised the helicopter leasing company Waypoint Leasing on German legal issues regarding the the sale of assets during its insolvency proceedings (according to Chapter 11) for $445m to Macquarie Rotorcraft Leasing.

BBL Bernsau Brockdorff & Partner Rechtsanwälte

Handling both insolvency administration as well as national and cross-border restructurings, BBL Bernsau Brockdorff & Partner Rechtsanwälte is well versed in advising on restructuring matters pertaining to self-administration proceedings and on distressed corporate acquisitions and sales alongside mergers and demergers. Insolvency administrators also retain the practice to enforce liability claims, while management boards receive assistance with the defence against various insolvency-related claims. The team also assumes trusteeships on behalf of companies and their creditors and participates in creditors' committees. Key contact Georg Bernsau frequently handles matters at the intersection between corporate, commercial, insolvency and tax law.

Practice head(s):

Georg Bernsau

DLA Piper

DLA Piper advises its clients, including energy and real estate companies alongside automotive and retail sector players, on financial restructuring models and assists debtors, creditors and sellers with distressed M&A transactions and real estate-related restructurings, including real estate transactions. Executive boards and insolvency administrators receive assistance with insolvency-related liability claims and insolvency contestation. As well as advising on the restructuring of loan liabilities, team head Dietmar Schulz also handles regulatory matters arising from insolvency and insolvency rescission proceedings.

Practice head(s):

Dietmar Schulz

Key clients

Dr. Axel Bierbach als vorläufiger Insolvenzverwalter der Bayerischen Energieversorgungsgesellschaft (BEV)

FMS Wertmanagement AöR

Global Investment Bank

Holzverpackung Hüfingen GmbH & Co. KG

Katharina Kasper ViaSalus GmbH


Schletter Group

Senvion GmbH

Work highlights

  • Advised the temporary insolvency administrator Axel Bierbach on all energy contractual, energy regulatory, competition law, data protection and individual insolvency law matters in the context of the insolvency proceedings of Bayerische Energieversorgungsgesellschaft (BEV).
  • Advised FMS Wertmanagement AöR on the financial restructuring of BMI Healthcare.
  • Advised Global Investment Bank on a cross-border DPO structure for the refinancing of a €90m distressed German real estate portfolio.

Greenberg Traurig Germany

Greenberg Traurig Germany's workload consists of regulatory advice on restructuring matters on one hand and assistance with operative and financial restructurings in the context of insolvency and self-administration proceedings on the other. Its expertise in the transactional space comes to show when advising on distressed M&A transactions, while the team - including practice head Christian Köhler-Ma - also acts as trustee and participates in creditors' committees. Alongside Köhler-Ma, other key individuals include restructuring expert Gordon Geiser and insolvency administrator Jesko Stark. A large portion of the team's mandates pertain to the automotive, energy and real estate sectors.

Practice head(s):

Christian Köhler-Ma

Other key lawyers:

Gordon Geiser; Jesko Stark

Key clients

Stein + Lehmann GmbH

Die Gestalten Verlag GmbH & Co. KG

GSG Gewerbesiedlungs-Gesellschaft mbH

BEB Burgenland Ersatzbrennstoff GmbH

mutares AG

Vibitech GmbH

Thomas Nickert Druckveredelung GmbH

Menzel Elektromotoren GmbH

Situs International GmbH

Setco International

Work highlights

  • Represented the main creditor in the committee of creditors in connection with the insolvency of the furniture manufacturer Schieder.
  • Assisted Die Gestalten Verlag GmbH & Co. KG with the successful enforcement of commission demands in the context of the out-of-court restructuring of LKG Leipziger Kommissions- und Großbuchhandelsgesellschaft.
  • Advised the group of nurseries Isarkids-Gruppe on the restructuring in four insolvency plan proceedings.

Grub Brugger

In addition to insolvency administration, Grub Brugger also demonstrates extensive experience in restructuring work, which leads to regular instructions from financial investors and creditors, among others, to provide assistance with financing negotiations pertaining to distressed M&A transactions as well as with the enforcement of and defence against rescission and liability claims. Handling insolvency employment law is another key element of the practice and includes restructuring measures and negotiations with works councils and trade unions, while also dealing with insolvency protection proceedings and trustee matters. Hendrik Wolfer and Michael Vilgertshofer are among the key contacts of the team, which predominately acts for clients from the automotive supplier, transport and construction sectors.

Other key lawyers:

Hendrik Wolfer; Michael Vilgertshofer; Thilo Schultze; Hans Konrad Schenk

Jones Day

Jones Day assists clients with insolvency and restructuring-related renegotiations of customer contracts and carries out financial restructurings. This expertise extends to the acquisition of bonds and the enforcement of loan claims. In the transactional space, the team advises on the acquisition of assets, including real estate assets, while also having regulatory capabilities, leading to advisory matters pertaining to the implications of the US Chapter 11 proceeding on cross-border restructurings. Team head Olaf Benning advises clients on extrajudicial restructurings, insolvency proceedings and distressed M&A.

Practice head(s):

Olaf Benning

Other key lawyers:

Sandra-Christiane Kamper

Shearman & Sterling LLP

The practice at Shearman & Sterling LLP focuses on restructurings, which frequently contain cross-border elements, financial restructurings, such as debt equity swaps and bridge financings, and distressed M&A, including the sale and acquisition of insolvency-related assets. In the contentious space, the team handles insolvency-related disputes pertaining to liability and rescission claims, including shareholder and director's liability. The team's client base is equally broad and includes national and international financial institutions, debt funds, investors and companies, which retain the practice led by Matthias Weissinger to advise on debt restructurings, extrajudicial reorganisations and insolvency proceedings. Significant sectors include automotive, aviation and finance.

Practice head(s):

Matthias Weissinger


‘Shearman & Sterling LLP work very accurately, time-critical and advise comprehensively. The team is always problemsolving-oriented, focused and evaluating. The practice has a very good market- and sector-overview.’

‘Matthias Weissinger is always available. He possesses a lot of experience and expertise in the areas of rehabilitation and restructuring. He is solution- and consent-oriented, has great negotiating powers and knows several intertwining areas of law and jurisdictions very well. He is also quick at implementing.’

Key clients


Etihad Aviation Group

Bayerische Landesbank

Work highlights

  • Advised Etihad as defendant against a €2bn action submitted by Lucas Flöther, the insolvency administrator of Air Berlin.
  • Advised the security trustee on the complex financial restructuring of Senvion in insolvency proceedings.
  • Advised Continental on the purchase of Kathrein Automotive.

Wellensiek Rechtsanwälte - Partnerschaftsgesellschaft

Wellensiek Rechtsanwälte - Partnerschaftsgesellschaft handles both insolvency administration and restructuring work. In restructuring, the focus lies on corporate restructuring and distressed M&A, while, in the insolvency space, the team acts in insolvency protection proceedings and, with Alfred Hagebusch, has expertise in assuming trusteeships and drawing up continuation concepts. Richard Scholz assists management boards with insolvency filings and the acquisition and sale of distressed real estate portfolios alongside securitised real estate loans. Significant sectors include automotive supplier, retail and construction. In February 2019, a number of partners joined the firm from Jost Roth Collegen, now Jost Rechtsanwälte GbR Frankfurt a. Main, such as insolvency administrator and reorganisation expert Daniel Wozniak.

Aderhold Rechtsanwaltsgesellschaft mbH

Aderhold Rechtsanwaltsgesellschaft mbH assists with continuation agreements and, with team head Thorsten Prigge in the lead, prepares restructuring reports for the identification of suitable restructuring models. The team also handles distressed M&A transactions arising from insolvency and self-administration scenarios, advises creditos on financial restructurings, including the enforcement of loan claims, and provides assistance with the restructuring of internal business units as part of operation restructuring procedures. Management boards and board members also receive advice on their insolvency-related rights and obligations and on the defence against rescission claims by insolvency administrators.

Practice head(s):

Thorsten Prigge

Ashurst LLP

Ashurst LLP advises insolvency administrators and trustees on the judicial and extrajudicial enforcement of creditors' claims, while banks, creditors and investors receive advice on financial restructurings. Team head Alexander Ballmann complements this offering with his transactional expertise, regularly advising on NPL and distressed M&A transactions. Insolvency administrators and trustees alongside clients from the logistics, finance, energy and automotive sectors also retain the team to advise on supply contracts and the termination of business relationships.

Practice head(s):

Alexander Ballmann

Baker McKenzie

Baker McKenzie advises investors and insolvency administrators on insolvency-related M&A scenarios, including distressed corporate takeovers, transferred restructuring and insolvency plan proceedings, and assists creditors with financial restructurings and the tax law aspects of restructuring models. In this context, the practice also handles debt equity swaps as well as the repayability of debt financing loans and liability risks, while it also represents insolvency administrators in the enforcement of recovery claims. With the departure of co-head Dorothee Prosteder, who subsequently joined Noerr in September 2019, the 'excellent' Holger Ellers became the team's sole practice head.

Practice head(s):

Holger Ellers


‘The restructuring practice of Baker McKenzie has an integral approach on advice. The legal standard is known to be high, at the same time the team is blessed with the necessary pragmatism. Baker McKenzie advises creditors, debtors, shareholders and investors in this manner.’

‘Excellent legal knowledge on insolvency law and distressed M&A-sector.’

‘Holger Ellers is leading the German restructuring practice. He is an excellent solicitor, very pleasant in personal interactions and pragmatic, where it is necessary.’

Work highlights

  • Advised a company in the speciality chemicals sector on the planned takeover of a chemistry company and its insolvent subsidiaries.
  • Advised the Europäische Digitalagentur on the insolvency of its clients K&L and Gerry Weber.


As well as handling insolvency administration and custodianship, BRL BOEGE ROHDE LUEBBEHUESEN's main areas of work include restructuring-related acquisitions and shareholding sales, rescission claims against individual shareholders, the operative restructuring of subsidiaries and negotiations with insolvency administrators on the implementation of insolvency plans. Clients, including aviation, finance, furniture and construction sector players, also receive assistance with employment law aspects of restructurings, including staff-related measures. Stefan Denkhaus, who jointly heads the team with Friedemann Schade and Dorothee Madsen, is experienced in liquidation, business continuation, transferring restructuring and insolvency plan proceedings.

Practice head(s):

Stefan Denkhaus; Friedemann Schade; Dorothee Madsen

Key clients

Air Berlin Plc & Co

Air Berlin PLC & Co Luftverkehrs KG

Air Berlin PLC / Insolvenzverwalter

Borco-Höhns Fahrzeugbau


Katharina Kasper ViaSalus GmbH

Niki Luffahrt GmbH / Insolvenzverwalter des deutschen Sekundärverfahrens

Teilzeit Thiele Gruppe


Work highlights

  • Provided Katharina Kasper ViaSalus with insolvency tax advice.
  • Advised Teilzeit Thiele as a group in crisis on the filing for insolvency.
  • Advised Wellemöbel group on the initiation of insolvency proceedings.

HWW Hermann Wienberg Wilhelm

HWW Hermann Wienberg Wilhelm acts as both insolvency administrator and trustee and also has a solid restructuring practice. The team's focus lies on advising management and board members on the reorganisation of companies at the risk of insolvency, including associated tax law aspects, and on distressed M&A transactions as well as the review and contestation of liability claims, while also handling negotiations with creditors regarding follow-up financings. The practice led by Rüdiger Wienberg regularly acts for clients from the aviation, energy, telecommunications, retail and healthcare industries alongside those from the banking, automotive and insurance sectors.

Practice head(s):

Rüdiger Wienberg

Key clients

Aptus-Shop für Telekommunikation und Zubehör GmbH

360Living GmbH i.L.

BM12 Software as a Solution GmbH


BM12 Software as a Solution GmbH

Cloud Visual Brand Entertainment GmbH

Gemeinnützige Wohnungsgenossenschaft Oschatz eG


Invinco GmbH

Litarion GmbH

Verbands-Versicherungs-Service AG

Ziel GmbH

Luther Rechtsanwaltsgesellschaft mbH

Luther Rechtsanwaltsgesellschaft mbH handles financial restructurings and coordinates operative restructurings before and after insolvency. Handling distressed M&A and advising insolvency administrators on insolvency plans is a primary focus for the practice, while also advising on out-of-court restructurings, assisting clients with D&O liability claims and liquidations. Its clients are typically drawn from the shipping, automotive, healthcare and mining industries. Practice co-heads Reinhard Willemsen and Marcus Backes regularly provide assistance with the negotiation of supply and distribution contracts as well as the enforcement of creditors' claims. In August 2019, restructuring and insolvency lawyer Frank Tschentscher joined the team from Schultze & Braun.

Practice head(s):

Marcus Backes; Reinhard Willemsen

Other key lawyers:

Frank Tschentscher


‘Uncomplicated approach on the search for innovative solutions.’

‘Always approachable and on the task with motivation and passion. Noteworthy is also the down-to-earth attitude of the team.’

Work highlights

  • Advised MIBRAG Mitteldeutsche Braunkohlegesellschaft on a security structure and security scheme.
  • Advised SBB Schweizerische Bundesbahnen on the transfer and continuation of supply contracts after a transferred restructuring.
  • Advised Siem Europe on the sale of significant shares in Flensburger Schiffbau-Gesellschaft to the investor group Sapina Holding.

Mayer Brown LLP

Acting for lenders, debtors, insolvency administrators, creditors' committees and trustees, Mayer Brown LLP focuses on the financial restructuring of loan financings alongside real estate and corporate restructurings, distressed M&A transactions and trustee models, such as collateral trust arrangements (CTA), and also represents clients in court and out-of-court proceedings against actions for rescission. Marco Wilhelm heads the practice and advises international and family-run companies, banks, financial investors, insolvency administrators and public sector bodies. Many clients are from the automotive, banking and chemical sectors as well as the retail and consumer goods industries.

Practice head(s):

Marco Wilhelm


‘The uncomplicated approach of the practice is particularly helpful for cross-border transactions.’

‘Highly recommended.’

‘Marco Wilhelm is very competent in his area of expertise. He understands commercial circumstances and the interests of clients. The input of the practice makes transactions valuable.’

‘Marco Wilhelm is characterised by excellent technical knowledge as well as his quick and precise analysis.’

Key clients

Wilmington Trust

Work highlights

  • Advised Wilmington Trust as security officer in connection with the takeover of the bathroom furniture and accessories manufacturer Ideal Standard through the funds Anchorage and CVC.
  • Advised a professional football association on its refinancing and restructuring.
  • Advised an investment bank on the bridge loan for a listed company group.

Schultze & Braun

Well versed in insolvency administration work, Schultze & Braun's team is also adept at handling national and cross-border commercial and corporate restructurings, including employment law and business administration aspects. Handling work at the intersection with employment law is an area of particular expertise for the team led by name partner Eberhard Braun, leading to regular instructions from companies to assist with negotiations with trade unions and works councils as well as with criminal law issues. In other work, the team acts in insolvency protection proceedings and advises credit institutions, bank consortiums, financial and strategic investors on the granting of loans alongside the collateralisation and sale of credit claims. Frank Tschentscher left the firm in August 2019 to join Luther Rechtsanwaltsgesellschaft mbH.

Practice head(s):

Eberhard Braun

Other key lawyers:

Ludwig Weber; Stefano Buck

AC Tischendorf Rechtsanwälte

AC Tischendorf Rechtsanwälte's restructuring practice is led by Sven Tischendorf and Matthias Müller, who are particularly active at the interface between restructuring, M&A and employment law. Work at this intersection includes corporate restructurings, including negotiating collective bargaining agreements, site guarantee agreements and pension scheme changes. The team also advises on long-term business continuation and financing agreements with insolvent business partners. Insolvency administrators instruct the team to assist with the defence against payment claims brought by creditors and with the enforcement of claims.

Practice head(s):

Sven Tischendorf; Matthias Müller


‘Fast, pragmatic, solution-oriented and very pleasant teamplayers.’

‘Each individual is very good, amongst themselves they are very well interconnected and have a general overview of any circumstance, that leaves nothing to be desired.’


Key clients

Acciona Airport Services

Amadeus Germany Gruppe

Colbrand Foods Gruppe


Edscha Gruppe

Eurofins Scientific Gruppe

Dr. Köster als Insolvenzverwalter über das Vermögen der A plus 4 GmbH

GE Lighting Sparte

Gusswerke Saarbrücken/Leipzig

Hilti AG Liechtenstein

hubergroup Deutschland



Situs Group

Tempton Unternehmensgruppe

Veltec Group Roberts & Co.


Work highlights

  • Advised the hygiene company CWS-boco on a cross-border restructuring.
  • Advised Gusswerke Saarbrücken/Leipzig on the restructuring of company structures.

anchor Rechtsanwälte

The team at anchor Rechtsanwälte has experience in insolvency administration and custodianship work on one hand and in non-contentious insolvency-related management and shareholder matters on the other. Its core competences include the development of insolvency plans and assistance with insolvency protection proceedings. Creditors and service providers also receive advice on the enforcement of claims, while debtors and insolvency administrators retain the practice to defend against liability claims. Advice on employment law matters and distressed M&A transactions as well as on the implementation of double trust schemes in the context of refinancings round off its offering. Christoph Herbst and Alexander Reus jointly head the team.

Practice head(s):

Christoph Herbst; Alexander Reus


‘As one of the few law firms to do so, Anchor values the pre-insolvency advice as much as the insolvency management. This increases the quality of the pre-insolvency advice strongly, since the expert-knowledge of the insolvency administrators can be made immediate use of.’

‘Using the Lockstep-system, the client always gets the most suitable partner.’

‘Anchor-colleagues act like advisors, rather than solicitors, who take  clients by the hand, but also keep an eye on the strategic economic effects as well as the practical implementation of solution approaches.’

‘The young, hungry team possesses a high competence in insolvency law in combination with solid commercial know-how, and a very pragmatic approach. They don’t leave the client to deal with submissions of legal theory on their own, but lead them through the crisis.’

‘A practice made up of teamplayers.’

‘Alexander Reus convinces with his friendly, engaging and dynamic presence.’

‘Christoph Herbst is a calm, matter-of-fact expert and a strong negotiator.’

Work highlights

  • Enforcement of appeal and liability claims at a total volume of €30m for Jörg Nerlich as insolvency administrator for All-Versicherungsholding.
  • Enforcement of liability claims at court against BDO and KPMG due to inaccurate audit reporting for Hans-Gerd Jauch as insolvency administrator of Arcandor.
  • Represented a retail group in financial negotiations within the context of a IDW S6 standard report and mutual trusteeship.

GSK Stockmann

GSK Stockmann advises investors on the acquisition of assets from insolvent companies, represents principal creditors in insolvency proceedings to enforce claims and assists insolvent companies and those at the risk of insolvency with restructuring concepts. This expertise extends to the corporate and insolvency law-related structuring of acquisitions of insolvent companies alongside distressed M&A transactions. The team is also well equipped to assist family businesses with restructurings that include tax and inheritance law aspects and is experienced in negotiating liquidation agreements with insolvency administrators. Andreas Dimmling made partner in January 2019 and jointly heads the practice with Raoul Kreide.

Practice head(s):

Andreas Dimmling; Raoul Kreide

Key clients

AFIAA Gruppe, AFIAA Anlagestiftung für Immobilienanlagen im Ausland

Swiss Life Gruppe, Swiss Life AG, Niederlassung für Deutschland

Starlinger Unternehmensgruppe, Starlinger & Co. Gesellschaft mbH

EBL (Genossenschaft Elektra Baselland)

Landeshauptstadt München, Sozialreferat, Stadtjugendamt

Landeshauptstadt München, Stadtkämmerei, Kassen- und Steueramt

Greenmarck Fund Solutions GmbH

RDR Gruppe

Work highlights

  • Advised Starlinger on the acquisition of Barmag-Spinnzwirn’s assets.
  • Representation of the cooperative Elektra Baselland as main creditor in an insolvency proceding.
  • Represented MEDIAN group on the structuring of the acquisition of several wind parks according to corporate and insolvency law.


Milbank's main areas of expertise include distressed M&A, management board assistance and financial restructuring matters, such as debt equity swaps, loan and collateral structuring and crises-related capital increases, as well as creditor representation in insolvency scenarios. Matters at the financial intersection are frequently handled by team head Mathias Eisen, who regularly advises on syndicated loans and bond issues, while Sebastian Heim, who made partner in January 2019, is the main contact for distressed private equity transactions.

Practice head(s):

Matthias Eisen

Other key lawyers:

Sebastian Heim

Key clients

BOC Aviation Limited

Carlyle Aviation Partners

Deutsche Bank


Kohlberg Kravis Roberts & Co.


Work highlights

  • Advised Kohlberg Kravis Roberts (KKR) as secured creditor on the restructuring of the automotive group Amtek and its subsidiary Tekfor.
  • Advised Deutsche Bank and NatWest on the financial restructuring and the sale of the pharmaceutical plastics manufacturer Bilcare.
  • Advised Carlyle Aviation Partners on the insolvency of the airline Small Planet Airlines.