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ARTICLE · 03 JUNE 2014

EuroResource—Deals And Debt - May 2014

Jones Day
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For the benefit of our clients and friends investing in European distressed opportunities, our European Network is sharing some current developments.

GlobalInsolvency/Bankruptcy/Re-Structuring
Jones Day
Jones Day
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For the benefit of our clients and friends investing in European distressed opportunities, our European Network is sharing some current developments.

Recent Developments

Germany—On 1 May 2014, the insolvency court of Itzehoe opened insolvency proceedings with respect to PROKON Regenerative Energien GmbH ("Prokon"). Prokon petitioned for insolvency in January 2014 because it was unable to make a coupon payment for certain participation rights (Genussrechte) it had issued to finance the development and operation of numerous wind farms. Prokon had received €1.4 billion from its issuance of various participation rights. On 1 May, the insolvency court ruled that Prokon was insolvent due to illiquidity and, thus, eligible for the proceedings. The court reasoned that, although the general terms and conditions of the participation rights offering included provisions subordinating the claims of the participation right holders, such a provision did not constitute an

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