Restructuring / Insolvency

LEBUHN & PUCHTA provides strategic advice in the period prior to insolvency or with a view to avoiding insolvency. The firm’s clients are both creditors and potential insolvent debtors. The firm has particular experience of restructuring ailing finance arrangements and typically acts for the borrower. The firm also acts for German clients in preparing, filing and proving their claims in foreign restructuring or insolvency proceedings.

Selected Cases

  • We have advised the insolvency administrator of a ship supplier regarding the sale of its entire air conditioning and fire protection technology division including domestic and foreign subsidiaries to a French corporate group of the HVAC sector.
  • We have acted for a major German shipping group in connection with the repeated complex restructuring of the multi-layered finance of a portion of its fleet.
  • We have acted for the cash buyer of a group of vessels from a provisional administrator in insolvency and advised our client on the special risks in this type of transaction. The matter also involved the transfer of charter contracts.
  • We have assisted the client in connection with the termination of a substantial number of long-term charterparties on account of non-payment of hire and in the filing and proving of high value damages claims in the foreign high profile rehabilitation proceedings in respect of major defaulting charterers.
  • We have acted for a containerships pool in connection with the insolvency of some of its members. We advised the pool on the effects of insolvency in relation to pool membership and pool participation and on the pool members’ rights in relation to the sale of the insolvent members’ vessels.
  • We have advised the managing directors of four closed-end funds in the period prior to the filing for insolvency and prepared and accompanied contentious shareholders’ meetings.
  • We have acted for a client in the complete restructuring of the finance and security structure for a fleet of nine vessels, helping achieve a release of personal liability for financial commitments. The matter involved complex issues under US law as one of the shareholders had placed himself under Chapter 11.
  • We have acted for a client in the complete restructuring of its entire fleet and the setting up of a unified group structure with a holding company at its head in order to achieve an effective. restructuring of the group’s financial commitments.
  • We have acted for a foreign manufacturer of furniture following the delivery of furniture produced in Asia to a major insolvent German mail-order company and raised claims against that company and the credit insurer.
  • We have acted for clients in the restructuring of a large fleet of bulkers and container vessels as a part of a self-administered insolvency plan.