Gleiss Lutz advises ad hoc group of noteholders of the Adler Group on German law in successful action against restructuring plan

In a landmark decision for the European restructuring market, the Court of Appeal in London has overturned the High Court’s decision to sanction the restructuring plan of Adler Group S.A. 

Gleiss Lutz has advised the ad hoc group of noteholders of Adler Group S.A. on the German-law aspects and consequences in connection with the successful appeal against the restructuring plan.

This is the first UK Court of Appeal judgment to consider a restructuring plan and the parameters of the novel cross-class cram down power following the introduction of restructuring plans into UK legislation in 2020. This is also the first Court of Appeal decision to set aside a UK in-court restructuring sanctioned at first instance. Due to the great importance of UK restructuring plans for restructurings in Europe, the judgment will have a major impact on cross-border restructurings in the future.

An Akin Gump LLP team led by partners James Terry and Richard Hornshaw as well as Mouna Moussaoui advised the ad hoc group of noteholders on UK law and represented them before the Court of Appeal.

The following team of Gleiss Lutz lawyers advised the ad hoc group of noteholders on German law: Dr. Christian Halàsz (lead, partner, Restructuring, London), Dr. Kai Birke (partner), Dr. Alexander Gebhardt (counsel, both Banking & Finance, both Frankfurt), Friedrich Schlott (counsel), Dr. Joscha Meyer (both Restructuring, both Düsseldorf), Dr. Stefan Rützel (partner), Dr. Gordon Kardos (both Litigation, both Frankfurt).