Gleiss Lutz is advising G&P GmbH & Co. KG on the insolvency and restructuring of SiC Processing GmbH. G&P GmbH & Co. KG has been appointed joint representative of the insolvent company’s bondholders.
This is possibly the first case in which the bondholders have asserted the appointment of a joint representative during insolvency proceedings on the basis of the German Bond Act (Schuldverschreibungsgesetz, SchVG), thus gaining significant influence during insolvency and on the insolvency-related restructuring process. Gleiss Lutz had asserted the appointment of G&P GmbH & Co. KG as joint representative for the bondholders. The issued bearer bonds have a nominal value of over EUR 80 million.
By means of the votes exercised by the joint representative at a first creditors’ meeting, which was successfully brought forward by Gleiss Lutz on behalf of the joint representative and the bondholders, the previously granted self-administration of SiC Processing GmbH was brought to an end and another person was elected as insolvency administrator instead of the previously appointed custodian. This allows an insolvency administrator endorsed by the bondholders to take the necessary steps to satisfy the creditors’ claims to the greatest possible extent.
Gleiss Lutz’s team is comprised of: Dr. Andreas Spahlinger (partner) and Dr. Marcus H. Geißler (both restructuring/insolvency, Stuttgart).
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