The financial restructuring of IVG Immobilien AG was recognised as the “Global Finance Deal of the Year: Restructuring (Germany)” at the American Lawyer Global Legal Awards in New York. Gleiss Lutz advised the ad-hoc committee of IVG bondholders on the transaction.
The real estate group’s over EUR 4 billion debt restructuring involved a debt-to-equity swap that made use of complex cross-border structures as well as Luxembourg holding companies. The insolvency plan procedure was successfully completed in September 2014 – 13 months after IVG’s filing for insolvency proceedings.
“IVG was one of the most complex insolvency plan procedures under the Act for the Further Facilitation of the Restructuring of Companies (ESUG). It demonstrates that German insolvency plan procedures represent a viable restructuring option for international bondholder groups”, commented Dr. Kai Arne Birke, who advised the ad-hoc committee of the bondholders and accepted the award on behalf of Gleiss Lutz in New York.
This is the second award for Gleiss Lutz’s renowned restructuring practice within a short period: British industry publication International Financial Law Review honoured Apcoa’s restructuring as “Restructuring Deal of the Year” at the IFLR European Awards 2015. The practice is regularly involved in key restructuring and insolvency cases in Germany and has advised on the restructurings of Suhrkamp, Solarworld, Pfleiderer and centrotherm, to name but a few. The firm recently reinforced its finance practice with finance expert Dr. Eva Reudelhuber, who joined Gleiss Lutz from Linklaters.
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