Fellner Wratzfeld & Partner and the London office of Linklaters have advised the Steinhoff Group on its restructuring agreement with creditors. The London offices of Allen & Overy, Latham & Watkins, and Kirkland & Ellis advised the creditors.
According to FWP, from the perspective of Steinhoff's Austrian holding companies alone, the total amount of liabilities concerned is EUR 7.5 billion.
According to the Steinhoff Group the agreement with the creditors is based on the terms of a lock-up agreement, which includes both the term sheet for the restructuring and the detailed schedule for the implementation of the restructuring measures.
The contractual documentation is scheduled to be finalized and implemented in concrete terms over the next few months.
“Following long days and nights of negotiations with the Management of Steinhoff Group, we have now achieved an important milestone for the restructuring of the group,” said FWP Partner Makus Fellner. “This mandate is a particular challenge, given the multi-layered corporate structure of Steinhoff Group on the one hand and a complex international web of creditors on the other. The reorganization concept developed by us now provides a realistic chance for successfully implementing the restructuring and satisfying all sides.”
The FWP team was led by Partner Markus Fellner and Partners Paul Luiki and Florian Kranebitter, Junior Partners Elisabeth Fischer-Schwarz and Benedikt Kessler, and Associates Philipp Bunzl, Pia-Alena Havel, Armin Sommerauer, and Julian Zarre.