Restructuring & Insolvency

Companies are facing increasingly complex challenges, as new crises are placing some in economic distress. With German “protective shield” (DIP) proceedings, stabilisation measures and adjustments to insolvency filing requirements, the state is taking new approaches to support companies in such difficulties.

interdisciplinary professionals with more than 25 years of experience
Law Firm of the Year for Restructuring & Insolvency, JUVE Awards 2020
Operational expertise and interim management by Noerr Consulting; acting as reorganisation shareholder or trustee through TEAM Treuhand

The German legislator has recently expanded the range of legal instruments used for restructuring companies by introducing a pre-insolvency restructuring procedure. These developments lead to more possibilities, but also to more responsibility on the part of those in charge. Entrepreneurs, managers and creditors face increasing requirements in restructuring situations to make the best possible use of all existing options.

We can guide you through a crisis with our in-depth economic understanding and customised solutions. When working with us, you can benefit from our many years of experience as a leading law firm in the fields of restructuring and insolvency. We can support you with tried-and-tested and new legal instruments and creative solutions in both national and international contexts.


  • Reorganisation and restructuring within and outside insolvency proceedings
  • Distressed M&A (sales and acquisitions out of insolvency)
  • Sector-specific crisis consulting (such as automotive, energy and real estate)
  • Financing in distressed situations and insolvencies
  • Crisis-related capital market law advice
  • Creditor advice
  • Distressed disputes
  • Fiduciary solutions

Selected projects

  • Air Berlin
    Advising Thomas Cook Group/Condor as supplier and bidder in the insolvency and bidding proceedings of Air Berlin/Niki Luftfahrt
  • Aluminium Rheinfelden
    Advising on the sale of the operational business to Russian aluminum manufacturer RUSAL out of insolvency
  • Bundesrepublik Deutschland - Wirtschaftsstabilisierungsfonds
    Advising the Economic Stabilisation Fund of Deutsche Finanzagentur, the agency representing the German government on the financial markets, on the Covid-19 rescue of Germany’s largest travel group TUI (vol. EUR 1.8 bn) and on the Covid-19 rescue of the German tour operator FTI Touristik
  • Condor
    Advising on the transfer of shares to an interim shareholder by way of a new insolvency plan; restructuring under protective shield proceedings; Covid-19 financing by KfW (vol. EUR 550m) and acquisition of majority stake by Attestor
  • Cordenka
    Advising on the investor process, on restructuring by way of an insolvency plan, as well as on energy and environmental law issues relevant to reorganization
  • DRK-Kliniken Nordhessen
    Acting as Trustee on behalf of Helios Kliniken to facilitate the take-over of DRK Kliniken Nordhessen out of their preliminary insolvency proceedins.
  • Germania
    Advising Hi Fly on the bidding process during insolvency proceedings of Germania Airline
  • Gerry Weber
    Advising a leading PE investor on the bid to acquire the Gerry Weber business out of insolvency by way of insolvency plan proceedings; renegotiation of the plan due to Covid-19
  • Klier Hair Group
    Advising the family shareholders of Germany’s biggest barber chain on the restructuring of their company within a protective shield proceeding
  • Losberger De Boer
    Advising the management of Losberger De Boer on the successful out-of-court restructuring
  • Nanogate
    Advising on the sale of the majority of the business to US strategic Techniplas in the course of insolvency proceedings
  • Saurer Spinning Solutions
    Advising on the granting of mass loans and complex securities in the preliminary insolvency proceedings
    Advising on the financial restructuring of the energy group (vol. EUR 1.4 bn)
  • Thomas Cook
    Advising Thomas Cook’s insolvency administrators on the sale of the German business units to Galeria Karstadt Kaufhof, ANEX Tour, DER Touristik, RTK Reisen and DUBAG
  • Wirecard
    Advising post disclosure of accounting irregularities on bank negotiations and the initiation of insolvency proceedings; advising the insolvency administrator on the sale of the global activities of Wirecard group

I can recommend Noerr as one of Germany’s top law firms in the field of insolvency (…) (i) highly proficient with regard to the analysis of complex insolvency law issues; (ii) Noerr regularly re-ceives ‘high-profile’ insolvency-related mandates, which under-lines the firm’s relevance in the market; and (iii) Noerr’s lawyers are generally very efficient and focused.

Client in Legal 500 Germany, 2021


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INTA 2023

18.05.2023 - 18.05.2023

Noerr’s large restructuring team covers all legal needs in this area of law, which only a handful of law firms can offer. With restructuring financing and restructuring trusts, insolvency plans and distressed M&A, this includes the entire toolbox of out-of-court and in-court restructuring options. In disputes with insolvency administrators, Noerr’s litigation lawyers are a great asset on the banking side. Only a few law firms offer this service combined with a nationwide regional presence at a similar level.

Client in Legal 500 Germany, 2021


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