Noerr and Team Treuhand GmbH act in restructuring of 3W Power
Team Treuhand GmbH, a group company of the law firm Noerr LLP, was elected as common representative under the bonds and therefore for the bond holders of 3W Power S.A. – the holding company of the AEG Power Solutions Group at yesterday's meeting of the bond holders. At the same time, the bond holders approved the restructuring plan for their bonds amounting to 100 million Euro. Noerr LLP also advised Close Brothers Seydler Bank AG which acts as the clearing office for the bonds and for the implementation of the approved restructuring measures.
41% of the bond holders, almost all of whom voted in favour of the plan, were represented at the meeting. With the resolution, the way is free for a comprehensive financial and operative restructuring of von AEG Power Solutions. The restructuring plan is based on four core elements. It includes a Debt-to-Equity-Swap of 50% of the outstanding value of the bonds, the issue of a new bond for 50 million Euro and a capital increase of approx. 4 million Euro for cash. In addition, the company has undertaken a comprehensive operative restructuring process.
Team Treuhand GmbH is represented by its managing director, Noerr partner and restructuring expert, Dr. Thomas Hoffmann
The Frankfurt capital markets lawyer and Noerr partner Dr. Laurenz Wieneke acted for Close Brothers.
Representing the bond holders: Team Treuhand GmbH, represented by its managing director, Dr. Thomas Hoffmann (restructuring, Frankfurt/Berlin)
Advisor Close Brothers Seydler Bank AG: Noerr LLP
Dr. Laurenz Wieneke (capital markets, Frankfurt)