800 jobs saved – Noerr advises main creditor on successful sale of yacht builder Bavaria

Noerr has advised the main creditor and former sole shareholder of Bavaria Yachtbau GmbH on the sale of the company’s business operations in debtor-in-possession insolvency proceedings. An equity fund advised by CMP Capital Management-Partners will continue to operate the company by way of a transferred reorganisation. The investors, who were advised by Noerr partner Thomas Hoffmann and others, had prepared the debtor-in-possession management process and were actively involved in the sale as secured creditors.

In the course of the transaction, CMP is also acquiring all shares in the French subsidiary Bavaria Catamarans SAS. All 800 jobs at BAVARIA YACHTS and BAVARIA CATAMARANS will be taken on by CMP. The creditors’ committee and the insolvency monitor of Bavaria Yachtbau GmbH, Hubert Ampferl, have consented to the sale. The transaction is yet to be approved by the German Federal Cartel Office.

Bavaria Yachtbau GmbH, which was established in 1978 in Giebelstadt (Bavaria), is one of Europe’s largest yacht builders. Bavaria filed for debtor-in-possession insolvency in April. As part of the debtor-in-possession proceedings, Tobias Brinkmann of the law firm Brinkmann & Partners was appointed to the management as a reorganisation expert.

Advisors to financial investors: Noerr LLP

Dr Thomas Hoffmann (Restructuring & Insolvency, Frankfurt/Berlin); Dr Andreas Naujoks, Dr Nikolai Warneke (both Financing/Frankfurt); Dr Andrea Braun (Restructuring & Insolvency, Frankfurt)