Noerr advises banks on sale of Euromicron AG subsidiaries

Noerr has advised the financing banks of insolvent Euromicron AG on the successful sale of its subsidiaries. All 16 German and foreign subsidiaries are being taken over by a company belonging to the Gustav Zech Foundation.

At the end of last year, insolvency proceedings were commenced regarding the assets of Euromicron AG, a listed company from Neu-Isenburg, Germany. Prior to this, the company’s management board had already filed an application for protective shield proceedings. The group, which specialises in digital infrastructures and networks, has around 1,900 employees in its operating subsidiaries at 40 sites worldwide. The insolvency administrator Dr Jan Markus Plathner concluded a reconciliation of interests regarding the closure of the company and a social plan with the works council.

“In this matter, which was extremely demanding also given the large number of parties involved, our firm has once again demonstrated its cross-practice strength in complex restructurings,” emphasises lead partner Andreas Naujoks. Noerr has been advising the banking consortium for some time on restructuring Euromicron AG’s financing.

Andreas Naujoks and his finance team regularly advise banks and banking consortiums in financial restructuring transactions. In the present matter he predominantly worked together with Munich-based partner Dorothee Prosteder and Hamburg-based associated partner Simone Schönen. Both joined Noerr last year, strengthening the firm’s Restructuring & Insolvency practice. Noerr teams are currently involved in the restructuring of Condor in protective shield proceedings and the airline’s takeover by LOT as well as in the insolvency proceedings of Thomas Cook.

Advisor to banks: Noerr LLP

Andreas Naujoks (Financing, Frankfurt), Dr Dorothee Prosteder (Restructuring, Munich), Simone Schönen (Restructuring, Hamburg)