Noerr advises Coface on continuing factoring with Alno

Noerr has advised Coface Finanz GmbH on the agreement to continue the factoring with the insolvent company Alno AG. The provisional debtor in possession regards the conclusion of the continuation agreement as essential for preserving the business as a going concern. The provisional trustee had also given his consent to the agreement.

Alno had filed for reorganisation in debtor-in-possession proceedings on 11 July together with its subsidiary Tochter Gustav Wellmann GmbH & Co. KG. Both companies received insolvency loans worth up to €9 million in total after the proceedings were commenced. The parties are continuing the factoring agreement they concluded in 2013 by entering into the agreement now reached.

The legal advice was provided by a team from Noerr consisting of Wolf Stumpf and Dr Thomas Hoffmann (co-head of the Restructuring & Insolvency practice group). Frankfurt-based partner Stumpf specialises in factoring and banking and capital markets law topics and advises the Coface Group on a regular basis.

Advisors to Coface Finanz GmbH: Noerr LLP

Wolf Stumpf (Commerce & Trade, Frankfurt), Dr Thomas Hoffmann (Restructuring, Frankfurt/Berlin), Dr Matthias Geurts (Tax, Frankfurt), Associate: Dr Andrea Braun (Restructuring, Frankfurt)