Noerr advises Finanzagentur on further stabilisation package for TUI AG

A multidisciplinary Noerr team under the leadership of Harald Selzner and Rainer Wilke has advised Deutsche Finanzagentur, the agency representing the German government on the financial markets, on a further stabilisation package for TUI AG through the federal Economic Stabilisation Fund. The measure is part of a stabilisation and funding package totalling €1.8 billion. 

In addition to the Economic Stabilisation Fund represented by the Finanzagentur, the federal development bank KfW, Unifirm Ltd. and a banking consortium are also contributing to the stabilisation and funding package. The package comprises a silent participation convertible into shares and a non-convertible silent participation of the Economic Stabilisation Fund. It also includes guarantees from public institutions. In addition, a capital increase with subscription rights is to be carried out at TUI AG and an additional credit line to be provided by the KfW.

As part of the engagement, the Noerr team is providing legal advice to the Finanzagentur both on drafting the documentation for the stabilisation measures and on the negotiations with the company.

In view of the continuing challenges posed by the COVID 19 pandemic, the Economic Stabilisation Fund provides companies with stabilisation measures under the Economic Stabilisation Fund Act to bridge liquidity bottlenecks and strengthen their capital base, provided that these measures are in the public interest. The specific stabilisation measures can be implemented in different ways.

Advisors to Bundesrepublik Deutschland – Finanzagentur GmbH:

In-house: Bernd Giersberg (Head of Legal and Private Clients), Daniela Kracht (Legal and Private Clients)

Noerr LLP: Dr Harald Selzner, Rainer Wilke (joint team lead), Dr Benedikt Vogt (all Corporate/M&A, Dusseldorf), Dr Laurenz Wieneke, Dr Julian Schulze De la Cruz (both Capital Markets, Frankfurt), Dr Martin Haisch (Tax, Frankfurt), Dr Jens Peter Schmidt (Antitrust, Brussels), Sarah Blazek (Antitrust, Munich)

Associates: Hannah Besting, Martin Dopychai (both Corporate/M&A, Dusseldorf), Philipp Studt-Tartarotti (Antitrust, Brussels), Dr Philip Schmoll, Thomas Thies (both Capital Markets, Frankfurt)