Gleiss Lutz has successfully advised centrotherm on its restructuring measures taken as part of an insolvency plan procedure. On 29 January 2013, the large majority of creditors and shareholders approved the insolvency plans in the insolvency proceedings over the assets of listed stock company centrotherm photovoltaics AG, centrotherm Thermal Solutions GmbH & Co. KG and centrotherm SiTec GmbH.
Since the initiation of court-ordered protective shield proceedings (Schutzschirmverfahren) (in accordance with Section 270b German Insolvency Code) Gleiss Lutz has comprehensively advised centrotherm, taking the lead on drafting its insolvency plans. This was one of the first cases in which three related insolvency plans for restructuring of a group of companies were prepared, making use of the opportunities resulting from the reform of German insolvency law.
Since the Act for Further Facilitating the Restructuring of Companies (Gesetz zur weiteren Erleichterung der Sanierung von Unternehmen, ESUG) came into force on 1 March 2012, centrotherm with its approved insolvency plans has been one of the largest and most high-profile cases to take advantage of the new possibilities provided by ESUG. The new legislation makes it possible to provide for company law provisions in insolvency plans and to affect the rights of existing shareholders. For creditors, these innovative insolvency plans greatly improve the prospects of having their claims satisfied. The shareholders of centrotherm photovoltaics AG also benefit from the implementation of a limited capital decrease only, which leaves them with some of their shares and maintains their listing and tradable status.
Gleiss Lutz also advised centrotherm on various financing issues, including the conclusion of financing agreements with banks and last year in preparing the insolvency petitions and the protective shield proceedings.
centrotherm was advised by a Gleiss Lutz team of lawyers comprising Dr. Andreas Spahlinger (partner), Dr. Marcus H. Geißler (both restructuring/insolvency, Stuttgart) as well as Dr. Stephan Aubel (partner), Alexander Gebhardt (both stock corporation law/capital markets), Dr. Burkhard Jäkel (partner), Dr. Helge Kortz (partner) and Dr. Andreas Kohlheim (all banking and finance) (all Frankfurt).
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