Gleiss Lutz has advised German publisher Suhrkamp on the initiation of protective shield proceedings (Schutzschirmverfahren) under the "Act for Further Facilitating the Restructuring of Companies" (Gesetz zur weiteren Erleichterung der Sanierung von Unternehmen, ESUG). The respective application was filed today with the competent local court of Berlin-Charlottenburg.
This measure is the latest step in a years-long dispute between the shareholders of the publishing house, the Unseld family foundation and minority shareholder Medienholding AG, which threatened Suhrkamp's existence. Most recently the minority shareholder had sued for millions in dividends.
Protective shield proceedings in self-administration enable Suhrkamp Verlag to focus on and continue business unchanged, thereby keeping it afloat. They also facilitate the implementation of key restructuring-related decisions which the shareholders have not yet been able to agree on. As a result adjustments can also be made to the publishing group's corporate structure that permanently shield it from the adverse effects of the dispute.
Suhrkamp was advised by the following team of Gleiss Lutz lawyers: Dr. Jörn Wöbke (lead, partner, corporate advisory, Hamburg), Dr. Andreas Spahlinger (lead, partner, restructuring and insolvency, Stuttgart), Dr. Daniel Heck (corporate advisory, Hamburg), Dr. Matthias Tresselt, Dr. Marcus H. Geißler (both restructuring and insolvency, Stuttgart), Dr. Andreas Wehlau (partner), Dr. Niels Lutzhöft (both IP, Munich) and Dr. Frank Merten (partner, employment, Stuttgart).
Gleiss Lutz already advised Suhrkamp in March 2013 on its defence of Medienholding's lawsuit seeking dividends.
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