Gleiss Lutz has assisted formerly listed SKW Stahl-Metallurgie Holding (now: Opta Germany Holding) as intervener in its successful defence of an action for damages brought by former shareholders before Munich I Regional Court.
In December 2017, self-administered insolvency proceedings were opened against SKW Holding’s assets with the aim of reorganising the company by way of an insolvency plan. In November 2018, the insolvency plan was approved by Munich I Regional Court in release proceedings with legally binding effect and then executed. This made it possible to continue operating SKW Holding as a going concern and end the insolvency proceedings. The plan allowed a financial investor to become the sole shareholder through a debt/equity swap and the former shareholders exited the company without compensation.
Approval of the plan paved the way for the former shareholders to demand – in separate proceedings – compensation for any damage incurred due to the execution of the plan. Some did assert such a claim, but this was dismissed in full by Munich I Regional Court. The shareholders have not appealed against this decision and the decision is therefore legally binding. This is likely the first case involving a dispute over possible damages claims following the approval of an insolvency plan in release proceedings.
In 2017 and 2018, Gleiss Lutz extensively advised SKW Stahl-Metallurgie on its restructuring and refinancing in protective shield and insolvency plan proceedings under its own administration, as well as on restructuring and (re-)financing issues prior to insolvency and stock corporation and capital markets law.
A Gleiss Lutz team led by Dr. Andreas Spahlinger (partner, Restructuring, Stuttgart), Dr. Luidger Röckrath (partner, Dispute Resolution, Munich), Dr. Alexander Nagel (counsel, Restructuring) and Niklas Roulands (Dispute Resolution, both Düsseldorf) assisted SKW Stahl-Metallurgie with its defence of the claims for damages asserted before Munich I Regional Court.
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