Heuking Kühn Lüer Wojtek advises on debt-to-equity swap of bond issued by Laurèl GmbH
January, 2018 - Duesseldorf, Germany
Heuking Kühn Lüer Wojtek advised Aschheim-based Munich Brand Hub AG on converting receivables from a bond issued by Laurèl GmbH into shares in Munich Brand Hub AG (“debt-to-equity swap”). The company was also advised on listing the shares on the Munich Stock Exchange.
Laurèl GmbH is an international fashion company whose assets were subject to insolvency proceedings under its own administration. In 2012, the company had issued a bond with a total volume of EUR 20 million. The insolvency plan drawn up as part of the insolvency proceedings provided for bondholders to be offered an option to acquire shares in Munich Brand Hub AG in exchange for the bond receivables. Munich Brand Hub AG is a newly founded company that had previously acquired all shares in Laurèl GmbH in accordance with the insolvency plan.
An experienced team of experts from Heuking Kühn Lüer Wojtek’s Cologne and Munich offices advised Munich Brand Hub AG in connection with implementing the debt-to-equity swap, in particular on drafting the securities prospectus for the tender offer approved by the Federal Financial Supervisory Authority (BaFin) on January 9, 2018, and on structuring and taking the individual transaction steps. The advice covered predominantly corporate, capital market, and insolvency law.
