International RCR network news: Germany and France
A summary of some of the transactions the RCR lawyers of Taylor Wessing have been involved in, with a focus on France and Germany.
Taylor Wessing have recently received a ‘notable firm’ ranking for 2014 from IFLR 1000 concerning their banking, finance and restructuring practices.
Other recent assignments for Taylor Wessing France (TWF) have included:
- TWF assisted the curators of a Belgian retail group subject to bankruptcy proceedings in order to liquidate its operations and terminate its corporate existence in France.
- TWF is assisting a California-based tech company in connection with the bankruptcy proceedings opened in France against an industrial client using the company’s technology and services.
- TWF is acting for two French banks in relation to the refinancing of a distressed conglomerate undertaken via the outsourcing of real estate assets to be assigned to a newly created company.
Taylor Wessing lawyers Hendrik Boss and Daniel Maier advised investment company TMW Pramerica Property Investment Gmbh (Pramerica) on the financial restructuring of the open-ended real estate investment fund TMW Immobilien Weltfonds.
The standstill agreement stipulates that the seven German financing banks participate in proceeds from the lease and sale of real estate by way of prepayment to an increased extent and waive their rights to termination and additional security.
Pramerica had terminated the administration for Weltfonds with effect of 31 May 2014. All properties not sold by that date will be transferred by virtue of law to and liquidated by the depositary bank of Weltfonds.
The standstill agreement sets out that Pramerica shall market the properties of TMW Immobilien Weltfonds with the aim of selling them at the highest price possible until 31 May 2014. Likewise, the banks commit not to demand repayment of the loans falling due until 31 May 2014 and not to realise their security. As compensation, the creditors shall participate in the rent and sale proceeds through quarterly repayments.
News from Taylor Wessing
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Briefings from Taylor Wessing
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