Eismann Holding GmbH’s Debt Restructuring

Freshfields Bruckhaus Deringer advised the Eismann Group on the successful implementation of its comprehensive restructuring and sustainable restructuring of the overall capital structure.

The firm advised the supplier of frozen food products during the complex negotiations on the standstill and restructuring agreements and advised on the necessary realignment of the overall financing and the sale of non-core Group companies.

The core elements of the implemented financial restructuring are the provision of new loans to finance the operational restructuring measures and to strengthen the Group’s working capital base; at the same time, the existing financial liabilities will be significantly reduced.

In order to implement the overall financing concept developed with a European banking consortium, it was necessary to transfer all shares in the Eismann Group to a double-benefit trust structure managed by Cornelius Treuhand (Prof. Markus Stadler).

Further challenges of the transaction lay in the safeguarding of the restructuring profits brought about by the debt waiver by means of a binding tax report on the basis of the newly created and little tried and tested §3a EStG and in the successful settlement of long-standing disputes with Italian social insurance institutions.

The overall transaction was implemented in close coordination with a PwC team led by Alexander D. Hug and Joachim Englert, who were entrusted with the task of preparing an IDW-S6 expert opinion.

The mandate required an international team, as stakeholders in several European countries were affected, including Germany, Italy, the UK, the Netherlands and Luxembourg.

Freshfields Bruckhaus Deringer advised the Eismann Group with a team led by partner Jochen Wilkens and Marvin Knapp (both Restructuring/Finance), Christoph H. Seibt (Corporate/M&A), Alexander Schwahn (Tax), Nicola Asti (Corporate, in Picture) and Francesco Lombardo (Finance) (both from Milano); Counsel and Principal Associates Kathrin Aschenfeldt (DR), Robert Kastl, Matthias Kresser (both Restructuring/Finance), Giuliano Marzi (Finance), Luca Sponziello (Corporate), Eugenia Severino (Tax), Andreas Ruthemeyer (Finance), Florian Weixelbaum (Finance, Vienna); and Associates Vanessa Lawrenz (Restructuring/Finance), Jennifer Maiworm, Alexander Schley, Lilly Leitner (Vienna) and Beatrice Melito (Milano) (all Finance); Ulrich Wilke and Jan Hobus (both Tax), Friedrich von der Heydt-von Kalckreuth (Corporate/M&A).

Involved fees earner: Kathrin Asschenfeldt – Freshfields Bruckhaus Deringer LLP; Nicola Asti – Freshfields Bruckhaus Deringer LLP; Jan Hobus – Freshfields Bruckhaus Deringer LLP; Robert Kastl – Freshfields Bruckhaus Deringer LLP; Marvin Knapp – Freshfields Bruckhaus Deringer LLP; Matthias Kresser – Freshfields Bruckhaus Deringer LLP; Vanessa Lawrenz – Freshfields Bruckhaus Deringer LLP; Lilly Leitner – Freshfields Bruckhaus Deringer LLP; Francesco Lombardo – Freshfields Bruckhaus Deringer LLP; Jennifer Maiworm – Freshfields Bruckhaus Deringer LLP; Giuliano Marzi – Freshfields Bruckhaus Deringer LLP; Beatrice Melito – Freshfields Bruckhaus Deringer LLP; Andreas Ruthemeyer – Freshfields Bruckhaus Deringer LLP; Alexander Schley – Freshfields Bruckhaus Deringer LLP; Alexander Schwahn – Freshfields Bruckhaus Deringer LLP; Christoph Seibt – Freshfields Bruckhaus Deringer LLP; Eugenia Severino – Freshfields Bruckhaus Deringer LLP; Luca Sponziello – Freshfields Bruckhaus Deringer LLP; Friedrich von der Heydt-von Kalckreuth – Freshfields Bruckhaus Deringer LLP; Florian Weixelbaum – Freshfields Bruckhaus Deringer LLP; Ulrich Wilke – Freshfields Bruckhaus Deringer LLP; Jochen Wilkens – Freshfields Bruckhaus Deringer LLP;

Law Firms: Freshfields Bruckhaus Deringer LLP;

Clients: Eismann Holding GmbH;