Gleiss Lutz advised Adler Modemärkte AG on the deal. GÖRG advised Zeitfracht.
Adler Modemärkte AG signed an investment agreement with Zeitfracht Logistik Holding GmbH.
The transaction is being implemented via several complex insolvency plans and capital measures as part of the insolvency proceedings instituted on 1 July 2021. Closing of the investment agreement with Zeitfracht Logistik Holding GmbH is still subject to approvals under merger control law.
The insolvency plans provide for debt relief for the insolvent companies and the continuation of the operative business with more than 100 German and 29 foreign fashion stores (Austria 24, Luxembourg 3, Switzerland 2). The planned reorganisation is expected to preserve at least 2,600 of the Group’s total of 3,100 jobs.
In addition, Adler Modemärkte AG’s insolvency plan includes a capital writedown to zero and the subsequent injection of new equity capital by the investor Zeitfracht, which will therefore become Adler’s sole shareholder. The capital writedown will be accompanied by a delisting of the company’s shares. All the insolvency plans are to be submitted to the creditors’ meeting for approval at the end of July 2021. Ideally, the company will then be able to terminate the insolvency proceedings as early as the end of August 2021.
Adler Modemärkte AG is a listed company and one of the leading textile retail chains in Germany. In 2018, trade magazine Textil-Wirtschaft ranked the company twenty-second among the top 100 companies. Gleiss Lutz has been assisting Adler Modemärkte AG on a regular basis for many years and advised it, among other things, on the IPO in 2011, the takeover by S&E Kapital GmbH in 2013, the acquisition of the fashion retailer Kressner in 2015 as well as the financing round in spring 2020 on account of the first lockdown, the company’s out-of-court restructuring attempt via state subsidies (economic stabilisation fund, ESF) as well as the application for self-administration under the new insolvency and restructuring law which came into force on 1 January 2021.
ZEITFRACHT is a modern, medium-sized, third-generation family-owned company with around 3,700 employees and headquarters in Berlin. As a logistics service provider, the company has been firmly established in the national and international logistics industry for over 90 years. It has made a name for itself in Europe as one of the leading providers of system transport. Further core competencies are the areas of fulfilment, media logistics and logistics for electronic products. In addition, ZEITFRACHT has developed into a group of companies that also offers products and services in the fields of aviation, marine, building services and consulting.
Daniel Getzin (general counsel) provided Adler Modemärkte AG with inhouse advice.
The Gleiss Lutz team was headed by the partners Dr. Matthias Tresselt (Picture – partner, Restructuring, Stuttgart), Dr. Stephan Aubel (partner, Corporate and Capital Markets, Frankfurt, both lead), Dr. Ralf Morshäuser (partner, M&A, Munich), Dr. Kai Birke (partner, Finance, Frankfurt), Dr. Marc Ruttloff (partner, Public Law, Stuttgart) and Dr. Johann Wagner (partner, Tax, Hamburg) and also included Antonia Harbusch, Anne Verheyen (both Competition/Antitrust, Düsseldorf), Dr. Joachim Glöckler, Wilhelm Wucherer (Restructuring, Stuttgart), Moritz Lochmann (Restructuring/M&A), Melina Grauschopf (M&A, both Munich), Friedrich Schlott, Dr. Florian Kienast (Stuttgart, Restructuring), Dr. Walter Andert (Berlin), Melanie Barwich (counsel), Alexander Gebhardt (counsel), Jannik Hermes (both Frankfurt, all Corporate and Capital Markets), Dr. Maike Sauter (Stuttgart), Dr. Philip Niemann, Dr. Thomas Bücheler (both Tax, Hamburg), Dr. Daniel Couzinet, Lisa Freihoff, Rebecca Schulga, Matthias Hahn, Linda Rampf (all Public Law), Dr. Eric Wagner (partner), Dr. Simon Wagner (counsel), Rudolph Anthony Holtz (all Dispute Resolution, all Stuttgart), Dr. Jonas Rybarz (counsel, Real Estate, Berlin).
The GÖRG team included Dr. Michael Dolfen, Claus Christopher Schiller, Dr. Christian Bürger, Lydia Daniela Nießen and Metehan Uzuncakmak.
The inhouse team at Zeitfracht was led by Christiane Schreff and Hans-Gerd Jauch.
Involved fees earner: Walter Andert – Gleiss Lutz; Stephan Aubel – Gleiss Lutz; Melanie Barwich – Gleiss Lutz; Kai Arne Birke – Gleiss Lutz; Daniel Couzinet – Gleiss Lutz; Lisa Freihoff – Gleiss Lutz; Alexander Gebhardt – Gleiss Lutz; Joachim Glöckler – Gleiss Lutz; Melina Grauschopf – Gleiss Lutz; Matthias Hahn – Gleiss Lutz; Antonia Harbusch – Gleiss Lutz; Rudolph Anthony Holtz – Gleiss Lutz; Florian Kienast – Gleiss Lutz; Moritz Lochmann – Gleiss Lutz; Ralf Morshäuser – Gleiss Lutz; Philip Niemann – Gleiss Lutz; Linda Rampf – Gleiss Lutz; Marc Ruttloff – Gleiss Lutz; Jonas Rybarz – Gleiss Lutz; Maike Sauter – Gleiss Lutz; Friedrich Schlott – Gleiss Lutz; Rebecca Schulga – Gleiss Lutz; Matthias Tresselt – Gleiss Lutz; Anne Verheyen – Gleiss Lutz; Johann Wagner – Gleiss Lutz; Eric Wagner – Gleiss Lutz; Simon Wagner – Gleiss Lutz; Wilhelm Wucherer – Gleiss Lutz; Christian Bürger – GÖRG Partners; Claus Christopher Schiller – GÖRG Partners; Michael Dolfen – GÖRG Partners; Lydia Nießen – GÖRG Partners; Metehan Uzuncakmak – GÖRG Partners;