Debt-to-equity swap on the bond issued by Laurèl
Munich - Heuking Kühn Lüer Wojtek advised Aschheim-based Munich Brand Hub AG on the exchange of receivables from a bond issued by Laurèl GmbH into shares in Munich Brand Hub AG (so-called “debt-to-equity swap”). The consultancy also included the listing of the shares on the Munich Stock Exchange.
Laurèl GmbH is an internationally active fashion company whose assets were subject to insolvency proceedings in self-administration. In 2012, Laurèl GmbH 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 an offer to bondholders to acquire shares in Munich Brand Hub AG in exchange for the claims arising from this bond. Munich Brand Hub AG is a newly founded company which, in accordance with the insolvency plan, had previously acquired all shares in Laurèl GmbH.
An experienced team of experts from the Cologne and Munich offices of Heuking Kühn Lüer Wojtek advised Munich Brand Hub AG in connection with the implementation of the debt-to-equity swap, in particular on the preparation of the securities prospectus approved by the German Federal Financial Supervisory Authority on January 9, 2018 for the acquisition offer as well as the structuring and implementation of the individual settlement steps. The advice mainly concerned issues of corporate, capital market and insolvency law.
Advisors to Munich Brand Hub AG: Heuking Kühn Lüer Wojtek
Dr. Mirko Sickinger, LL.M. (lead, photo), Sven Radke, LL.M.
Lena Pfeufer (all stock corporation and capital markets law), all Cologne
Boris Dürr, Ricarda Marschall, LL.M. (both Stock Corporation and Capital Markets Law), both Munich, Prof. Dr. Georg Streit (Insolvency Law), Munich