Debt-to-equity swap on the bond issued by Laurèl

17. Janu­ary 2018

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

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