Latham & Watkins has advised LEONI AG, an international Tier 1 automotive supplier, on the successful restructuring and refinancing of approximately €1.6 billion of debt. It is the first restructuring of a listed stock cooperation under application of the cross-class cram-down provisions of the German Company Stabilization and Restructuring Act (Unternehmensstabilisierungs- und -restrukturierungsgesetz – StaRUG) with subsequent delisting. Following the successful defense of appeals the restructuring plan is now legally binding.

The Latham team was led by Hamburg partner Jörn Kowalewski, with counsel Hendrik Hauke on finance matters and associate Jan-Philipp Praß on StaRUG matters. Advice was also provided on restructuring matters by Hamburg associates Florian Doster, Jan-Mark Steiner, Eike Schmidt-Röh, and Axel Krohn. Advice was also provided on finance matters by Frankfurt associate Martina Eisgruber and Hamburg/Frankfurt associate Anna-Maria Kuckerz; on corporate matters by Hamburg partner Dirk Kocher, with counsel Andreas Lönner; and on litigation matters by Hamburg counsel Stefan Patzer, with associates Marco Grotenrath and Lisa Hoops.

Advice on the StaRUG proceedings was provided in close cooperation with Gleiss Lutz led by Dr. Matthias Tresselt.