Fellner Wratzfeld & Partner Rechtsanwälte GmbH (fwp), together with Linklaters, achieved the successful implementation of the CVA paving the way for the financial restructuring of Steinhoff Group.

As has been reported on numerous occasions, fwp extensively supported Steinhoff Group in its efforts to conclude a fundamental agreement with its creditors regarding a comprehensive restructuring concept in July 2018. At that time, Steinhoff Group achieved a significant breakthrough with three large groups of creditors signing the lock-up agreement which included both the term sheet for the restructuring and the detailed schedule for the implementation of the restructuring measures.

With the intensive support of fwp, a detailed contract documentation has been successfully worked out and finalised over the past few months. On 13 August 2019, Steinhoff Group reported ad hoc that, following the implementation of the CVA (Company Voluntary Arrangement), the financial restructuring has now, too, been successfully implemented between the creditors and Steinhoff Group.

The successful implementation of the CVA represents a further milestone for the Steinhoff Group in the restructuring throughout the group, which, in light of the global nature of the group and the resulting degree of complexity, required top-notch legal expertise and business know-how as well as a profound knowledge of the market.

“The implementation of the CVA with its international dimension, the complex structures and numerous different stakeholders involved, demonstrates our leading position and long-standing expertise in restructuring, company law, and refinancing in the context of M&A”, underlines fwp partner Markus Fellner.

The core team of fwp comprised fwp partners Markus Fellner (lead), Paul Luiki, and Florian Kranebitter, attorney-at-law Elisabeth Fischer-Schwarz as well as associates Carine Nsiona and Julian Zarre. They were supported by associates Elisabeth Gehringer and Daniel Wadl.

Other legal counsel: Linklaters LLP London (Richard Bussell for Steinhoff-International) and Gleiss Lutz (Steinhoff, Germany), and, on the creditors’ side, Allen & Overy LLP, Latham & Watkins LLP, Kirkland & Ellis LLP, among others.