CMS advises on rescue of Schnigge Wertpapierhandelsbank

Düsseldorf – Schnigge Wertpapierhandelsbank SE, which is listed on the regulated market of the Düsseldorf Stock Exchange, has exited the insolvency proceedings opened on 1 January 2019 and is now continuing its business operations outside of insolvency. The company’s successful restructuring was based on an insolvency plan adopted on 11 July 2019 with the approval of all the groups of creditors. Under this plan, a group of investors represented by Hamburg-based Seaside Capital Markets GmbH will acquire all of the company's existing shares. The company will then be recapitalised by means of two capital increases, to which Seaside Capital GmbH and the former shareholders will be eligible to subscribe. This corporate action will give Schnigge shareholders the opportunity to participate in future increases in the value of the company. The business will operate under the name SCHNIGGE Capital Markets SE after the insolvency plan has been implemented. A further element of the successful restructuring is the ability to remain listed on the regulated market of the Düsseldorf Stock Exchange, which makes investment in the restructured company attractive.

A CMS team headed by lead partner Daniel Kamke and counsel Dr Maximilian Hacker advised the self-administration team on all aspects of insolvency law and on implementation of the insolvency plan throughout Schnigge’s insolvency proceedings.

Prior to insolvency, Frankfurt-based Schnigge Wertpapierhandelsbank SE was a financial services company engaged in on-exchange and over-the-counter securities trading, asset management and corporate finance. Going forward, the company will be based in Hamburg under its new name. It will initially conduct business that does not require a licence. Over the medium term, the firm aims to regain a licence to conduct banking and financial services business.

CMS Germany

Daniel Kamke, Lead Partner
Dr Maximilian Hacker, Counsel
Dr Artur M Swierczok, Senior Associate
Fabian Schumann, Associate
Julia Hellberg, Senior Legal Consultant, all Restructuring and Insolvency
Andrea München, Partner, Banking & Finance
Dr Christoph von Eiff, Counsel, Corporate / M&A

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