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The general meeting of CinemaxX AG has given the green light for the restructuring of the company
group and the resulting capital measures. Tele München Gruppe (TMG) will thus become the new
majority shareholder by way of a capital decrease and issue of new shares through a capital
increase in kind. Led by partner Dr Christian von Lenthe, a team from the Hamburg office of CMS
Hasche Sigle advised CinemaxX AG on the successful restructuring which will lead to almost complete
debt relief of the company group. The capital increase and decrease have not yet been registered in
the commercial register. The volume of the transaction was approx. EUR 50m.
The restructuring was CinemaxX AG's answer to the negative business results owing to the
continuing cinema crisis and the peak of the liquidity situation in spring 2004. Dresdner Bank AG
sold its entire loan commitment to the CinemaxX group to TMG in April 20004. CinemaxX and TMG
then agreed in the framework of a comprehensive restructuring concept to reduce the debts of the
CinemaxX group and to transform the bank loans acquired from TMG into equity capital. In return TMG
will hold 49.6 per cent of the shares in CinemaxX AG in the future.
In addition to Dr Christian von Lenthe (stock corporation and takeover law), partners Dr
Henrik Drinkuth (capital market law) and Jürgen Siemers (employment law) and associates Dr Hilke
Herchen (stock corporation and capital market law) and Dr Tim Reher (competition law), advised on
the transaction.
Advisers:
CinemaxX AG:
CMS Hasche Sigle, Hamburg
Dr Christian von Lenthe (stock corporation and takeover law), partner
Dr Henrik Drinkuth (capital market law), partner
Jürgen Siemers (employment law), partner
Dr Hilke Herchen (stock corporation and capital market law), associate
Dr Tim Reher (competition law), associate
Brinkmann & Partner, Hamburg (insolvency law)
KPMG, Hamburg (tax law)
Tele-München group:
Wirsing Hass Meinhold, Munich
Dr Claus S. Hass
Contact CMS Hasche Sigle:
Dr Christian von Lenthe
Tel.: +49(0)40 / 37630-0
E-mail:
Christian.Lenthe@cms-hs.com
Background:
CMS Hasche Sigle is one of the leading German law firms with more than 350 lawyers. It covers
the entire area of commercial law and provides legal advice to major German and international
companies from a wide spectrum of industry.
CMS Hasche Sigle operates at all the major business centres. It has offices in Berlin,
Duesseldorf, Frankfurt, Hamburg, Leipzig, Munich, Stuttgart, Chemnitz, Dresden, Brussels, Belgrade,
Moscow, Prague and Shanghai.
The law firm is a founding partner of CMS, a European association of reputable law firms with
more than 1,800 lawyers. In addition to CMS Hasche Sigle, the following firms are also members of
the CMS association: CMS Adonnino Ascoli & Cavasola Scamoni (Italy), CMS Albiñana & Suárez
de Lezo (Spain), CMS Bureau Francis Lefebvre (France), CMS Cameron McKenna (UK), CMS Derks Star
Busmann (the Netherlands), CMS von Erlach Klainguti Stettler Wille (Switzerland), CMS Lexcelis
(Belgium) and CMS Reich-Rohrwig Hainz (Austria) with a total of 56 offices in 24 jurisdictions.
This network enables CMS Hasche Sigle to offer integrated and extensive legal advice for
cross-border projects.
Further information:
CMS Hasche Sigle Partnerschaft von Rechtsanwälten und Steuerberatern
Contact details/List of partners at
www.cms-hs.com
