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Insolvency court hands down plan confirmation ruling in self-administration proceedings – CMS advises on successful rescue of Friedrichshafen Airport

28/03/2022

Stuttgart – On 16 March 2022, the local court in Ravensburg (acting as an insolvency court) handed down a ruling confirming the insolvency plan submitted in July 2021. This confirmation fulfils a key requirement for termination of the insolvency proceedings. Once the two-week appeal period has passed and the ruling gains legal force, the insolvency proceedings can be terminated, allowing the airport to emerge free of debt.

Friedrichshafen Airport got into financial difficulties at the start of 2021, caused partly by the Covid pandemic and the need to demonstrate secure financing as a requirement for receiving state aid. A CMS team headed by Stuttgart-based partner Dr Alexandra Schluck-Amend advised Friedrichshafen Airport on filing for insolvency and supported the airport throughout the insolvency proceedings, conducted under self-administration, through to successful restructuring. Self-administration enabled the airport to continue its operations and business activities as usual under the direction of the current managing director, but with the appointment of an additional managing director. In consultation with its advisors, the airport was thus also able to take the necessary steps towards rescue.

Before and during the ongoing insolvency proceedings, the team led by Dr Alexandra Schluck-Amend advised the airport on insolvency law and corporate law aspects, working closely with Anchor (restructuring advice), Roland Berger (strategy consulting) and PwC (economic reports), as well as other advisors and the creditors’ trustee. The key points of the insolvency plan included a waiver of claims by the creditors and financing the rescue from the proceeds of selling the business premises via a sale-and-leaseback arrangement.

Due to the public sector’s significant involvement in the shareholding and financing structure, a CMS team led by Brussels-based partner Dr Michael Bauer advised the public-sector shareholders and the airport on all relevant aspects, and represented them in the matter. The team prepared both the proposal under state aid law and specifically the wide-ranging restructuring plan. The team headed by Dr Alexandra Schluck-Amend and Dr Michael Bauer worked with Anchor to put together all the elements required under state aid and insolvency law, the insolvency plan and the restructuring plan, thus bringing the airport’s rescue to a successful conclusion.

As part of the restructuring, the airport sold its site to a real estate company and leased it back again. CMS also advised on all aspects of this transaction through a team led by Stuttgart partners Dr Alexandra Schluck-Amend (restructuring) and Dr Stefan Voß (real estate).

With termination of the insolvency proceedings now in sight, the airport has gone through an insolvency plan procedure under self-administration in around ten months that will ensure its economic viability and ability to play an important role in the infrastructure of the Lake Constance region.

CMS Germany

Dr Alexandra Schluck-Amend, Lead Partner, Stuttgart
Franziska Fuchs, Senior Associate, Stuttgart
Josefine Wolff, Senior Associate, Stuttgart, all Restructuring and Insolvency
Dr Michael Bauer, Lead Partner, Brussels
Helmer Krane, Senior Associate, Brussels
Roxana Kruse, Senior Associate, Brussels, all Competition & EU
Dr Stefan Voß, Partner, Stuttgart
Lukas Potstada, Senior Associate, Stuttgart
Friederike Herzog, Associate, Stuttgart, all Real Estate
Dr Björn Demuth, Partner, Stuttgart
Pascal Hornstein, Associate, Stuttgart, both Tax

Anchor

Alexander Reus
Markus Fauser
Alexander Tekath

Roland Berger (Strategy Consulting)

Dr Philipp Grosche
Uwe Hörmann

Schneider Geiwitz

Alexander Hubl (Creditors’ Trustee)
Joachim Renz

Press Contact
presse@cms-hs.com

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