Kirkland & Ellis Assists Rodenstock Group in Successful Restructuring via Novel English Scheme of Arrangement
Kirkland & Ellis International LLP has successfully supported Rodenstock, the leading manufacturer of ophthalmic lenses and eyeglass frames, in their restructuring via an English "scheme of arrangement." In January 2011, the signing of a restructuring agreement marked the start of a process that finally led to an agreement with the Rodenstock creditors for a sustainable refinancing of Rodenstock. The London High Court today sanctioned an English scheme of arrangement.
This is the second successful scheme of arrangement for a German company, following the Tele Columbus restructuring in December 2010. Rodenstock's credit agreements were subject to English law, which allowed the company to pursue the English scheme of arrangement to restructure its debt. The High Court's decision today should clear the way for further restructurings of German companies via a scheme of arrangement.
As part of the refinancing, Rodenstock will obtain €40 million in fresh money. The present shareholder Bridgepoint will hand over 49 percent of its interest in Rodenstock to the involved banks.
The Kirkland team, led by partners Wolfgang Nardi (finance) and Dr. Leo Plank (restructuring), included Munich partners Dr. Bernd Meyer-Löwy (restructuring), Dr. Christian Zuleger, Dr. Jörn Schnigula, Volker Kullmann, Dr. Björn Holland (corporate), and Dr. Roderic Pagel (tax), and associates Florian Bruder, Susanne Fritz (restructuring), Anja-Charlotte Wagner, Dr. Karsten Raupach (finance), and Dr. Ulf Kieker (tax). London restructuring partner Paul Atherton handled the scheme of arrangement proceeding, and associates Frederick Powles and Mark Knight and trainee solicitor Jason Pegnall assisted.
Experts: Prof. Dr. Peter Mankowski (University of Hamburg), Hans-Peter Kirchhof (Former Judge at the German Federal High Court).
About Rodenstock
Rodenstock is worldwide one of the leading manufacturers of ophthalmic lenses and spectacles frames. The company based in Munich was founded in 1877. It has a worldwide workforce of approximately 4,000 people and is represented in more than 80 countries with sales subsidiaries and distribution partners.
About Kirkland & Ellis LLP
Kirkland & Ellis LLP (www.kirkland.com) is a 1,500-attorney law firm representing global clients in complex corporate/private equity and tax, restructuring, litigation and dispute resolution/arbitration, and intellectual property and technology matters. The Firm has offices in Munich, Chicago, Hong Kong, London, Los Angeles, New York, Palo Alto, San Francisco, Shanghai and Washington, D.C. The Munich office consists of approximately 30 attorneys focusing primarily on private equity, mergers & acquisitions, restructuring/insolvency, acquisition financing and tax matters.
Press Contact
Dr. Leo Plank, Partner
Kirkland & Ellis International LLP
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80539 Munich, Germany
Telephone: +49 89 2030 6000
Fax: +49 89 2030 6100
leo.plank@kirkland.com
Petra Berner, Information Services Coordinator
Kirkland & Ellis International LLP
Maximilianstrasse 11
80539 Munich, Germany
Telephone: +49 89 2030 6000
Fax: +49 89 2030 6100
petra.berner@kirkland.com
