Kirkland Advises Creditors on Sale of SolarWorld Stake in Deutsche Lithium

Kirkland & Ellis advised secured creditors on the sale of a 50 percent stake held by SolarWorld AG in Deutsche Lithium GmbH. The stake is acquired by Zinnwald Lithium plc, a company listed on the London Stock Exchange, that already holds a 50 percent stake in Deutsche Lithium.

The total purchase price consists of a cash component of €1.5 million and the issue of 49,999,996 New Ordinary Shares in Zinnwald Lithium of £0.01 each. After having been admitted by the London Stock Exchange, the shares will be issued immediately on a pro-rata basis to secured creditors of SolarWorld AG, including the joint representatives of the SolarWorld bondholders.

The Kirkland team advising the creditors was led by restructuring partners Josef Parzinger and Sacha Lürken, and included debt finance partner Wolfgang M. Nardi, corporate partners Daniel McMann and Stuart Boyd, financial services regulatory partner Romin Dabir, as well as restructuring associate Marlene Ruf.