27 05 2016

Metropolitan Equity Partners Management, LLC., acquired the main plant of the bankrupt Wismar firm German Pellets GmbH

Luther has advised Metropolitan Equity Partners Management on the deal


After the transaction, production in Wismar will be taken over by Metropolitan Equity Partners Management, LLC., New York (MEP) and in the future will trade under the name of Wismar Pellets GmbH. MEP is an active financial investor with extensive experience in company development. MEP has appointed new management which, in cooperation with the experienced works team, will give the newly-founded Wismar Pellets GmbH long-term prospects. Luther advised MEP ahead of the impending in solvency of German
Pellets when the wood pellet manufacturer was no longer able to meet its obligations towards MEP. Its priorities were to safeguard the existing furnishings and real estate securities, and the strategic approach in the event of insolvency and questions of insolvency law. In this context, Luther also analysed alternatives to liquidation for the securities.
After the firm filed for insolvency, Luther advised MEP on DIP financing in order to keep production going at German Pellets, thereby maintaining the value of the securities as part of an ongoing business. This DIP financing was granted by Commerzbank AG,

meaning that MEP provided security for a significant proportion of
the risk with respect to Commerzbank AG. Once MEP had decided to subm it a bid for the German Pellets plant in Wismar, Luther advised it on the acquisition of the production plant and the transfer of employees. The major law firm provided support and advice throughout negotiations with the insolvency
administrators at German Pellets and with other secured creditors and lender banks. Luther also developed the legal plans for the acquisition, financing and tax planning for the takeover.
The takeover by MEP of production at the Wismar plant has ensured its continued operation and the survival of the majority of jobs at the production plant. MEP is confident that in the future, Wismar Pellets will play a positive role in the wood industry in Wismar and the economic region of Mecklenburg-Vorpommern.

Luther, has advised MEP with a team including Matthias Götz (Picture), Andrea Metz (M&A- Restructuring), Johannes C. Becker (Cologne),  Felix Stamer (Dusseldorf), Jan Saalfrank, Christoph Schauenburg, Rolf Kobabe (Banking), Marcus Backes, Reinhard Willemsen, Hans-Peter Hufschlag (Restructuring), Thomas Thees, Achim Braner (Employment), Nicole Fröhlich, Tilo Künstler (Tax), Zvi Tirosh, Mirjam Frick, Detlev Stoecker (Tax), Anne Wegner (Antitrust), Holger Stappert, Angelo Vallone (Energy). Involved fees earner: Matthias Götz - Luther Rechtsanwaltsgesellschaft mbH; Jan Saalfrank - Luther Rechtsanwaltsgesellschaft mbH; Andrea Metz - Luther Rechtsanwaltsgesellschaft mbH; Andrea Metz - Luther Rechtsanwaltsgesellschaft mbH; Johannes Becker - Luther Rechtsanwaltsgesellschaft mbH; Marcus Backes - Luther Rechtsanwaltsgesellschaft mbH; Reinhard Willemsen - Luther Rechtsanwaltsgesellschaft mbH; Hans-Peter Hufschlag - Luther Rechtsanwaltsgesellschaft mbH; Christoph Schauenburg - Luther Rechtsanwaltsgesellschaft mbH; Rolf Kobabe - Luther Rechtsanwaltsgesellschaft mbH; Thomas Thees - Luther Rechtsanwaltsgesellschaft mbH; Achim Braner - Luther Rechtsanwaltsgesellschaft mbH; Nicole Fröhlich - Luther Rechtsanwaltsgesellschaft mbH; Tilo Künstler - Luther Rechtsanwaltsgesellschaft mbH; Zvi Tirosh - Luther Rechtsanwaltsgesellschaft mbH; Mirjam Frick - Luther Rechtsanwaltsgesellschaft mbH; Detlev Stoecker - Luther Rechtsanwaltsgesellschaft mbH; Anne Caroline Wegner - Luther Rechtsanwaltsgesellschaft mbH; Holger Stappert - Luther Rechtsanwaltsgesellschaft mbH; Angelo Vallone - Luther Rechtsanwaltsgesellschaft mbH;

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