Berlin, October 11, 2017 – The Local Court of Charlottenburg appointed Jesko Stark, partner at GT Restructuring (Greenberg Traurig Germany’s restructuring unit), as insolvency administrator of ST3 Holding GmbH. ST3 Holding is a shareholder in the Polish company ST3 Offshore, which employs approximately 700 employees and produces foundations for offshore wind turbines in Szczecin. The Polish subsidiary was forced to file for restructuring and bankruptcy and was saved only by means of a restructuring concept that was implemented at short notice.
Within the framework of the bankruptcy proceedings of ST3 Holding, GT Restructuring and the other shareholder MARS (a Polish investment fund) agreed upon a comprehensive restructuring concept and drafted the contract documents within two weeks. In addition to major customers, the concept also includes a consortium of German and Swiss financial institutions as well as a debt equity swap. The measures enable the Polish company ST3 Offshore to continue its operations and save the 700 jobs.
For the German bankruptcy creditors, the restructuring means that the German parent company is largely released from liabilities, and the number of creditors is reduced significantly, as is the volume of the claims.
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