GT Restructuring, Greenberg Traurig's restructuring unit in Germany, restructured EyeEm through insolvency proceedings.
The Berlin-based company EyeEm had evolved into a stock photo platform with 160 million images for personal and commercial use. In the spring of 2023, the business fell into insolvency under challenging circumstances and without management in place.
The GT Restructuring team stabilized the platform during the insolvency proceedings and restarted the business with EyeEm’s remaining core team. GT Restructuring Partner Jesko Stark was appointed insolvency administrator. He and GT Restructuring Partner Benedikt de Bruyn conducted an investor process and found the Spanish corporation Freepik to acquire EyeEm. The creditors’ meeting approved the insolvency plan last week. In addition to enabling EyeEm to continue operations, the sale also allows to pay approximately 130,000 photographers connected to the platform whose royalty claims EyeEm was no longer servicing.