Deloitte Legal supports German ESPRIT companies in filing for self-administration proceedings

On Wednesday before last, a Deloitte Legal team led by the Hamburg restructuring partner Frank Tschentscher filed for the opening of insolvency proceedings in self-administration for seven companies of the German ESPRIT Group. On the following day, provisional self-administration was ordered for the debtor companies, after the members of the (main) creditors' committees had unanimously voted in favour of this type of procedure following further explanations by Deloitte Legal at the constituent meetings.

In connection with the preparation of the application, the Deloitte Legal team developed the standardised concept and the necessary requirements for the self-administration procedure. In addition, the appointment and dismissal of managing directors was coordinated for all German group companies and - in cooperation with the Dutch law firm Deloitte Legal - also for the European group companies.

In the case of self-administration, the management continues to run the company and is supervised by a trustee. The court appointed Prof Dr Lucas Flöther (Flöther & Wissing) as provisional administrator for all companies. The management of all companies is in the hands of experienced restructuring lawyers Dr Christian Gerloff and Christian Stoffler of Gerloff Liebler Rechtsanwälte in Munich. Attorney Benedikt Gatt has also been appointed as general representative.

The aim of the proceedings is to restructure ESPRIT's European business and to prepare it for the future. The opening of the insolvency proceedings is currently scheduled for 1 August 2024. Esprit's business will continue in full until further notice. All stores will remain open.

Deloitte's legal team has been advising the ESPRIT Group for many years. Hamburg restructuring partner Frank Tschentscher had already advised the Hong Kong-listed parent company on all insolvency and restructuring law issues during the insolvency plan proceedings at the beginning of the COVID pandemic and continued to provide comprehensive advice afterwards.
 

Berater ESPRIT-Gesellschaften
Deloitte Legal: Frank Tschentscher (Lead-Partner, Restructuring) Dr. Volker Schulenburg (Partner, Corporate/ M&A), Felix Skala, LL.M. (Partner, Antitrust), Marcus C. Spangenberger, M.B.L.-HSG (Senior Associate, Restructuring), Darwin Pfeiffer (Associate, Corporate/M&A), Pedro Vera Martinez, LL.M., MLB (Senior Associate, Corporate/M&A), Lukas Jürgensen (Corporate/Restructuring), all Hamburg, Daphne Schijve (Deloitte Legal B.V., Legal Consultant, Corporate Law).

Published: May 2024