Most major Austrian banks rely on Fellner Wratzfeld & Partners‘ insolvency and corporate recovery practice, which is renowned among large creditors for complex restructurings and pre-insolvency matters. Alongside advising a wealth of banks, the firm provides rounded advice to clients in the retail and real estate sectors. Practice head and founding partner Markus Fellner is widely recognised as the leading restructuring expert in Austria, equipped with deep expertise in refinancings. Leading the team with Fellner is Florian Kranebitter, who is highlighted for his experience in international mandates.
Insolvency and corporate recovery in Austria
Fellner Wratzfeld & Partners
Praxisleiter:
Markus Fellner; Florian Kranebitter
Referenzen
‘Single point of contact on partner-level, very experienced advice combined with hands-on mentality.’
‘The team is very well organized, you can reach them at any time. Extremely reliable, you get an answer in any case in short time. And the answers are precise and explained fundamentally.’
‘In our critical cases we work with a team under the lead of Dr. Fellner. He has the best know how in distressed loan situations throughout the country. He prepares alternatives and advises on what strategy to proceed with. And he is an excellent networker, whatever additional advisers you need he can bring in contacts. Whatever time stress a cases brings with it, Mr. Fellner can handle it.’
Kernmandanten
Erste Group Bank AG
Raiffeisenbank Region Baden
Raiffeisen Group
NIKE Retail B.V.
UniCredit Bank Austria AG
BAWAG P.S.K. Bank für Arbeit und Wirtschaft und Österreichische Postsparkasse Aktiengesellschaft
CaixaBank
HYPO-BANK BURGENLAND Aktiengesellschaft
Oberbank AG
Salzburger Sparkasse Bank Aktiengesellschaft
GRAF ISOLA
Insolvency administration is the mainstay of GRAF ISOLA, which also has proficiency in both in and out of court reorganisations and restructurings for creditors, debtors and investors. Due to its recognised strength, the firm’s practitioners are regularly appointed as insolvency administrators by Austrian courts. Practice heads Alexander Isola and Stefan Weileder are widely lauded as top insolvency experts with Isola focusing on large family owned enterprises and Weileder specialising in representing debtors and shareholders in large insolvencies. ‘Rising star’ David Seidl also assists on insolvency matters involving white collar crime, fraud and capital maintenance.
Praxisleiter:
Alexander Isola; Stefan Weileder
Weitere Kernanwälte:
David Seidl
Referenzen
‘GRAF ISOLA is market-leading in this field, with highly regarded lawyers. They are very responsive, accessible and have a great hands-on mentality. An entrepreneurial, business-focused approach makes their advice beyond valuable.’
‘Alexander Isola is an icon in the Austrian and European insolvency practice. Stefan Weileder is extremely knowledgeable and one of the current top names in this field while David Seidl is their next rising star and always accessible. We appreciate his responsiveness and business-orientated advice.’
Kernmandanten
SIGNA PRIME Selection AG and SIGNA Development Selection AG
FISKER Group Inc
Ferdinand Richter GmbH & Co KG
KTM Bike
Tally Weijl GmbH
Darebell Group
Christof Industries Austria GmbH
Verlagsgruppe News
Steiermärkische Bank und Sparkassen AG
Andritz AG
Highlight-Mandate
- Advising SIGNA Prime and SIGNA Development, the two mainreal estate companies of the SIGNA Group.
- Representing Fisker Group Inc and affiliate companies within the FISKER-group in the insolvency procedure of FISKER GmbH.
- Advising and representing a major shareholder and investor in the restructuring procedure of Ferdinand Richter GmbH & Co KG, a Europe-wide well-known shoe manufacturer in the restructuring procedure and further on in follow-up investments.
Schoenherr (Schönherr Rechtsanwälte)
Trusted by company investors, management and lenders, Schoenherr (Schönherr Rechtsanwälte) is lauded as a leader in restructuring and insolvency, with deep expertise in out-of-court restructurings, distressed acquisitions and refinancings. Practice head Miriam Simsa is reputed in the market for her skills in critical situations, advising on a wide range of mandates for domestic and foreign lenders and companies. Corporate lawyer Michael Magerl consolidates the firm’s local offering in Linz with experience in large in-court insolvency proceedings and with claw back provisions, advising high profile corporations and banks in Upper Austria.
Praxisleiter:
Miriam Simsa
Weitere Kernanwälte:
Michael Magerl
Referenzen
‘Fully integrated law firm rendering first class legal advice – Schoenherr is one of if not the leading Austrian law firms. Each and every Schoenherr partner is top-notch. Strong leadership and path defining – involved in all high-profile cases. Truly exceptional.’
‘Miriam Simsa: Miriam is outstanding, excellent technical skills, ultra-responsive and both, commercial and pragmatic. It is a pleasure to work with her and colleagues and clients alike praise her for pursuing a hands-on approach which gets the deal done. Gold standard.’
‘Michael Magerl: Very strong colleague who stays calm and professional at all times even when a deal gets dynamic. High responsiveness and always approachable – worked with Michael on various deals and hopefully will work more often alongside him in the future.’
Kernmandanten
Austrian Anadi Bank AG
Bank für Tirol und Vorarlberg AG
Fisker GmbH
Oberbank AG
Raiffeisenlandesbank Oberösterreich AG
UniCredit Bank AG
Wittur Holding GmbH
Schwarzmueller Group
UniCredit Bank Austria AG
Highlight-Mandate
- Advising Fisker GmbH in connection with its ongoing insolvency proceedings which are conducted as restructuring proceedings with self-administration.
- Advised WITTUR Holding GmbH, a German manufacturer of elevator components, on the Austrian, Hungarian and Turkish aspects of its comprehensive financial restructuring.
- Advised Schwarzmueller Group on the successful restructuring of the group’s debt and the operational restructuring, as well as on all measures of corporate structuring and generational change in family enterprises.
Binder Grösswang
Specialising in cross-border work, Binder Grösswang‘s restructuring and insolvency practice has a strong track record handling high profile mandates in the retail and automotive sectors. The team also regularly advises banks and Austrian consortiums on the full spectrum of matters including company restructuring, insolvency-related litigation and on distressed M&A, working closely with the firm’s banking and finance team. With over two decades of experience, practice head Gottfried Gassner is sought after by both debtors and creditors and is adept in complex restructuring processes. Under Gassner’s leadership, Georg Wabl excels in creditor representation while Emanuel Welten is well versed in refinancing agreements.
Praxisleiter:
Gottfried Gassner
Weitere Kernanwälte:
Georg Wabl; Emanuel Welten
Referenzen
‘Georg Wabl – strong on international matters, very experienced and responsive partner.’
‘The law firm and the relevant employees make every effort to address our concerns immediately and also have suggestions for solutions ready. Speed, quality and price-performance ratio are a perfect match. Since the law firm is very broadly based, you get an all-encompassing solution and you don’t have to run the risk of one aspect not being examined.’
‘I would particularly like to highlight Georg Wabl and his team, as we really feel well looked after here. He keeps calm and keeps an overview and provides suggested solutions promptly. He asks the right questions, has ideas straight away and has a very fair billing system for his services.’
Kernmandanten
Erste Bank
Raiffeisenlandesbank Niederösterreich-Wien
Kärntner Beteiligungsverwaltung
Madison International Realty
Schur Flexibles Holding GesmbH
Alcentra Limited
Lucky Car
Large creditors / investors of SIGNA Group
UniCredit Bank Austria
Highlight-Mandate
- Advised major lenders and investors of SIGNA Group.
- Advised Senior Lenders and SFA Agent on the restructuring of TAKKO Group.
DORDA Rechtsanwälte GmbH
DORDA Rechtsanwälte GmbH has deep expertise in insolvency insurance and W&I insurance work, providing comprehensive advice to companies claiming damages following insolvencies post-acquisition. The firm is well versed in insolvency proceedings and litigation, benefitting from its cross-practice team. Felix Hörlsberger leads the interdisciplinary practice and handles matters for clients in a variety of sectors including real estate, banking and insurance, pharmaceuticals, and mobility. Other integral members of the team are Tibor Varga and Andreas Zahradnik who specialise in financial restructurings and Christian Ritschka who is the key contact for distressed M&A matters. Magdalena Nitsche is regarded for her rounded support in all areas, particularly around compliance with crisis-related requirements.
Praxisleiter:
Felix Hörlsberger
Weitere Kernanwälte:
Magdalena Nitsche; Tibor Varga; Andreas Zahradnik; Christian Ritschka
Referenzen
‘Attorney Dr. Hörlsberger and his team is deeply experienced in connection to liabilty insurance law (i.e. D&O, PI, crime, Cyber) and further affiliated law sections. He is one of the leading heads in this section. Very trustful collaboration and good time management and response times.’
‘Dr. Hörlsberger is strongly experienced and one of the leading heads in insurance law.’
‘Wide range of services from experts, not only insolvency relevant for us, but also real estate law.’
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E+H Rechtsanwälte GmbH
A key strength of E+H Rechtsanwälte GmbH is its interdisciplinary offering which draws on the team’s expertise in M&A, banking and real estate on complex restructurings. Working for investors and creditors, the team has particular strengths in the real estate and automotive industries. Refinancing and restructuring go hand in hand for the firm, which excels in advising domestic and international clients on restructuring and insolvency proceedings before the Austrian Court. Leading the team is Marcus Benes who is adept at cross-border loan restructuring and the renowned Karoline Maria Hofmann who has experience advising distressed debtors on insolvency proceedings and board members on liability risks. Dominik Juster is another stand-out member of the team.
Praxisleiter:
Marcus Benes; Karoline Hofmann
Weitere Kernanwälte:
Dominik Juster; Johannes Feilmair
Referenzen
‘Deep bench of sophisticated and experienced lawyers. Dominik Juster and his team have an extremely fast reaction time and provide very creative solutions in demanding restructuring situations. The team is easy to work with and they know the relevant players in the market well. ’
‘Dominik Juster is creative and hands-on. He is able to handle challenging situations on high pressure matters very well.’
‘Dr. Benes deserves special mention in the area of reorganization/restructuring. Very competent and to the point. Always approachable and eloquent. Very appreciated by his colleagues, which is evident in the negotiations.’
Kernmandanten
Volta Group
One Square Advisors
Heights Capital Management Inc.
AXA Real Estate Investment Managers SGP
Certain funds advised by KKR Credit as second lien lenders to the Wittur group in relation to its financial restructuring
Ad-hoc Group of Bondholders of SIGNA Development’s EUR 300 million senior notes in relation to SIGNA Development’s crisis and insolvency proceedings
Takko Group
Dr. Kurt Wolff GmbH & Co KG
Highlight-Mandate
- Advised Heights Capital / CVI regarding its claims against Fisker GmbH in insolvency proceedings
- Advising the Volta Group in connection with the group-wide preparation of insolvency proceedings and liquidations, as well as with the effects of the UK insolvency on the Austrian branch
- Advised the ad-hoc Group of Bondholders of SIGNA Development’s EUR 300 million senior notes in relation to SIGNA Development’s crisis and insolvency proceedings, one of the largest and most complex insolvency proceedings in Austrian history of all times
Wolf Theiss Rechtsanwälte GmbH & Co KG
Wolf Theiss Rechtsanwälte GmbH & Co KG‘s restructuring practice heavily focuses on financial restructuring and distressed acquisitions both in Austria and throughout the CEE/SEE region. The firm is known for advising lenders and debtors on complex insolvency litigation, enforcement proceedings and on representing clients in civil proceedings commenced by the insolvency administrator. Practice head Eva Spiegel is an expert in contentious insolvency mandates, while Andrea Gritsch specialises in banking and finance derived work, including distressed M&A. Zeno Grabmayr, Matthias Schimka and Alexander Zollner are also prominent members of the team.
Praxisleiter:
Eva Spiegel
Weitere Kernanwälte:
Andrea Gritsch, Zeno Grabmayr, Matthias Schimka, Alexander Zollner
Referenzen
‘This is an absolute masterclass litigation practice. I have been extremely impressed by its capabilities, experience, and tactical/legal acumen. The quality of service is second to none, from (junior) associate level to partners. The team comes up with smart and creative solutions, and is fully committed to our cause.’
‘Having worked with Eva Spiegel for over four years, she is highly intelligent, a great team-leader, an outstanding tactician, always focused, calm in a crisis, and has excellent judgment. Alexander Zollner is terrifically clever, zealous in his pursuit to find the best solution, and has the willingness to roll up his sleeves to get into every detail. He is a deeply experienced arbitration, and litigation practitioner (especially anything that is connected to insolvency), who produces first-rate documents.’
‘Very good legal skills and negotiation skills; ’
Highlight-Mandate
- Advising inter alia the largest group of creditors with regard to the insolvency of Signa Prime Selection AG in the largest insolvency case in Austria so far; the bankruptcy of Signa Group.
- Representing an international business consulting company in relation to civil proceedings following the insolvency of the Wienwert Group.
- Advising the initial purchasers and the lenders on one of the largest financial restructuring transactions in Austria in 2023 – the EUR 2 billion financing of the Benteler group, consisting of USD and EUR senior secured notes and a EUR 1 billion senior facilities agreement.
Cerha Hempel
At the crux of Cerha Hempel‘s practice is pre-insolvency financial restructuring, with additional strengths in voluntary and involuntary winding-downs and creditor protection cases. The firm regularly assists creditors, shareholders, management of distressed companies as well as tax and auditing firms at an early stage in both in- and out-of-court restructurings. The team is co-led by Thomas Trettnak, whose coverage spans the entire CEE region and Christoph Reiter who specialises in commercial distressed M&A. Holger Bielesz spearheads the firm’s disputes capability.
Praxisleiter:
Thomas Trettnak; Christoph Reiter
Weitere Kernanwälte:
Holger Bielesz; Christian Aichinger
Referenzen
‘Christian Aichinger provides good commercial advice.’
‘The team consists of utmost professionals – not only the partners, but also the associates. The client is informed about all possibilities available and the client’s wishes are accurately included in the resulting documents and actions.’
‘The partners Dr. Thomas Trettnak and Mag. Christoph Reiter have exceptional knowledge and experience in their field to rely on. The communication is clear and kept to the topic without unnecessary distractions.’
Kernmandanten
A consortium of 10 German banks in the SIGNA insolvency
A prominent European Bank in liquidation status
FTI Touristik GmbH
3C Group & Candy Polstermöbel / (Kika/Leiner insolvency)
CLIMEWORKS group of companies
RAFAKO S.A. w restrukturyzacji
Johnson Controls Group
Energie Burgenland AG (FORSTINGER insolvency)
CELEBI Group
Creditors of Odyan SA (formerly known as ODEBRECHT group)
FIAT / CNH Group
PharOS Ltd.
Landesbank Baden-Württemberg
Highlight-Mandate
- Advising several clients (predominantly German and other international banks and investment companies) with respect to the insolvency of the SIGNA Group (in particular of SIGNA Prime Selection AG in Austria and SIGNA Holding GmbH), the biggest insolvency cases in the history of the country.
- Advising German 3C group of companies throughout with regard to one of the major insolvencies in Austria in recent years, i.e. the restructuring of Leiner & Kika Möbelhandels GmbH.
- Advising Climeworks group of companies in a complex cross-border transfer of ownership in assets designed for the construction of a power plant in Iceland.
CMS Reich-Rohrwig Hainz Rechtsanwälte GmbH
Central to CMS Reich-Rohrwig Hainz Rechtsanwälte GmbH‘s practice is restructuring work for the full gamut of stakeholders including banks and other creditors, debtors and management, potential investors and national and international insolvency practitioners. Daniela Karollus-Bruner heads the contentious side while Clemens Grossmayer is adept at distressed M&A transactions and cross-border reorganisations. Anja Cervenka , David Kohl and Stefan Paulmayer are other stand-out members of the team.
Praxisleiter:
Clemens Grossmayer; Daniela Karollus-Bruner
Weitere Kernanwälte:
Anja Cervenka; Stefan Paulmayer; David Kohl
Referenzen
‘Stefan Paulmayer, upcoming star in Banking and Finance Law, an absolute allrounder, assisted by a very effective team, esp Wolfgang Hellsberg, and in the background and/or in other cases Günther Hanslik, “the” senior partner at CMS.’
‘We got to know the CMS team in a complex restructuring of a group of real estate companies as very committed and competent and highly solution-orientated. We appreciate the detailed and comprehensive advice and representation in all aspects of restructuring.’
‘We value Mr. Stefan Paulmayer as a very competent professional partner with a high degree of understanding of legal and economic contexts of corporate restructuring. He has an excellent command of preparing complicated issues for the requirements of credit institutions in an understandable way, proposing solutions that go beyond purely legal advice, acting as a negotiator, discussion leader and central contact person for all parties and thus giving structure to a complex restructuring process.’
Highlight-Mandate
Jaufer Rechtsanwälte GmbH
With its restructuring focus, Jaufer Rechtsanwälte GmbH is highly skilled in reorganisation and refinancing, representing companies and creditors in insolvency and reorganisation proceedings before court. Overseeing the team is Clemens Jaufer who frequently acts as a court-appointed administrator and Mario Leistentritt who is relied on for his experience with management and auditor liability litigation as well as white collar criminal proceedings.
Praxisleiter:
Clemens Jaufer; Mario Leistentritt
Weitere Kernanwälte:
Alexander Painsi
Referenzen
‘Focus on relevant issues, transparency and solution oriented. Very important for us, Jaufer Rechtsanwälte are very clear and honest in their communication. Strong partnership due to mutual targets.’
‘Jaufer is an absolute GO TO restructuring & insolvency boutique in the Austrian market. They are very experienced in representing debtors in out-of-court and especially in-court restructuring processes, have a great network combined with to-the-point expertise.’
‘The Jaufer team is on top throughout all levels of seniorities. Clemens Jaufer as the master mind behind the firm and one of the leading figures on the market, Mario Leistentritt as brilliant next generation partner and Alexander Painsi as one of the rising stars on the market. I would trust all of them even in the most complex cases.’
Kernmandanten
Christoph Industries Group, Johann Christof
SIGNA Holding GmbH and various subsidiaries (holding/group companies)
PEPCO Austria GmbH
Familie Benko Privatstiftung
SIGNA Retail GmbH
Chemgineering Austria GmbH
Bike Citizens Mobile Solutions GmbH
Various Austrian real estate developers
Multi-national supplier in the automotive industry
Various banks, lenders and creditors (financial and operational restructuring)
Highlight-Mandate
- Advising and representing SIGNA Holding and various of its group companies (holding companies) during its in-court insolvency proceedings as part of the restructuring of SIGNA group.
- Advised PEPCO Austria on their exit from the Austrian market and representing the company in subsequent in-court bankruptcy liquidation proceedings.
- Advising the shareholders of one of Vienna’s largest real estate developers (portfolio value: EUR 550 million) on its successful out-of-court restructuring.
SAXINGER Rechtsanwalts GmbH
SAXINGER Rechtsanwalts GmbH’s multidisciplinary team advises debtors, creditors and lending banks in upper Austria on the full spectrum of issues surrounding insolvency, restructuring and distressed M&A. The firm has expertise with clients in a broad range of industries including in financial services, consumer goods, real estate development and manufacturing, mainly focusing on out-of court restructuring proceedings. The three practice heads are Ernst Chalupsky , Sebastian Hütter and Michael Kienzl, who joined in October 2023 and boasts significant lender-side capabilities.
Praxisleiter:
Ernst Chalupsky; Sebastian Hütter; Michael Kienzl
Referenzen
‘Team is excellently composed of specialists in various disciplines (in particular: real estate, insolvency and restructuring). Mr. Kienzl was key in successfully defending our interest on very difficult tactical grounds and a difficult starting point. Fair billing practices.’
‘Very focused and excellent counterpart to discuss, define and implement non-“plain vanilla” recovery strategies. Vast experienced in M&A, capital markets and buy side advisory and was a most helpful add-on to the excellent restructuring/insolvency franchise. Excellent negotiation skills. ’
‘Broad team with the resources and skills to take on large-volume orders.’
Kernmandanten
Erste Group Bank AG
Raiffeisen Bezirksbank Neusiedl Ost eGen
Highlight-Mandate
- Acting in two creditor claims arising from the second largest Austrian insolvency of 2022.
- Advising Erste Group Bank as lender in the largest Austrian insolvency case ever.
- Representing Raiffeisen Bezirksbank Neusiedl Ost eGen on a restructuring, partial insolvency, civil and criminal case against a borrower.