Clifford Chance cooperates closely with the firm's global restructuring, distressed M&A and litigation practices. This cross-border expertise is called upon by banks, financiers and funds as well as numerous companies when examining the applicability of foreign restructuring tools. In early 2023, practice head Stefan Sax was appointed to German managing partner; he focuses on cross-border financial restructuring and insolvency. Counsel Martin Jawansky has experience in restructuring transactions. Cristina Weidner (financial restructuring and corporate restructuring) joined the Munich location of Kirkland & Ellis International LLP in May 2023.

CMS‘ restructuring practice is dedicated to stabilisation and restructuring, particularly in connection with the pandemic, climate crisis and geopolitical issues (most recently pertaining to the Ukraine war) as well as in connection with the economic transformation; here, the team focuses on the banking, finance, life sciences and healthcare sectors. Clients benefit from longstanding expertise in sustainable restructuring, refinancing, reorganisation measures, distressed M&A and financial restructuring. Alexandra Schnapp-Amend (cross-border restructuring and insolvency proceedings) heads the practice, which recently advised on stabilisation measures for gas companies to secure energy supplies in Germany. Rolf Leithaus is experienced in advising companies on restructuring, distressed M&A, restructuring support and insolvency-related dispute resolution, while associate Alexander Holler is well versed in financial and operational restructuring.

Dentons‘ restructuring practice is based in Berlin and Frankfurt and has expertise in distressed M&A, restructuring via trusteeships and restructuring companies as well as in advising lenders and coordinating bond and promissory note creditors; the team is particularly active in the area of ​​financial restructuring. The European head of the restructuring practice Andreas Ziegenhagen is renowned for his expertise in trusteeships and also advises on insolvency law; he jointly heads the German restructuring practice with Arne Friel, who is well versed in cross-border distressed transactions, corporate law matters and large restructurings. Dirk Schoene (trusteeships, pre-insolvency restructuring, distressed M&A, protective shield and self-administration proceedings) and Holger Ellers (restructuring, distressed M&A, insolvency) are other key contacts of the practice. In January 2023, Hans Beyer (out-of-court restructuring, restructuring proceedings according to StaRUG, self-administration, protective shield and insolvency plan proceedings) joined the team; he was previously at K&L Gates LLP.

Gleiss Lutz focuses on financial restructurings, including the restructuring of bonds, and the team also assists with distressed M&A transactions and carve-outs as well as insolvency disputes. Practice head Andreas Spahlinger is well versed in cross-border restructuring and crisis situations, such as insolvency plan proceedings and self-administration. Further key contacts are Matthias Tresselt, who specialises in insolvency-related corporate law, the refinancing and restructuring expert Helge Kortz, Alexander Nagel (advice to governing bodies of companies in crisis) and Ralf Morshäuser (carve-outs and distressed M&A). The opening of the new location in London, which focuses on distressed M&A and restructuring situations, strengthend the practice's international reach; Christian Halàsz (cross-border restructuring and securities conversion) divides his time between London and Frankfurt.

Latham & Watkins LLP ‘s restructuring team offers longstanding expertise in financial and operational restructuring, including cross-border matters, and has experience in insolvencies and distressed M&A; Jörn Kowalewski frequently advises distressed investors, lenders, lender groups and steering committees as well as debtors, shareholders and governing bodies. In addition to financial and operational restructuring, practice head Frank Grell also assists with insolvency-related litigation and refinancing, while Ulrich Klockenbrink primarily supports large restructurings, distressed M&A and takeovers as well as in and out-of-court enforcements. Counsel Hendrik Hauke ​​regularly advises on takeovers of distressed companies.

Hengeler Mueller's restructuring team is well versed in advising financial investors, which regularly request the expertise in financial restructuring and distressed M&A. The client roster includes international creditors, lenders and debtors. Practice head Martin Tasma also focuses on financial restructuring and distressed M&A transactions, while Johannes Tieves advises on syndicated loans, takeover financing, promissory note loans and high-yield bonds and hybrid financing.

Linklaters offers excellent international capacities and focuses on financial and operational restructuring as well as insolvency law matters and distressed M&A. The traditional focus is on advising players from the banking sector, although the team has also recently been instructed by companies from the tourism, steel, shipbuilding, retail, energy and automotive sectors. Sabine Vorwerk, who is experienced in advising creditors, heads the practice. Since publication, former co-head Sven Schelo has left the firm.

Sidley Austin LLP regularly advises companies in crisis, official and ad hoc creditors’ committees, lenders as well as participants in distressed transactions on financial restructuring. Patrick Schulz made partner in January 2023 and focuses on cross-border restructuring and distressed M&A. Practice head Kolja von Bismarck specialises in financial restructuring and Andreas Steiger advises creditors, distressed investors, debtors, shareholders and sponsors on financial and operational restructuring.

act legal is experienced in operational and financial restructuring, distressed M&A and trusteeships as well as reorganisation matters, while clients also benefit from various legal tech tools such as the act restructuring quick check and the restructuring cost calculator. The practice is jointly led by Sven Tischendorf (restructuring, employment law, distressed M&A), Alexander Höpfner (insolvency administrator, self-administration, protective shield proceedings) and Matthias Müller (crisis and restructuring situations, insolvency law).

Ashurst LLP advises companies, banks as well as private equity and debtor funds on ​​financial restructuring. Cross-border matters are also covered thanks to the international network. The team is particularly experienced in the automotive industry but also acts across the energy, healthcare and financial services sectors. Practice head Alexander Ballmann is well versed in advising companies in crisis on restructuring as well as supporting insolvency administrators and debtors in the context of insolvency proceedings and distressed M&A, while Matthias Weissinger and Karsten Raupach focus on  financing and restructuring, including cross-border matters.

McDermott Will & Emery Rechtsanwälte Steuerberater LLP focuses on distressed M&A and insolvency law matters and recently advised on restructurings in the retail and automotive industries. Uwe Goetker (insolvency and corporate law, transactions) jointly heads the practice with Matthias Kampshoff, who focuses on advising companies, governing bodies, investors and insolvency administrators on pre-insolvency and insolvency-related restructurings. Björn Biehl is experienced in restructuring and distressed M&A.

Norton Rose Fulbright is frequently instructed by companies from the healthcare, automotive, telecoms, real estate and technology sectors on cross-border restructuring matters; the team also acts on behalf of creditors and investors. The mainstays include the advice on distressed M&A and restructuring with a particular focus on financial restructuring. Sylwia Maria Bea is experienced in insolvency law and distressed transactions and increasingly assits with reorganisations. Banking lawyer Oliver Sutter heads the practice and advises on recapitalisation and restructuring matters.

BRL BOEGE ROHDE LUEBBEHUESEN comprehensively advises on insolvency law and also focuses on financial restructuring and distressed transactions. The team is led by Stefan Denkhaus (insolvency administration, restructuring) and Dominik Demisch (corporate law, restructuring and reorganisation) and is experienced in the hospital sector; although companies from the retail, food, industrial and aviation industries are also among the client roster. Michael Busch, who made partner in January 2023, focuses on restructuring and reorganisation as well as corporate reorganisations.

DLA Piper boasts experience in the operational and financial restructuring of companies in the automotive, retail, real estate, finance and hospitality sectors and also advises various investors and creditors on pre-insolvency and in-court restructurings. The team is also experienced in distressed transactions, where Dietmar Schulz is a key contact; Schulz has additional expertise in non-performing loans, loan refinancing, bank resolution and reorganisation. He acts as co-chair of the global restructuring group and is supported by Florian Bruder, who frequently advises on cross-border restructuring matters. Mike Danielewsky and Christian Lonquich joined Bryan Cave Leighton Paisner in the summer of 2022.

Milbank's restructuring team frequently assists with cross-border matters and cooperates closely with the firm's credit and capital markets practices. The team comprehensively advises clients on the creditor side, including banks, debt funds and mezzanine lenders, as well as shareholders, sponsors and borrowers on financial restructuring both in and out-of-court. Other core topics include debt equity swaps, distressed financing and M&A, liability management and all aspects of insolvency law. Mathias Eisen (financial restructuring, advice to creditors) and Barbara Mayer-Trautmann (restructuring, leveraged finance) jointly head the prcatice.

Weil, Gotshal & Manges LLP's German team is led by the restructuring expert Gerhard Schmidt and Britta Grauke (restructuring and insolvency contestation) and focuses on the automotive, real estate and infrastructure sectors. The practice advises debtors as well as creditors, shareholders and investors on bond restructuring, reorganisation, liability and rescission proceedings; non-performing loans are also covered.

Willkie Farr & Gallagher LLP‘s German restructuring practice follows a cross-locational and cross-practice approach and comprehesively advises companies, equity and debt investors as well as creditors on financial and corporate restructuring as well as distressed M&A, particularly in the real estate sector. The team regularly acts in cross-border matters and is led by Wolfram Prusko, who is frequently instructed by specialist funds in connection with distressed matters, as well as private equity funds.

Baker McKenzie most recently assisted with restructuring in the context of cross-border distressed M&A, reorganisations and cross-border corporate structurings on the debtor side, although the team primarily advises creditors, including numerous German banks. Practice head Joachim Ponseck focuses on insolvency proceedings and is supported by counsel Artur M. Swierczok, who comprehensively advises shareholders, creditors and companies on restructuring and insolvency matters.

Bryan Cave Leighton Paisner frequently cooperates with the firm’s international locations and supports companies, their governing bodies and creditors in reorganisation and restructuring matters pertaining to insolvency proceedings. Till Buschmann is particularly experienced in corporate restructuring in connection with protective shield proceedings in self-administration, while Mike Danielewsky regularly advises on reorganisation and restructuring in the real estate sector.

Deloitte Legal Rechtsanwaltsgesellschaft mbH‘s restructuring practice is led by Frank Tschentscher, who supports financial creditors, banks and debtors in restructuring matters. The team is experienced in financial and operational restructuring, distressed M&A, self-administration and insolvency-related disputes; This corresponds with Torsten Cülter‘s expertise, whose restructuring and restructuring know-how also extends to the healthcare sector.

Flöther & Wissing focuses on insolvency law and is experienced in the restructuring context, where the practice supports reorganisations and restructuring proceedings in the aviation, energy and consumer goods sectors, both in pre-insolvency and post-insolveny matters. Lucas Flöther covers restructuring matters and primarily acts as an insolvency administrator and consultant, while associate Anna Katharina Wilke regularly advises on the restructuring of large companies.

Simmons & Simmons acts integrated into the firm’s financial market and derivatives practice and comprehensively advises on pre-insolvency and hybrid restructuring proceedings, debt restructuring, the restructuring and refinancing of financing structures as well as distressed M&A. Recent instructions pertaining to the latter had frequent ties to the start-up, TMT as well as real estate sectors. The team advises various stakeholders and is led by Christopher Kranz, who regularly handles matters in the retail, automotive, energy, real estate, aviation and shipping sectors.