Schoenherr advised Fisker GmbH in connection with its restructuring proceedings, so far the largest insolvency proceedings in Austria in 2024, with claims exceeding EUR3.5bln.
The restructuring plan, which provides for a 20% quota, was approved by the court on 16September2024 and will become binding on 30September2024, pending any appeals.
The firm, in collaboration with administrators Philipp Casper and Georg Wielinger, successfully negotiated an agreement with Fisker GmbH's three largest creditors – Heights, Magna and Fisker US – on the subordination of their claims and the solvent liquidation of Fisker GmbH. Through this restructuring, all parties managed to address the various concerns of the creditors while minimising their losses.
Fisker GmbH, in Graz, is a subsidiary of Fisker Group Inc. (itself undergoing Chapter 11 reorganisation bankruptcy in the US) and was primarily responsible for overseeing the manufacturing of Fisker electric vehicles.
The Schoenherr team advising on this transaction was led by Miriam Simsa (partner) and further included Felix Loewit (associate), Christian Cacic (associate) and Hannah Fadinger (attorney at law).