Starting news article english 13 May 2013

Clifford Chance advised consortium of banks on restructuring of Kruse Group

Clifford Chance advised a consortium of banks led by Portigon AG on the restructuring of Kruse Group, based in Balve (North Rhine-Westphalia), and the subsequent sale of the loan receivables to Stockmeier Group.

Kruse Group, which is active in the chemical, chalk and automotive sector in Germany and the neighboring countries, has been operating under critical conditions for quite some time.  After entities of Kruse Group had filed for insolvency at the beginning of 2013, a liquidation of the Group could eventually be avoided by a distressed sale of the shares and banks' receivables to Stockmeier Group. Stockmeier Group is internationally active in the standard chemicals and specialist applications business. The bankruptcy filings were withdrawn in the course of the successful emergency sale.

The Clifford Chance team included partner Alexandra Hagelüken, senior associate Anne Crayen and associate Dirk Brouwers (all Banking & Capital Markets) as well as partner Heinz-Günter Gondert, senior associate Dr. Benjamin Büttner and associate Tobias Bohm (all Corporate/Restructuring) – all Frankfurt.