Ashurst advises insolvency administrator of Dr. Schneider Group on insolvency proceedings and sale to Motherson
31 July 2023
31 July 2023
Ashurst advised Mr Joachim Exner, Dr. Beck & Partner, Nuremberg, Germany, as insolvency administrator of the global automotive supplier Dr. Schneider Group, Kronach, Bavaria/Germany, in connection with the insolvency proceedings and sale of the group by way of several asset and share deals to Indian automotive supplier Motherson. The transaction amounts to approx. €118.3m and is subject to approval by the European Commission. The acquisition is expected to be closed by the end of Q3 / beginning of Q4 2023.
Dr. Schneider Group manufactures high-quality, innovative components and systems for vehicle interiors. The company employs around 4,500 people in seven facilities across Germany, Spain, Poland, the US, and China. It had filed for insolvency in September 2022 due to a failed operational and financial restructuring.
With this acquisition, Indian Tier 1 automotive supplier Motherson is continuing its global expansion course.
The Ashurst team was led by partner Alexander Ballmann and counsel Anna Geissler. They were assisted by partner Dr Karsten Raupach, counsel Dr Dorothea Tachezy and associate Martina Baumert (all Restructuring), counsel Dr Maria Held (Antitrust, all Munich), partner Michael Neary and senior associate Nathan Huynh (both Global Loans, New York), partner Jose Christian Bertram (Global Loans), partner Jorge Vázquez (Corporate) and counsel Cristina Grande (Employment, all Madrid), partner Noam Ankri and senior associate Astrid Hubert-Benoist (both Corporate, Paris) as well as partner Michael Sheng and counsel Daniel Öhvall (both Corporate, Shanghai).
The insolvency administrator was assisted by a team from Dr. Beck & Partner: Dr Barbara Honold, Dr Tobias Wittmann, Dr Ulf Pechartscheck, Susanne Witte, Carolin Kammerer and Ruzica Djokic.
Ashurst regularly advises Dr. Beck & Partner and Mr Joachim Exner in his capacity as insolvency administrator.