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.
Legal 500 Editorial commentary
Testimonials
Collated independently by Legal 500 research team.
- 'Ulrich Klockenbrink is an absolute expert in the area of restructuring and brings in good strategic perspectives, while still remaining approachable.'
- 'Jörn Kowalewski: Great strategist with incredible communication and moderating skills.'
- 'Jörn Kowalewski and Frank Grell are very competent and provide quick and good support.'
- 'Great professional breadth including related topics outside of restructuring.'
- 'Very good service, quick advice and help. Pragmatic and empathetic.'
- 'Frank Grell delivers particularly pragmatic solutions with a great deal of sensitivity for interpersonal relationships; Perfect for quick and quiet reorganisations.'
- 'Frank Grell and Jörn Kowalewski, both are currently among the outstanding restructuring professionals with broad market responsibility and are present at all levels (debtor, creditors, customers, investors, etc.)'
- 'The team has been at the top of the market for years, especially in the automotive sector. Always up-to-date and creative.'
Key clients
- ACCENTRO Real Estate AG
- All 4 Golf
- Insolvenzverwalter Air Berlin
- Barings
- Bundesverband deutscher Banken e.V. (BdB)
- Centerbridge Partners
- Commerzbank
- EMAG
- Huf Hülsbeck & Fürst
- Hülsta
- LEONI AG
- Löwen Play / Safari Holding Verwaltungs GmbH
- NordLB
- Postbank AG
- SGB Smit
- Schur Flexibles
- Scholz Holding
Work highlights
- Advising the listed ACCENTRO Real Estate AG on the comprehensive refinancing of two bonds in accordance with the German Debt Securities Act with a total volume of over €350 million.
- Advising the Steering Committee of the lenders of the Benteler Group, consisting of Commerzbank AG, DZ BANK AG, Erste Group Bank AG, Landesbank Baden-Württemberg and Norddeutsche Landesbank, on the now completed full €2 billion refinancing, which is part of a fundamental restructuring of the Benteler Group.
- Advice on the restructuring of Leoni AG, in particular on the restructuring of its financing on the basis of several financing instruments such as a syndicated loan, bilateral loans, promissory notes, factoring and sale-and-lease-back with a volume of over €2 billion, most recently in connection with the first major StaRUG process in the German market, which includes an overall solution for all financing lines and a restructuring of the shareholder side.
Lawyers
Leading associates
Rising stars with regular involvement in their team's key work, and recognition from peers or clients as being ones to watch.
Leading partners
The strongest partners in their field, leading on market-leading deals and endorsed by peers and clients alike.
Latham & Watkins LLP
Frank Grell helps clients navigate distressed situations related to restructuring or insolvency. He chairs the German Restructuring & Special Situations Practice and served as Local Department Chair of the German Finance Department. Mr. Grell has earned a strong reputation from clients and leading publications for his empathetic approach and ability to craft pragmatic and commercial solutions in high-pressure or crisis situations.
Mr. Grell advises:
Companies, management, and shareholders in a financial or operational crisis
Creditors in all phases of financial restructurings, including debt-equity swaps, share pledge enforcements, and insolvency plan proceedings
Investors on the acquisition of distressed companies and on restructuring, rescue financing, or refinancing transactions, including debt-equity swaps
Insolvency administrators on M&A, restructurings, or disputes
Complementing his transactional work, he also represents parties in claw-back and liability cases.
Mr. Grell is a board member of TMA Germany e.V. and of Norddeutsches Insolvenzforum e.V. (Insolvency Forum of Northern Germany).
He regularly speaks and writes about insolvency and restructuring matters.
Latham & Watkins LLP
Dr. Jörn Kowalewski has long-standing experience advising stakeholders within complex corporate restructurings, both out of court and within insolvency proceedings, as well as handling distressed M&A transactions.
Dr. Kowalewski advises distressed investors, lenders, lender groups, and steering committees, as well as the debtors, shareholders, and management in:
Out-of-court (financial and operational) restructurings
Distressed M&A transactions
Debt-to-equity transactions
Dr. Kowalewski enhances his legal advice with an entrepreneurial and pragmatic approach, drawing on his prior experiences running a midsized international trading company and serving as a research fellow at the Max Planck Institute for Comparative and International Private Law.
Next Generation Partners
Junior partners with significant recognition from clients and peers in the market and key roles on multiple matters.
Latham & Watkins LLP
Dr. Ulrich Klockenbrink is a partner in Latham's German Finance Department and a member of the Restructuring & Special Situations Practice. Dr. Klockenbrink has more than 13 years experience in navigating clients through complex restructuring, distressed M&A, and enforcement situations, both in-court and out-of-court. He is well-regarded for his empathetic approach and his great sense for pragmatic solutions.
He advises investors, shareholders, lenders, lender groups, steering committees, insolvency administrators, and distressed companies in:
Restructuring
Insolvency
Financing matters
He has authored numerous articles on restructuring, insolvency, and distressed investment topics.
Dr. Klockenbrink is a member of TMA Germany e.V. and of the German-American Lawyers Association (DAJV).
His background as a paratrooper and as an experienced restructuring lawyer position Dr. Klockenbrink as the go-to person in any type of stressful restructuring situation.
Practice head
The lawyer(s) leading their teams.
Frank Grell