A team of Heuking Kühn Lüer Wojtek led by Stuttgart-based partner Dr. Hermann Ali Hinderer, LL.M. comprehensively advised Dr. Frank Sprachen und Reisen GmbH (DFSR) on the acquisition of assets out of insolvency of SouthernCross.eu GmbH, a specialist for high school stays abroad, from insolvency administrator Gerhard Walter (Walter, Riegger und Partner, Tübingen). The acquisition price was not disclosed.
With the acquisition, DFSR, part of Swedish group Educatius, takes over all employees of SouthernCross.eu GmbH and continues its operations. The insolvency proceedings on the assets of SouthernCross.eu GmbH were opened early, and the transaction was negotiated and implemented within a very short time in order to ensure a smooth transition. The creditors' committee approved the transaction.
Dr. Frank Sprachen und Reisen GmbH was established in 1978 and is one of Germany’s oldest student exchange organizations. The company is based in Heppenheim an der Bergstraße and organizes trips to the U.S., Canada, New Zealand, or Japan. SouthernCrouss.eu GmbH, headquartered in Walddorfhäslach near Stuttgart, was founded in 1998 to enable German students to spend a year of high school abroad. In addition to offices in Munich and Vienna, the company also has a representative in Italy.
Counsel to Dr. Frank Sprachen und Reisen GmbH
Heuking Kühn Lüer Wojtek:
Dr. Hermann Ali Hinderer, LL.M. (Lead, Corporate/M&A),
Laura Warrlich, (Corporate /M&A), both Stuttgart
Astrid Wellhöner, LL.M. Eur. (Employment Law), Munich/Stuttgart
Thorsten Wieland (Trademark Law), Frankfurt