11-16-2015

Heuking Kühn Lüer Wojtek advises energy supplier ENERVIE on restructuring of bank financing




With a team led by Prof. Dr. Georg Streit and Dr. Guido Hoffmann, LL.M., the commercial law firm of Heuking Kühn Lüer Wojtek comprehensively advised ENERVIE - Südwestfalen Energie und Wasser AG on restructuring its bank financing and supported it in the related negotiations with the more than 40 participating banks and their steering committee. In connection with restructuring the financing of ENERVIE, its three largest shareholders, the city of Hagen, the town of Lüdenscheid, and Remondis additionally make EUR 60 million available. This was recorded in a restructuring framework agreement signed by ENERVIE, the participating banks, and the largest shareholders on October 29, 2015. The funding commitments are valid until the end of 2019. The funding of ENERVIE group was secured and the financing structure was thus streamlined and unified on a new basis.

The restructuring of financing serves to continue the implementation of the action plan to reorganize the energy and water supplier. The plan intends to increase earnings, strengthen equity, and reduce debt.

Hagen-based ENERVIE Group was formed by a merger of regional energy supplier and power plant operator Mark-E, public utilities Stadtwerke Lüdenscheid, and the grid company ENERVIE Vernetzt. ENERVIE group supplies some 400,000 customers with electricity, gas, water, and energy-related services, generating annual revenue of about EUR 1 billion.

Counsel to ENERVIE - Südwestfalen Energie und Wasser AG
Heuking Kühn Lüer Wojtek:

Prof. Dr. Georg Streit (Lead, Lead Restructuring), Munich
Dr. Guido Hoffmann, LL.M. (Lead Finance), Düsseldorf
Dr. Stephan Degen,
Dr. Fabian Bürk, LL.M.,
Kai Uwe Büchler (all Restructuring), all Munich
Dr. Tilman Spancken,
Susann Riemer, LL.M. (both Finance)
Dr. Marc P. Scheunemann, LL.M. (Tax Law), all Düsseldorf
Simon Hirsbrunner (European Law), Brussels

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