GÖRG advises on sale of insolvent Green City AG

Munich, 03.06.2022

GÖRG Partnerschaft von Rechtsanwälten mbB advised on the sale of the operational business of Green City AG by its insolvency administrator. The buyer is the French Qair International SAS.

Green City AG is an integrated provider for the development, construction, financing and operation of renewable energy plants in Europe. The Munich-based company has approximately 120 employees and currently has over 30 solar and wind projects under development and construction. In January 2022, Green City had to file for insolvency. In an international M&A process, the French group Qair International SAS was the successful bidder. The M&A advisory firm AXCIT Capital Partners led the investor process.

"The large number of ongoing project developments and their distribution across Europe meant that the transaction was particularly complex. The contracts were prepared and negotiated within the short time available in the insolvency proceedings by our team of experts from the fields of M&A, energy, financing and restructuring/insolvency," said Dr. Michael Nienerza, partner at the law firm GÖRG in Munich on Tuesday. "With the transaction, Green City's project developments can continue. The investor Qair will also take over a large part of the employees. This secures the future of the company.”

Green City AG's existing projects with the wind, solar and hydropower projects already in operation will be sold separately.

"In this mandate, we were able to make full use of our strengths in the areas of restructuring/insolvency and energy law. Our M&A team, led by Dr. Bernhard Guthy, was able to fully leverage its expertise in complex transactions. Our teams in Munich and Cologne worked hand in hand," said Dr. Michael Nienerza.

Insolvency Administrator

Müller-Heydenreich Bierbach & Kollegen
Axel W. Bierbach (Munich)

Green City AG

Oliver Lange (Board Legal Counsel)
Christoph Muschallik (Head of Legal Department)

Advisor Insolvency Administrator

Müller-Heydenreich Bierbach & Kollegen
Oliver Schartl (Insolvency Administrator of other group companies)
Severin Haneke (Insolvency Law, Munich)
Franz Hackl (Insolvency Law, Munich)
Evgeniy Geyler (Insolvency Law, Munich)
Claudia Heyer-Eisenhardt (Insolvency Law, Munich)
Thomas Funk (Labour and Employment Law, Munich)
Sara Kiefer (Capital Markets Law, Munich)

GÖRG Partnerschaft von Rechtsanwälten mbB
Dr. Michael Nienerza (Lead, Partner, Restructuring/Insolvency, Munich)
Dr. Bernhard Guthy, LL.M. (Lead, Partner, M&A, Munich)
Dr. Bernt Paudtke (Partner, Capital Markets Law, Munich)
Thoralf Herbold (Partner, Energy Law, Cologne)
Dr. Katharina Landes (Partner, Data Protection, Cologne)
Dr. Christian Bürger (Partner, Antitrust Law, Cologne)
Dr. Florian Schmitz (Partner, IT and Outsourcing, Frankfurt)
Dr. Adalbert Rödding, LL.M. (Partner, Tax Law, Cologne)
Holger Rhode (Partner, Insolvency Law, Düsseldorf)
Dr. Christian Becker (Partner, Corporate Law, Munich)
Dr. Lutz Pospiech (Counsel, Capital Markets Law, Munich)
Dr. Holger Dann, LL.M. (Counsel, Tax Law, Cologne)
Dr. Dominik Pauw (Associated Partner, Restructuring/Insolvency, Munich)
Tobias Reichenberger (Associated Partner, Capital Markets, M&A, Munich)
Dr. Ilka Mainz (Associated Partner, Energy Law, Cologne)
Nico Mutzenbach (Associate, Restructuring/Insolvency, Munich)
Moritz von Limburg, LL.B, LL.M. (Associate, M&A, Munich)
Darko Radonjic (Associate, M&A, Munich)
Metehan Uzunçakmak, LL.M. (Associate, Antitrust Law, Cologne)
Dr. Lisa Löffler (Associate, Public Commercial Law, Cologne)
Michael Demmer (Associate, Energy Law, Cologne)

Rödl (tax consulting, foreign companies)
Bastian Danesitz (Partner, Munich)
Dr. Susanne Kölbl (Partner, Munich)
Paolo Peroni (Partner, Milan)
Dr. Trixie Alexandra Bastian (Senior Associate, Milan)
Laurence Cuillier (Associate Partner, Paris)

demps & partners Aktiengesellschaft (management consultancy)
Klaus-Magnus Junginger (Partner, Munich)
Niels Roggemann (Partner, Munich)
Marcel Berger (Partner, Munich)

Advisor Qair International SAS

Dr. Michael Burg (Partner, M&A, Cologne)

Alexander Reus (Lead, Partner, Restructuring/Insolvency, Munich)
Dr. Christof Schiller (Partner, Restructuring/Insolvency, Mannheim)
Johannes Chrocziel (Insolvency Law and Financing, Munich)
Georg von Oldenburg (Insolvency Law and Financing)
Markus Koch (Labour and Employment Law, Mannheim)


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