Bremen, 15.04.2024
Under the leadership of Bremen partner Prof. Dr. Gerrit Hölzle, GÖRG Partnerschaft von Rechtsanwälten mbB advised Cologneo II GmbH as part of restructuring proceedings. On 11 April 2024, the Bremen Local Court confirmed the proposed restructuring plan, which puts the project development company for Cologne's Cologneo Quarter into a three-year 'hibernation'. This successfully averts the threat of insolvency.
The property project development company Cologneo II GmbH previously belonged to the Consus Group, which is affiliated with the Adler Group. Delays in project development put the company in an existentially threatening situation, which initially led to the company structure being transferred to a security and realisation trust; in the current market environment, the trustee did not believe it was possible to implement the project development economically. In order to preserve the development value of the properties and to enable a recovery in value after a currently unforeseeable recovery of the market without being exposed to the risk of insolvency, maturities or additional financial burdens, the company was put into hibernation with the agreement of a long-term moratorium.
Under the leadership of insolvency and restructuring expert Prof. Dr. Gerrit Hölzle, the GÖRG team initiated restructuring proceedings in accordance with the German Act on the Stabilisation and Restructuring Framework for Companies (StaRUG) and submitted a corresponding restructuring plan.
Against the objection of a major creditor, the Bremen Local Court confirmed the restructuring plan submitted at the discussion and voting meeting on 11 April 2024. This step marks an important milestone in securing the future of Cologneo II GmbH and opens up prospects for a large number of currently distressed project development commitments.
Advisors Cologneo II GmbH
GÖRG Partnerschaft von Rechtsanwälten mbB
Prof. Dr. Gerrit Hölzle (Lead, Partner, Insolvency Law/Restructuring, Bremen)
Annika Schulenberg (Associate, Insolvency Law/Restructuring, Bremen)
Business management support Cologneo II GmbH
Wayes Unternehmensberatung, Hamburg/Bremen
Bernhard Bieckmann, Hamburg
Advisors Managing Director Cologneo II GmbH
Ludwig Wöhren Schewtschenko, Hamburg
Dr. Thomas Rühle
Advisor to (well-known) creditors
White & Case, Hamburg
Dr. Riaz Janjuah, Partner, Finance / Restructuring, Hamburg
