International
legal
practice
Norton
Rose
LLP
advised
Bayern
LB
as
agent
for
the
senior
lenders
to
insolvent
German
Arcandor
AG
in
relation
to
the
sale
of
approximately
43.9
percent
of
shares
in
travel
company
Thomas
Cook
Group
plc
(a
FTSE
100
company).
Key
lenders
under
the
senior
facilities
are
Bayern
LB,
Commerzbank
and
The
Royal
Bank
of
Scotland.
The
disposal
was
part
of
the
enforcement
of
the
security
package
granted
to
the
senior
lenders,
was
effected
by
accelerated
bookbuild/market
placing
which
raised
approximately
£904
million.
The
core
team
was
led
by
Dirk
Trautmann
(Munich)
and
Julian
Stanier
(London)
and
included
Igsaan
Varachia,
Jamie
Nowak,
Andrea
Spellerberg,
Markus
Radbruch
(all
Munich),
Paul
Whitelock,
Hamish
Anderson,
Stephen
Rigby,
Dominic
Stuttaford,
Thomas
Vita,
Fiona
Evans,
Katherine
MacDonald,
Andrew
Roycroft,
Amy
Reed
(all
London),
Tomas
Gardfors,
Carl
Werner
(both
Frankfurt),
Michael
Jürgen
Werner
and
Raluca
Marian,
Annette
Klimisch
and
Caspar
Ebrecht
(all
Brussels).
The
instruction
is
part
of
ongoing
advice
provided
to
Bayern
LB
in
connection
with
the
insolvency
of
MDAX
listed
Arcandor
AG
which
is
coordinated
out
of
Munich
and
also
involves
Norton
Rose
teams
from
Frankfurt,
London,
Moscow,
Prague,
Warsaw,
Brussels
and
Amsterdam.
The
insolvency
of
Arcandor
AG
and
most
of
its
subsidiaries
is
the
largest
insolvency
in
Germany
and
due
to
the
nature
of
its
size
and
business
(travel,
department
stores
and
home
shopping)
attracts
high
attention
from
the
public.
