Berlin/Dusseldorf/Frankfurt/Munich—Global law firm Dentons is representing the group of Meyer Werft's promissory noteholders as part of the shipbuilding company's financial restructuring. Meyer Werft, which has recently experienced financial difficulties, is receiving temporary state support from the federal government and the state of Lower Saxony, which together are taking over approximately 80 percent of the shares in Meyer Werft  in exchange for a contribution of €400 million. In addition, the federal and state governments are providing guarantees of approximately €1 billion each to finance existing orders and stabilize the company. The state's involvement is only planned on a temporary basis: Meyer Werft will be returned to private hands in the long term. 

Meyer Werft, based in Papenburg in Lower Saxony, has been an integral part of the German shipbuilding industry for more than 225 years and is world-renowned for its high quality cruise ships. It is part of the Meyer Group, which also includes the Neptun Werft shipyard in Rostock and Meyer Turku in Finland. The latter is excluded from the partial takeover and remains in family ownership.

Dentons coordinated the group of promissory noteholders, advised them on the agreement to restructure the company, and will continue to represent the group in the context of the financial restructuring. Partner Andreas Ziegenhagen, Head of the Europe Restructuring practice, led Dentons’ legal team. 

Advisors to the group of creditors of the promissory note loan

Dentons (Berlin/Dusseldorf/Frankfurt/Munich): Andreas Ziegenhagen (Lead Partner, Berlin), Oliver Dreher (Partner, Banking and Finance, Frankfurt), Dr. Detlef Spranger (Counsel, Restructuring, Berlin), Tobias Schröter (Senior Associate, Restructuring, Dusseldorf), Jacob Nicolaus (Associate), Jana Winkler (Associate, both Restructuring, both Berlin), Nadja Reiß (Associate, Banking and Finance, Frankfurt), Sven Henneke (Project Manager Legal, Banking and Finance, Frankfurt), Dr. Matthias Nordmann (Partner, State Aid, Munich)

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