Wednesday, October 20, 2004 LAWFUEL – Law, legal, attorney, banking law newsThe Frankfurt and Munich offices of the international law firm Weil, Gotshal & Manges LLP advised the US investment company Lone Star on the acquisition of a loan portfolio with a nominal value of more than EUR 1.2 billion from the Institutional Restructuring Unit (IRU) of Dresdner Bank. This is the largest transaction of this type with corporate loans in Germany to date. The purchase price is undisclosed.
The sold portfolio consists of approximately 1,300 loans to more than 300 borrowers. Most of the loans are corporate loans, while some 40% are commercial real estate loans. Two thirds of the portfolio is non-performing and the remainder is sub-performing.
Weil, Gotshal & Manges has previously advised Lone Star on the acquisition of several NPL portfolios, for example from insolvent Gontard & MetallBank AG as well as from Hypo Real Estate Bank AG.
The transaction team of Weil, Gotshal & Manges was led by partners Gerhard Schmidt (Munich), Juergen Boerst (Frankfurt) and Uwe Hartmann (Frankfurt) and was supported by Frankfurt associates Arnold Buessemaker, Philipp Roever, Johannes Waitz, Annette Ruth, Feh Kalwa, Gundel Schuster, Michaela Bartl, Mirnes Sakic, Kathrin Aigner, Michael Bokelmann, Nils Behling and Jakob Reinhard as well as Munich associates Joachim Distel and Robert Abt.