Attorneys-at-law in Central and Eastern Europe
Out-of-court restructuring of companies in financial distress
15.12.2008
bnt's restructuring unit in the Baltic States provides a tool to prevent in-court insolvency proceedings.
Kategorie: en_Allgemein
Erstellt von: administrator
bnt's restructuring unit in the Baltics has been increasingly addressed by financial institutions and other large companies looking for assistance in dealing with these companies' customers facing financial distress. The restructuring unit's services are also welcomed by debtor companies and their owners. In all these cases the goal is to rescue the financially distressed company or at least substantial parts of it, thereby avoiding conventional court-governed insolvency proceedings.
Our services include any of the following three phases, as required: 1. Analysis (focussing on, for example, the current financial and economic situation, HR management, in particular aiming at establishing a realistic value of the company based on current market prices, reasons for the company's problems, if and how the company can profitably continue its business operations). 2. Design of rescue plan (defining possible strategies, evaluating risks for each strategy, assisting in choosing a strategy plan, drawing detailed schedules for implementing the chosen strategy). 3. Implementation and supervision (based on the chosen strategy we might, for example become involved in representing the client during the implementation process, assisting the management of the distressed company, or in taking over management of the company for an interim period, carving-out or selling off unprofitable parts of the company's business.)
The team: The restructuring unit is headed by partner Frank Heemann, a German attorney (Rechtsanwalt) and member of the bar associations in Germany and Lithuania. Before joining bnt as managing partner at Vilnius office in 2006, Frank Heemann practiced for six years with the global law firm White & Case LLP, where he gained substantial experience in insolvency and restructuring matters, first in the firm's insolvency and restructuring department, later as a corporate attorney frequently involved in restructuring endeavours. He successfully participated in specific training courses to acquire the title of Specialized Attorney in Insolvency Law (Fachanwalt für Insolvenzrecht). The team consists of experienced Lithuanian, Latvian, and Estonian corporate lawyers as well as consultants for the business, finance, HR, and marketing side of undertakings. The team's integration into the pan-Baltic structure of the bnt offices in Tallinn, Riga, and Vilnius guarantees the framework required to efficiently carry out restructuring analysis and implementation. The offices have implemented ISO 9001:2001 quality management systems.
For more information please contact Frank Heemann via email frank.heemann@bnt.lt or phone +37052121627.
