Deals & Cases

If a foreign administrator traces assets of the estate in Switzerland, it has to obtain a recognition of the foreign insolvency adjucation from the Swiss courts. As a result, Swiss authorities will conduct a mini-bankruptcy proceeding to which a limited number of classes of creditors will be admitted. Only if after satisfaction of admitted creditors an excess remains, such excess will be transferred to the foreign estate. In September 2011, for financial institutions new rules entered into force which permit FINMA, the Swiss Financial Market Supervisory Authority, to transfer Swiss assets of a foreign estate to the foreign administrator. While recognition of the foreign insolvency adjucation still is required, no mini-bankruptcy has to be conducted if certain prerequisites are met. 

In a leading case, in re MF Global UK Limited (in special administration), FINMA on June 13, 2012, has decreed that MF Global's foreign insolvency shall be recognized and that the assets of the estate situated in Switzerland shall be transferred to the foreign administrator without the necessity of a mini-bankruptcy. In the proceeding before FINMA, MF Global UK Limited (in special administration) has been represented by partner Ueli Huber (Restructuring | Insolvency) and associate Anne Sabine Zoller (Restructuring | Insolvency).

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On April 1, 2010, OC Oerlikon Corporation announced that it has reached agreement with its Bank Lenders and main shareholder Renova regarding a comprehensive financial restructuring of the company. The company expects to implement the agreed restructuring, which includes a CHF 1 bn rights offering, in the first half of 2010.

Homburger advised the Bank Lenders in the restructuring. The Homburger team included partners Benedikt Maurenbrecher and Daniel Haeberli (both Financial Services and Insolvency | Restructuring), Ueli Huber (Corporate | M&A and Insolvency | Restructuring), Dieter Grünblatt (Tax) and Georg Naegeli (Litigation | Arbitration and Insolvency | Restructuring) as well as associates André Terlinden (Financial Services), Simon Lang (Corporate | M&A), Stefan Oesterhelt (Tax), Julian Schwaller (Litigation | Arbitration), and junior associate Roger Ammann (Financial Services).

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Homburger continues to advise certain secured lenders represented by Deutsche Bank acting as agent in connection with a facility granted to Nexis Fibers AG, a company in composition proceedings under Swiss bankruptcy law and recently renamed ExNex AG in Nachlassliquidation. On November 16, 2009, EMS CHEMIE AG acquired the German staple fibers business from ExNex AG in a share deal. In this deal, the Homburger team, protecting the interest of the secured lenders, comprised of partner Ueli Huber (Corporate | Restructuring) and associates Anne Sabine Zoller (Corporate | Restructuring), Simon Lang (Corporate | Restructuring) and Markus Kaiser (IP | IT).

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Homburger continues to advise certain secured lenders with Deutsche Bank acting as agent in connection with a facility granted to Nexis Fibers AG, recently renamed ExNex AG, in its composition proceeding under Swiss bankruptcy law. As part of these proceedings, on September 4, 2009, a newly formed company Nexis Fibers AG acquired the industrial yarns business (excluding the German Nexis entities) from ExNex AG in a combined asset and share deal. In this deal, the Homburger team, protecting the interests of the secured lenders, comprised of partner Ueli Huber (Corporate | Restructuring) and associates Anne Sabine Zoller (Corporate | Restructuring) and Markus Kaiser (IP | IT).

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Homburger presently advises certain secured lenders with Deutsche Bank acting as agent in connection with a facility granted to Nexis Fibers AG. Nexis Fibers AG, a Swiss company active in the manufacturing of artificial fibers, is presently going through a composition proceeding under Swiss bankruptcy law. As part of these proceedings, on April 15, 2009, Sefar Holding AG acquired the monofil business from Nexis Fibers AG through one of its subsidiaries in an asset deal. In this asset deal, the Homburger team, protecting the interest of the secured lenders, comprised partners Ueli Huber (Corporate | Restructuring) and Claude Lambert (Corporate) and associates Anne Sabine Zoller (Corporate | Restructuring), Nicolas Facincani (Corporate) and Andrea Rüttimann (Corporate).

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