Ashurst advises insolvency administrator of Dr. Schneider Group on insolvency proceedings and sale to Motherson

Ashurst advised Mr Joachim Exner, Dr. Beck & Partner, Nuremberg, Germany, as insolvency administrator of the global automotive supplier Dr. Schneider Group, Kronach, Bavaria/Germany, in connection with the insolvency proceedings and sale of the group by way of several asset and share deals to Indian automotive supplier Motherson. The transaction amounts to approx. €118.3m and is subject to approval by the European Commission. The acquisition is expected to be closed by the end of Q3 / beginning of Q4 2023.

Dr. Schneider Group manufactures high-quality, innovative components and systems for vehicle interiors. The company employs around 4,500 people in seven facilities across Germany, Spain, Poland, the US, and China. It had filed for insolvency in September 2022 due to a failed operational and financial restructuring.

With this acquisition, Indian Tier 1 automotive supplier Motherson is continuing its global expansion course.

The Ashurst team was led by partnerAlexander Ballmannand counselAnna Geissler. They were assisted by partnerDr Karsten Raupach, counselDr Dorothea Tachezyand associate玛蒂娜Baumert(allRestructuring), counselDr Maria Held(Antitrust, allMunich), partnerMichael Nearyand senior associateNathan Huynh(bothGlobal Loans,New York), partnerJose Christian Bertram(Global Loans), partnerJorge Vázquez(Corporate) and counsel克里斯蒂娜•格兰德(Employment, allMadrid), partnerNoam Ankriand senior associateAstrid Hubert-Benoist(both Corporate,Paris) as well as partnerMichael Shengand counselDaniel Öhvall(both Corporate,Shanghai).

The insolvency administrator was assisted by a team from Dr. Beck & Partner: Dr Barbara Honold, Dr Tobias Wittmann, Dr Ulf Pechartscheck, Susanne Witte, Carolin Kammerer and Ruzica Djokic.

Ashurst regularly advises Dr. Beck & Partner and Mr Joachim Exner in his capacity as insolvency administrator.