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Berlin „G … GbR“ – sale of the property and liquidation of the company

The status quo

The real estate company had built a subsidised housing complex in Berlin for middle-income groups (Förderweg 2). The problem: financial forecasts had not been met. As a result, shareholders had been asked to make several additional contributions. However, the problems encountered could not be effectively solved. The company was on the verge of divestiture – which would have had far-reaching consequences for each of the shareholders.

In view of the situation, the shareholders decided to change business manager.

The task

SIEPERT IPM was tasked with stabilising the company financially and developing a lasting, viable solution.

SIEPERT IPM also devised a complex programme of measures to

  • improve property management
  • develop various solutions for restructuring the company financially
  • calculate different scenarios
  • conduct in-depth negotiations with creditors

The outcome

After discussing the various options, the parties involved decided that the best alternative would be to sell the property. As the creditors had also agreed to make a significant concession, no other additional contributions needed to be made. The shareholders were freed from any personal liability for the liabilities of the company. This resulted in a controlled liquidation of the company. An integral part of the liquidation involved balancing the capital accounts of the shareholders.

Berlin „A… GbR“ – financial restructuring and the continuation of the company

The status quo

Our client – a real estate company – had invested in the construction of a social housing complex in Berlin for low-income groups (Förderweg 1). Although the State of Berlin gave the company basic funding for the project, it failed to provide subsequent funding. As expected, once the initial funding ran out, financial problems occurred.

The task

SIEPERT IPM was tasked with devising a strategy for financial restructuring and immediately conducting negotiations with creditors.

The outcome

Thanks to SIEPERT IPM, the financial restructuring was a complete success. Success factors included:

  • clear restructuring contributions by shareholders for unscheduled repayments due to early restructuring
  • concessions by creditor banks within the scope of refinancing and in view of shareholder liability issues

In preparation for and parallel to restructuring, key management figures were continuously improved and optimised.

Thanks to the successful implementation of the restructuring agreement and improved property management, we were able to stabilise the company and make it fit for the future.

In order to make the company a long-term success, it was essential that all parties involved agree on an effective solution. An appropriate balance of interests was also reached. Besides expertise and experience, a certain element of sensitivity was required in conducting negotiations and perseverance in achieving objectives.

© 2011 Siepert Immobilien und Projekt Management GmbH

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