Global law firm Baker & McKenzie has advised Swissmetal Industries Ltd on its insolvency proceedings and sale of assets to Chinese company, Baoshida.
The specialty metals group has now completed the sale of its Reconvilier and Dornach plants to Baoshida. Baoshida takes on all current Swissmetal staff, intellectual property, inventory and facilities. The sale price was not disclosed.
Baker & McKenzie also advised on the prior sale of Swissmetal’s German subsidiary Swissmetal Lüdenscheid GmbH to French group Le Bronze Industriel.
The debt restructuring proceedings of Swissmetal Industries will also continue after the sale of the business and creditor claims are ongoing. The administrator is now preparing for the creditors’ meeting.
The team was led by Zurich partners Lukas Glanzmann and Marcel Giger, assisted by Florian Bommer, Rémy Messer and Niklaus Dietschi. A team in the firm’s Düsseldorf office, led by Gerald Schumann, assisted by Deny-Jean Silny, advised on the sale of the German subsidiary.
“Every insolvency proceeding has its own characteristics and complexities,” said Lukas Glanzmann. “The outcome of the asset sale demonstrates the value of the Nachlassstundung. It allows a company the time to secure the best outcome for all stakeholders: to secure jobs and know-how that would otherwise have been lost, and to generate the highest possible revenues to satisfy the creditors.”
Baker & McKenzie’s Zurich office has a market-leading Restructuring & Insolvency practice and is ranked in Tier 1 by both Chambers and Legal 500 for its work on the most complex cases. The Firm has more than 200 practitioners across 44 countries advising clients on R&I matters.
