Dr. OlafBenning

Of Counsel

Frankfurt + 49.69.9726.3939

Dr. Olaf Benning advises clients in out-of-court restructurings, formal insolvency proceedings, and distressed M&A transactions. Major customers and suppliers of distressed companies and their shareholders and providers of financing have relied on him to assert their rights in the critical situations before and after filing for insolvency.

Olaf has particular experience in cross-border cases and has represented financial investors and large groups of companies with respect to their German operations. The same is true for distressed companies in the retail, wind energy, solar energy, automotive, hotel, and financial services sectors in connection with out-of-court restructurings of portfolio companies or the restructuring of entire groups of companies or selected subsidiaries.

Olaf has been involved in formal insolvency proceedings for numerous clients, including several large or mid-sized automotive suppliers, trading companies, companies from the hotel industry and operators of retail store chains and shopping malls, as well as real estate investors and manufacturers from various industry areas. He was involved in the insolvency proceedings of GALERIA Karstadt Kaufhof, Intertoys, Fintyre group, American Apparel, MEXX, and Hein Gehricke (retail); Veritas AG, Kratzer Automation AG (automotive suppliers); Q-Cells, Qimonda (memory chip manufacturers); Senvion (wind energy); Solarwatt, Gehrlicher Solar (solar energy); Cinterion Wireless Modules (technology company); PaperlinX (pan-European paper manufacturer); and A-TEC Industries (industrial conglomerate Austria).

Prior to joining Jones Day, Olaf advised Lehman Brothers on the German law issues arising in its chapter 11 proceedings and Cerberus during its out of insolvency acquisition of the entire business of German automotive supplier Peguform.

Olaf is a member of the Turnaround Management Association (TMA) and of the German-American Lawyers' Association.

Experience

  • Cenntro Electric Group acquires majority interest in Tropos Motors Europe GmbHJones Day advised Cenntro Electric Group Limited, a leading EV technology company with advanced, market-validated electric commercial vehicles, in the acquisition of a 65% equity interest in Tropos Motors Europe GmbH, a wholly owned subsidiary of Mosolf SE & Co. KG.
  • Aurelius sells remaining Office Depot Europe business to strategic buyer RAJA GroupJones Day advised AURELIUS Equity Opportunities in the sale of Office Depot Europe, which includes the remaining Viking and Office Depot Europe activities to strategic buyer RAJA Group.
  • Leading automotive components and systems supplier obtains $100 million senior secured term loan facilityJones Day represented a leading automotive components and systems supplier in connection with a $100 million senior secured term loan facility.
  • SAP forms strategic partnership with Dediq for financial services industriesJones Day advised SAP in the formation of SAP Fioneer, a joint venture with the Munich based investor DEDIQ GmbH whereby SAP contributed its Financial Services and Insurance Services business and DEDIQ will invest more than €500 million.
  • Atlas Arteria establishes new capital structure for Warnow Tunnel in GermanyJones Day advised Atlas Arteria, a global owner, operator, and developer of toll roads, on a new approximately 29-year debt facility for its Warnow Tunnel in Germany as part of a capital restructuring.
  • Solvay sells barium, strontium and sodium percarbonate businesses to Latour CapitalJones Day advised Solvay S.A., a publicly listed chemical company based in Brussels, Belgium, on the combined sale of its technical-grade barium and strontium business in Germany, Spain and Mexico, and its sodium percarbonate business in Germany to Latour Capital.
  • Guardian Europe S.à r.l. sold Guardian Automotive glass business to PARTER Capital Group AGJones Day advised Guardian Europe S.à r.l., a subsidiary of Koch Industries, Inc., in the sale of its Guardian Automotive aftermarket glass fabrication and distribution business to PARTER Capital Group AG.
  • HOERBIGER acquires majority stake in RAGSOL GmbHJones Day advised the HOERBIGER Group in its acquisition of a majority stake in RAGSOL GmbH, an Austrian oil and gas solutions provider.
  • Ad hoc group of senior secured lenders advised in landmark restructuring of the syncreon groupJones Day acted for the ad hoc group of senior secured lenders in the landmark restructuring of the global logistics syncreon group which was implemented via English Schemes of arrangement, with chapter 15 recognition in the U.S. and CCAA recognition in Canada.
  • AURELIUS sells Solidus Solutions for €330 million (US$375.6 million)Jones Day advised AURELIUS Equity Opportunities SE & Co. KGaA on the full shop auction sale of the Solidus Solutions group to funds advised by Centerbridge Partners, L.P.
  • Pandox acquires three hotel properties in Germany for €103 million (US$115 million)Jones Day advised Pandox AB in its €103 million (US$115 million) acquisition of three hotel properties in Germany.
  • Exide Technologies completes $1.1 billion comprehensive new financing and recapitalizationJones Day represented Exide Technologies, a global leader in stored energy solutions for the automotive and industrial markets, in connection with a comprehensive new financing and recapitalization transaction.
  • Vocke Industries acquires assets of Summary AGJones Day represented Vocke Industries GmbH in connection with its acquisition of the business of Summary AG, a production e-commerce company with an emphasis on the sectors of fitness, household, gardening, fashion, and lifestyle products, by means of a distressed asset deal.
  • Lombard Medical completes restructuring of secured liabilitiesJones Day advised Lombard Medical, Inc. on the restructuring of their UK and European operations in a pre-packaged sale via an English law administration to MicroPort Scientific Corporation.
  • International Automotive Components Group completes refinancing of Senior Secured NotesJones Day advised International Automotive Components Group, S.A., a leading global supplier of automotive components and systems, in connection with the issuance of $215 million of Senior Secured Notes due 2023 to Gamut Capital Management, L.P. in a private placement.
  • Goldman Sachs provides financing to Blackstone for acquisition of IVG office portfolioJones Day represented Goldman Sachs International, as mezzanine arranger, in connection with Blackstone's €3.3 billion (US$3.6 billion) acquisition of the IVG office portfolio.
  • Tenneco sells business related automotive production plant in Gijon, Spain to Quantum Capital PartnersJones Day represented Tenneco GmbH, a developer, manufacturer, and supplier of exhaust systems to automotive manufacturers, in connection with its sale of the business related to the automotive production plant in Gijon, Spain to Quantum Capital Partners AG.
  • Jefferies completes $1.2 billion of Notes in Section 4(a)(2) and Regulation S offering by WindMW GmbHJones Day advised Jefferies International Ltd. and its affiliate Jefferies LLC, as lead placement agent and sole structuring agent, in connection with the issuance of approximately $1.2 billion of Notes in a Section 4(a)(2) and Regulation S offering by WindMW GmbH, a Blackstone portfolio company.
  • Molycorp obtains $135 million DIP financingJones Day represented Molycorp, Inc. in connection with obtaining debtor-in-possession financing of over $135 million to support its reorganization under chapter 11 bankruptcy.
  • Mahle acquires thermal division from Delphi Automotive for $727 millionJones Day advised Mahle GmbH in the acquisition of the thermal division of automotive supplier Delphi PLC for $727 million.