Dr. OlafBenning

Of Counsel

(T) 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 have relied on him to assert their rights in the critical situations before and after filing for insolvency. He has particular experience in cross-border cases and has represented financial investors, large market players, and distressed companies in the retail, solar energy, automotive, chemicals, 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 American Apparel, MEXX, and Hein Gehricke (retail); Q-Cells, Solarwatt, and Gehrlicher Solar (solar energy); Qimonda (memory chip manufacturer); Cinterion Wireless Modules (technology company); and A-TEC Industries (Austria). Prior to joining Jones Day, Olaf was advising Lehman Brothers with respect to German law issues arising in its chapter 11 proceedings, Värde Partners on its acquisition of a large real property portfolio from German bank HVB, and Cerberus during its acquisition out of insolvency 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

  • 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.
  • AURELIUS to sell Solidus Solutions for €330 million (US$375.6 million)Jones Day is advising 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.
  • 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.
  • Investment manager bids for portfolio of Dutch commercial real estate loansJones Day advised an investment manager on its bid for a portfolio of non-performing multiborrower (all German funds) Dutch law loans secured by Dutch commercial real estate being sold by FGH Bank N.V.
  • Riverside acquires KEYMILE GroupJones Day advised The Riverside Company in connection with its acquisition and related financing of KEYMILE Group, a leading global supplier of communication solutions in the area of access and transmission systems for public and private telecommunication networks, operating networks of railway companies, energy suppliers, and other private network operators.
  • Riverside portfolio company acquires Eska ImplantsJones Day advised The Riverside Company in connection with the acquisition by portfolio company Summit Medical Group Limited, a health and medical services provider, of Eska Implants AG, a manufacturer of orthopedic implants.
  • France-based manufacturer of inspection devices for the automotive industry litigates claims in the framework of insolvency proceedingsJones Day advised a France-based manufacturer of inspection devices for the automotive industry in a litigation against the insolvency administrator of a former supply partner that has filed for bankruptcy.
  • Qimonda North America and Qimonda Richmond Creditors' Committee appointedJones Day represented the Official Committee of Unsecured Creditors in the chapter 11 cases of Qimonda North America Corporation and Qimonda Richmond LLC.
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