Hengeler Mueller Panel @ Mergermarket M&A Forum 2025: Unlocking the Future - Tech M&A in the AI Age
24 April 2025
On 25 April 2025, the District Court of Charlottenburg confirmed the restructuring plan of Berlin-based tech company Grover, a leading global provider of electronics rental services, in accordance with the German Act on the Stabilisation and Restructuring Framework for Companies (StaRUG).
The proceedings followed extensive negotiations between shareholders and financial creditors since mid-September 2024. The comprehensive financial restructuring consists primarily of the restructuring of Grover's equity by way of a capital cut and an adjustment of the existing ABL financing structure at the level of the corresponding SPV subsidiaries as well as other claims held by the financial creditors. Restructuring measures are interlinked at several levels outside and within the StaRUG restructuring plan.
In connection with the restructuring plan, investors are providing fresh capital in the total amount of EUR 30 million and in return will receive 50% of the shares in Grover Group GmbH. The remaining shares will be held by the financial creditors. Existing shareholders who do not invest fresh capital can continue to participate in Grover's future development via a synthetic instrument.
The restructuring plan received broad approval within all three creditor groups at the voting and discussion meeting on 16 April 2025 and only failed to achieve the necessary majority within the shareholder group. The approval by this group was then replaced by way of a cross-class cram-down. The implementation of the financial restructuring is still subject to, among others, signing of the relevant long form documentation in accordance with the restructuring plan which is going to take place within the next few weeks.
Prof. Torsten Martini acted as restructuring officer appointed by the District Court of Charlottenburg.
Hengeler Mueller provided comprehensive advice to Grover on the financial restructuring and represented it as counsel in the StaRUG proceedings before the District Court of Charlottenburg.
Hengeler Mueller-team for Grover
Restructuring: Martin Tasma, Arvid Morawe (both lead, both partner), Jasper Bothe (senior associate), Hanna Eizenhöfer, Katharina Bohdal, Jork Greeve (all associate, all Berlin),
Litigation: Maximilian Bülau (lead, partner), Alexander Ruckteschler (senior associate), Susanne Zimmermann (associate, all Frankfurt),
Financing: Nikolaus Vieten (partner), Tobias Braun (senior associate, both Frankfurt),
Corporate/M&A: Jens Wenzel (partner), Tobias Ponßen, Marie Schäfer (both associate, all Berlin),
Antitrust: Sebastian Dworschak (partner), Jonas Sillmann (associate, both Düsseldorf).
