Hogan Lovells advises Bundesrepublik Deutschland – Finanzagentur GmbH on stabilization measures for Novum Hospitality and Schlote Holding
Led by Frankfurt partners Tim Oliver Brandi and Michael Schlitt, Hogan Lovells advised the Bundesrepublik Deutschland – Finanzagentur GmbH on the issuance of stabilization measures by the Economic Stabilization Fund (WSF) to Schlote Holding GmbH and Novum Hospitality.
In November 2020, the Schlote Group, a company in the automotive and supplier industry and foundry technology based in Harsum, concluded agreements on stabilization measures with the Economic Stabilization Fund (WSF), represented by the Bundesrepublik Deutschland – Finanzagentur GmbH. In total, the stabilization funds committed amount to 25.5 million euros – of which 17 million euros as a silent partnership with loss participation and 8.5 million euros as a subordinated loan.
Furthermore, Hamburg hotel chain Novum Hospitality, which operates 151 hotels throughout Europe, concluded agreements on stabilization measures with the Economic Stabilization Fund (WSF), represented by the Bundesrepublik Deutschland – Finanzagentur GmbH, at the beginning of December 2020. The stabilization funds for Novum Hospitality amount to 45 million euros.
Hogan Lovells für Bundesrepublik Deutschland – Finanzagentur GmbH
Frankfurt
Dr. Tim Oliver Brandi (Partner, lead), Prof. Dr. Michael Schlitt (Partner, lead), Dr. Timo Lockemann (Associate), Lena Jahnke (Associate) (all Corporate & Capital Markets);
Bianca Engelmann (Partner), Dr. Antonia Wolf (Senior Associate) (both Banking & Finance);
München
Dr. Maximilian Baier (Counsel, Restructuring & Insolvency)
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