Hogan Lovells advises Jinsheng on restructuring financing of EMAG Group
Led by Munich partner Heiko Tschauner, international law firm Hogan Lovells advised the Chinese textile machinery corporation Jinsheng Group on the negotiations and co-development of a comprehensive restructuring concept for EMAG Group, in which Jinsheng holds 50 percent of the shares.
The advisory services covered the negotiation of the restructuring documentation in connection with the reorganization of the financing of the EMAG Group, including in particular the negotiation of the shareholder contributions required for the restructuring in the form of complex security instruments. Among the financing partners involved are 17 credit institutions and almost 40 promissory note creditors.
The long-established Swabian company EMAG is a leading global manufacturer of machine tools and production systems in the field of gearbox, engine and chassis component production with a broad technology spectrum and most of its subsidiaries being located in Europe, the US and China.
Jinsheng is headquartered in Changzhou, in the Chinese province of Jiangsu. The global group focuses on advanced intelligent manufacturing and operates 77 production facilities and subsidiaries worldwide. Jinsheng is represented in more than 132 countries and currently employs around 10,000 people, 5,000 of whom are based in China. In 2011, Jinsheng acquired a 50 percent stake in EMAG Holding GmbH.
Hogan Lovells team for Jinsheng Group
Dr. Heiko Tschauner (Partner, Munich), Christine Borries (Counsel, Munich), Dr. Susann Brackmann (Senior Associate, Hamburg), Dr. Jan Fürbaß (Associate, Munich) (all Restructuring/ Insolvency);
Dr. Fugui Tan (Senior Associate, Capital Markets, Frankfurt);
Ulrich Heßling (Senior Associate, Corporate, Hamburg).