E+H advises CVI Investments, Inc. / Heights Capital Management, Inc. in the restructuring proceedings of Fisker GmbH

E+H as Austrian counsel advised CVI Investments, Inc. and Heights Capital Management, Inc., regarding the restructuring / insolvency proceedings of Fisker GmbH. With claims against Fisker GmbH totaling in excess of EUR 3.78 billion, this was one of the largest insolvencies in Austria ever.

Further to legal advice on all matters related to insolvency law, E+H’s work included the structuring and negotiation of a sophisticated support agreement amongst the main creditors of Fisker GmbH, interlinking the Austrian insolvency proceedings with the Chapter 11 “reorganisation” bankruptcy of Fisker GmbH’s parent in the US and enabling the Austrian insolvency court to approve a restructuring plan proposed by Fisker GmbH.

Thanks to considerable efforts and efficient collaboration of all stakeholders in the Austrian proceedings, a very complex situation was resolved such that the prospects for both minority and main creditors are maximized and their respective losses are kept to the achievable minimum.

The insolvency court confirmed the restructuring plan of Fisker GmbH on 16 September 2024, which confirmation will – absent an appeal – become finally binding on 1. October 2024.

Team E+H:

Project Lead: Marcus Benes, Christian Jöllinger
Broader E+H Team: Mario Spanyi, Christopher Engel, Karoline Hofmann, Laurenz Liedermann, Sandra Leutl, Rene Renner, Alexandra Stadlober