Ehlermann Rindfleisch Gadow has co-advised the lenders' steering committee on the financial restructuring of Meyer Werft GmbH. Meyer Werft, which has recently experienced financial difficulties, is receiving temporary state support from the German government and the state of Lower Saxony, which together are taking over approximately 80 percent of the shares in Meyer Werft in exchange for a contribution of €400 million. The new financing structure consists of revolving cash loans, guarantee facilities and hybrid lines for shipbuilding and general corporate purposes as well as promissory note loans. In addition, the Federal and state governments are providing guarantees of approximately €1 billion each to finance existing orders and stabilize the company.

Meyer Werft, based in Papenburg in Lower Saxony, has been an integral part of the German shipbuilding industry for more than 225 years and is world-renowned for its high-quality cruise ships. It is part of the Meyer Group, which also includes the Neptun Werft shipyard in Rostock and Meyer Turku in Finland. The latter is excluded from the partial takeover and remains in family ownership.

Ehlermann Rindfleisch Gadow advised the lenders on financing and security aspects, with a particular focus on the construction period facility and the shipbuilding elements.

The team of Ehlermann Rindfleisch Gadow in Hamburg which advised on the transaction was led by partner Hendrik Brauns and included partners Dr. Stefan Rindfleisch (Finance), Dr. Carolin Schmeding (Corporate), Hanno Geißler (Finance), senior associate Nils Klages and associate Christina Kertscher (each Finance)