Freshfields heads up German banking bailout
Freshfields Bruckhaus Deringer has won two lead roles as Germany becomes the latest country to bail out its stricken banks.It is understood that Freshfields advised the German Government on the set-up of a €500bn (£395bn) rescue fund, established earlier this week (20 October). The magic circle firm's team was led by Frankfurt-based corporate and finance partner Gunnar Schuster.The UK firm is also understood to have taken the advisory role for the first bank to make use of the fund after BayernLB yesterday (22 October) became the first German bank to apply for state aid, calling for an injection of €5.4bn (£4.3bn).
October 23, 2008 at 10:20 AM
2 minute read
Freshfields Bruckhaus Deringer has won two lead roles as Germany becomes the latest country to bail out its stricken banks.
It is understood that Freshfields advised the German Government on the set-up of a €500bn (£395bn) rescue fund, established earlier this week (20 October). The magic circle firm's team was led by Frankfurt-based corporate and finance partner Gunnar Schuster.
The UK firm is also understood to have taken the advisory role for the first bank to make use of the fund after BayernLB yesterday (22 October) became the first German bank to apply for state aid, calling for an injection of €5.4bn (£4.3bn).
It is also understood that magic circle rival Linklaters is acting for BayernLB's shareholders.
Germany's chancellor, Angela Merkel, said the rescue fund aims to instil new confidence in the markets and to relaunch inter-bank lending.
The news comes as DLA Piper has been given the role to advise on the Dutch issues of nationalised Icelandic bank Landsbanki, worth around €2bn (£1.6bn). A 15-lawyer team from DLA Piper's Amsterdam office is being led by restructuring and insolvency partner Marinus Pannevis.
The group will map the assets and liabilities caught up in the Netherlands in order to protect the interests of around 130,000 Dutch account holders.
DLA Piper's involvement in the Icelandic financial meltdown extends to recently-nationalised bank Kaupthing's Norway office, where finance and projects partner Siv Sandvik has been appointed to the board of administration.
Freshfields is also thought to have taken the lead role for the administrators Ernst & Young on the collapse of Heritable Bank – the Scottish subsidiary of Iceland's Landsbanki – under a team including head of restructuring and insolvency Ken Baird.
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