Clifford Chance has advised the special servicer, Hatfield Philips International, on a restructuring of a EUR 225m real estate loan which was originally granted in 2005 by ABN AMRO to a group of German companies for the acquisition of commercial real estate properties throughout Germany and was subsequently securitized through a CMBS issued by Talisman-6 Finance P.L.C.

In the context of a complex restructuring structure, the original owner of the property holding companies transferred its shares in the German companies to two independent holding companies incorporated in Ireland. In the context of such share transfer the German companies' debt was also restructured for insolvency purposes. Hatfield Philips International will continue to service the loan.

Following a similar restructuring transaction back in 2011, this transaction was a further successful real estate loan restructuring of this type initiated by Hatfield Philips International. The restructuring is supported and backed by a restructuring opinion (Sanierungsgutachten) within the meaning of IDW S6.

The Clifford Chance team was led by partner Dr. Arne Klüwer (Banking & Capital Markets) and comprised counsel Dr. Marie-Theres Rämer (Tax), senior associates Mortimer Berlet (Banking & Capital Markets) and Dr. Alexander Täumer (Tax) as well as associate Klara Klaushenke (Banking & Capital Markets) – all Frankfurt. English law advice in respect of the transaction was given by partner Emma Matebalavu and associate William Brewster (both Banking & Finance, London).