Schoenherr advised Österreichische Volksbanken-Aktiengesellschaft (ÖVAG) in the restructuring of the Volksbanken sector (“Verbund”) and the continuation of ÖVAG as a run-down entity based on the new run-down regime under Austria’s newly implemented Federal Act on the Recovery and Resolution of Banks (BaSAG). As part of this restructuring process, ÖVAG’s stated capital and the issued participation capital were cut by 96.65% and ÖVAG’s function as the Verbund’s central organisation and institution (along with the banking business associated with that function) were transferred from ÖVAG to Volksbank Wien Baden (VB Wien) by way of a de-merger transaction.
Following the unanimous approval for the transaction by ÖVAG’s general meeting on 28 May 2015, the regulatory consents by the European Central Bank (ECB) and the Austrian Financial Market Authority (FMA) and the state aid clearance by the European Commission on 2 July 2015, the de-merger was entered into the Register of Companies of the Commercial Court of Vienna on 4 July 2015 and has been legally effective since that date. Since 4 July 2015, ÖVAG continues as an only partially regulated run-down entity under the name "immigon portfolioabbau ag" with the aim to run down the remaining portfolio (balance sheet total: approx. EUR 7 billion) until the end of 2017. The entity’s shareholders include the Volksbanken banks and the Republic of Austria.
The Schoenherr team advising ÖVAG was jointly led by Sascha Hödl (partner, Corporate/M&A and bank restructuring) and Roman Perner (partner, corporate law). They were supported by Hanno Wollmann (partner, EU state aid), Peter Feyl (partner, banking law), Walter Gapp (partner, banking supervisory law), Stefan Paulmayer (attorney at law, banking supervisory law), Stefanie Wöss (attorney at law, corporate law) and Clemens Rainer (attorney at law, corporate law).
Volksbank Wien-Baden AG was advised by Binder Grösswang Rechtsanwälte GmbH (Michael Binder (partner, Banking & Finance), Gottfried Gassner (partner, Corporate/M&A) and Stephan Heckenthaler (partner, Banking & Finance)).
