White & Case LLP - News - White & Case Advises Federal States on Restructuring HSH Nordbank

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White & Case Advises Federal States on Restructuring HSH Nordbank

Hamburg, Berlin, Brussels, Munich, Düsseldorf, Frankfurt, June 26, 2009 ... Global law firm White & Case LLP advised the City of Hamburg and the State of Schleswig-Holstein on the stabilization and reorientation of HSH Nordbank AG, in which each holds a stake of about 30 percent.

The advice involved the structuring of a risk shield with a guarantee of €10 billion provided by the two federal states, a €3 billion capital increase, the establishment of a joint fund by both states, a bond issue of €1.5 billion to finance the capital increase and negotiations with the EU Commission for approval of rescue aid. The German financial market stabilisation fund (SoFFin) gave a guarantee of up to €30 billion which it announced would be possible in November 2008 conditional upon a reorientation and strengthening of HSH Nordbank's capitalization. White & Case also carried out the negotiations with the minority shareholders J.C. Flowers and the association of savings banks of Schleswig-Holstein.

"Advising Hamburg and Schleswig-Holstein on this highly important transaction was very exciting experience. The standard of cooperation with the colleagues at the states' investment departments was excellent, allowing a timely finalization of the transaction despite enormous time pressure. The effective and close cooperation of our partners in various specialty areas drawn from our various White & Case offices provided the basis for bringing this complex transaction to a successful conclusion with capital increase registration on June 25th", commented Dr. Volker Land, a partner at White & Case.

The White & Case team was led by partner Dr. Volker Land (Corporate and Capital Markets). Partners Dr. Dr. Kai-Michael Hingst (Banking and Bank Supervisory), Dr. Dennis Heuer (Structured Financing), Jochen Artzinger-Bolten (Capital Markets/Securities), Christoph Arhold (State aid) and Dr. Alexander Kiefner (Corporate) were key to the success of the project. Other partners involved include Prof. Dr. Norbert Wimmer (Public Law), Dr. Lutz Krämer, Dr. Matthias Stupp, Dr. Benedikt Gillessen (all Corporate and Capital Markets), Jörg Liesenfeld, Karsten Wöckener (Capital Markets/Securities), Dr. Henning Mordhorst (Insolvency) as well as Börries Ahrens (Antitrust). They were supported by a number of associates, above all Dorothea Kreymborg, Jessica Hallermayer (both Corporate and Capital Markets), Matthias Bochum (Banking and Bank Supervisory), Daniel Baierlein, Ulf Gosejacob (Structured Financing) und Dr. Jörn Kassow (Public Law).

About White & Case
White & Case LLP is a leading global law firm with 36 offices in 25 countries. Among the first US-based law firms to establish a truly global presence, we provide counsel and representation in virtually every area of law that affects cross-border business. Our clients value both the breadth of our global network and depth of our US, English and local law capabilities in each of our regions and rely on us for their complex cross-border transactions, arbitration and litigation provided by our global practices.

Contact:
Barbara Gruber
Media Relations Manager Germany
+49 69 29994 1122

	Press Releases
Expertise Antitrust Banking Bank Advisory Capital Markets Financial Restructuring and Insolvency Mergers & Acquisitions Corporate Lawyers Dr. Börries Ahrens Christoph Arhold Jochen Artzinger-Bolten Daniel Baierlein Matthias Bochum Dr. Benedikt Gillessen Ulf Gosejacob Jessica Hallermayer Dr. Dennis Heuer Dr. Dr. Kai-Michael Hingst Dr. Jörn Kassow Dr. Alexander Kiefner Dr. Lutz Krämer Dr. Volker Land Jörg Liesenfeld Dr. Henning Mordhorst Dr. Matthias Stupp Prof. Dr. Norbert Wimmer Karsten Wöckener Locations Hamburg Berlin Brussels Munich Düsseldorf Frankfurt	White & Case Advises Federal States on Restructuring HSH Nordbank Hamburg, Berlin, Brussels, Munich, Düsseldorf, Frankfurt, June 26, 2009 ... Global law firm White & Case LLP advised the City of Hamburg and the State of Schleswig-Holstein on the stabilization and reorientation of HSH Nordbank AG, in which each holds a stake of about 30 percent. The advice involved the structuring of a risk shield with a guarantee of €10 billion provided by the two federal states, a €3 billion capital increase, the establishment of a joint fund by both states, a bond issue of €1.5 billion to finance the capital increase and negotiations with the EU Commission for approval of rescue aid. The German financial market stabilisation fund (SoFFin) gave a guarantee of up to €30 billion which it announced would be possible in November 2008 conditional upon a reorientation and strengthening of HSH Nordbank's capitalization. White & Case also carried out the negotiations with the minority shareholders J.C. Flowers and the association of savings banks of Schleswig-Holstein. "Advising Hamburg and Schleswig-Holstein on this highly important transaction was very exciting experience. The standard of cooperation with the colleagues at the states' investment departments was excellent, allowing a timely finalization of the transaction despite enormous time pressure. The effective and close cooperation of our partners in various specialty areas drawn from our various White & Case offices provided the basis for bringing this complex transaction to a successful conclusion with capital increase registration on June 25th", commented Dr. Volker Land, a partner at White & Case. The White & Case team was led by partner Dr. Volker Land (Corporate and Capital Markets). Partners Dr. Dr. Kai-Michael Hingst (Banking and Bank Supervisory), Dr. Dennis Heuer (Structured Financing), Jochen Artzinger-Bolten (Capital Markets/Securities), Christoph Arhold (State aid) and Dr. Alexander Kiefner (Corporate) were key to the success of the project. Other partners involved include Prof. Dr. Norbert Wimmer (Public Law), Dr. Lutz Krämer, Dr. Matthias Stupp, Dr. Benedikt Gillessen (all Corporate and Capital Markets), Jörg Liesenfeld, Karsten Wöckener (Capital Markets/Securities), Dr. Henning Mordhorst (Insolvency) as well as Börries Ahrens (Antitrust). They were supported by a number of associates, above all Dorothea Kreymborg, Jessica Hallermayer (both Corporate and Capital Markets), Matthias Bochum (Banking and Bank Supervisory), Daniel Baierlein, Ulf Gosejacob (Structured Financing) und Dr. Jörn Kassow (Public Law). About White & Case White & Case LLP is a leading global law firm with 36 offices in 25 countries. Among the first US-based law firms to establish a truly global presence, we provide counsel and representation in virtually every area of law that affects cross-border business. Our clients value both the breadth of our global network and depth of our US, English and local law capabilities in each of our regions and rely on us for their complex cross-border transactions, arbitration and litigation provided by our global practices. Contact: Barbara Gruber Media Relations Manager Germany +49 69 29994 1122