Dentons represents Green City bondholders as joint representative in insolvency plan proceedings

Berlin-Global law firm Dentons and Dentons GmbH Wirtschaftsprüfungsgesellschaft Steuerberatungsgesellschaft (Dentons' audit and tax consulting entity in Germany) are representing bondholders of the Green City Group in the respective insolvency plan proceedings. Dentons GmbH is acting as the elected joint representative of the relevant bondholders of the Green City Kraftwerkspark II (KWP II) and Green City Kraftwerkspark III (KWP III), two subsidiaries which own and operate wind farms. The total value of the outstanding bonds is €75 million.

At the beginning of 2022, several companies belonging to renewable energy development group, Green City AG, filed for insolvency. In December 2023, the Munich Local Court opened insolvency proceedings against the assets of KWP II and KWP III. The companies then worked with the court-appointed insolvency administrators Axel Bierbach (for KWP II) and Oliver Schartl (for KWP III) from the law firm Müller-Heydenreich Bierbach & Kollegen to draw up the complex insolvency plans under corporate and tax law in close coordination with the Dentons team.

Following the creditors' approval of the insolvency plans at the end of July 2025 and the lifting of the insolvency proceedings for both companies in September and October 2025, the two companies will now continue to operate in the interests of the bondholders. This will ensure the long-term continued operation of the wind farms and an extension of the bond terms. Grüne Emissionshaus, which previously held the technical and commercial management of the wind farm companies, will also take over the management of the two companies in the future. Dentons GmbH will remain in office as the appointed joint representative of the bonds and will continue to represent the interests of the bondholders on the advisory boards of the issuers in the future. The first pro rata distributions to bondholders are expected to take place before the end of this year.

Advisors to Green City Group bondholders

Dentons (Berlin): Andreas Ziegenhagen (Lead Partner), Dirk Schoene (Partner), Jennifer Brenke (Counsel), Konrad Boening (Senior Associate), Karl Berner (Associate, all Restructuring), Hauke Thieme (Partner, Tax), Dr. Christoph Binge (Partner), Matthias Hause (Counsel, both Corporate/M&A)

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