Kirkland & Ellis advises a global investment manager on a purchase offer to the creditors of the insolvent P&R container management companies. Subject of the offer are the open claims of investors against the insolvent P&R companies. This gives creditors an alternative to waiting for interim distributions and the final distribution in the insolvency proceedings.
Subject to confirmation and an examination of the relevant documents, a company managed by the investment manager is offering the approximately 54,000 creditors a purchase price of 14% of the insolvency claims to be established in accordance with the insolvency administrator's settlement proposal of end April 2019. Payment of the purchase price will be made shortly after signing of the documentation. In addition, the offer also exempts the investors from any claims for claw-back by the insolvency administrators with regard to rents received under those contracts on which the insolvency claims are based.
The Kirkland team advising the global investment manager was led by Sacha Lürken and Josef Parzinger.