Global law firm Freshfields has advised Mynaric AG on its financial restructuring. The restructuring was successfully implemented by using restructuring proceedings under the German StaRUG.

The Mynaric Group is a highly specialized manufacturer and provider of laser communication solutions. It develops, produces, and distributes terminals and related software solutions for the operation of laser communication networks used in the aerospace industry.

The StaRUG restructuring plan was used to implement, inter alia, a necessary debt waiver and an equity capital reduction. Further, as part of the underlying restructuring concept, a restructuring loan was granted to secure the financing of the Mynaric Group for the restructuring period.

The international structure of the Mynaric Group, the listing of Mynaric AG shares and the inclusion of the loan liabilities of a US subsidiary of Mynaric AG in restructuring plan and debt-equity swap made this process technically complex.

Freshfields advised Mynaric AG comprehensively on Restructuring, Corporate, Tax, and Labour Law regarding the planning, development, and implementation of the measures within and outside the restructuring plan.

The Freshfields team was led by Partner Marvin Knapp, and included Principal Associate Christian Paterlini and Associates Pelle Klemens as well as Benedict Kebekus (all Restructuring, Hamburg).

Corporate and Capital Markets advise was provided by Partner Simon Schwarz (Frankfurt/Hamburg) and Principal Associate Cosmas Weigel (Frankfurt).

The tax assessment of the proceedings was handled by Partner Christian Ruoff and Associates Simon Ultes and Kevin Schröder (all Hamburg).

Labour Law support was provided by Partner Judith Römer and Associate Severin Pretzel (both Hamburg).

Partner Kristina Weiler and Associate Jonas Lampert additionally provided commercial support for the proceedings. The New York office of Freshfields was also involved in the proceedings with regard to the US subsidiary of Mynaric AG.