GT Restructuring, the restructuring unit of Greenberg Traurig in Germany, has successfully supported Berlin-based FinTech startup Acatus GmbH in its restructuring process in the context of an insolvency plan procedure. Pactum AG, a Swiss asset manager, acquired the company with all employees as well as the founder and managing director Daniel Wigbers.
Gordon Geiser acted as insolvency administrator following the startup's filing for insolvency in July. Acatus had developed a digitalised platform for the securitization of loans. However, in the wake of the Corona pandemic and a planned financing round that did not materialize, Acatus was forced into insolvency. "The goal of maintaining Acatus' business operations and finding a long-term investor solution has now been achieved," commented Geiser. "The insolvency plan has been accepted by the creditors with 100 percent of all votes."
Acatus will continue to operate independently in the market with the new investor. Founder Daniel Wigbers is optimistic: "I am very happy that we were able to successfully implement the turnaround in the situation so quickly as a FinTech. With Pactum, we have found a strong partner that will enable us to expand our business in the long term."
The GT Restructuring team closely supported Acatus during the insolvency plan procedure and was able to successfully complete the restructuring of the company in only four months. Saxenhammer acted as M&A advisor.
Gordon Geiser acted as insolvency administrator following the startup's filing for insolvency in July. Acatus had developed a digitalised platform for the securitization of loans. However, in the wake of the Corona pandemic and a planned financing round that did not materialize, Acatus was forced into insolvency. "The goal of maintaining Acatus' business operations and finding a long-term investor solution has now been achieved," commented Geiser. "The insolvency plan has been accepted by the creditors with 100 percent of all votes."
Acatus will continue to operate independently in the market with the new investor. Founder Daniel Wigbers is optimistic: "I am very happy that we were able to successfully implement the turnaround in the situation so quickly as a FinTech. With Pactum, we have found a strong partner that will enable us to expand our business in the long term."
The GT Restructuring team closely supported Acatus during the insolvency plan procedure and was able to successfully complete the restructuring of the company in only four months. Saxenhammer acted as M&A advisor.
About Greenberg Traurig: Greenberg Traurig, LLP (GT) has approximately 2300 attorneys in 40 locations in the United States, Latin America, Europe, Asia, and the Middle East. GT has been recognized for its philanthropic giving, diversity, and innovation, and is consistently among the largest firms in the U.S. on the Law360 400 and among the Top 20 on the Am Law Global 100. The firm is net carbon neutral with respect to its office energy usage and Mansfield Rule 4.0 Plus Certified. Web: www.gtlaw.com