Valartis Group AG emerges from composition moratorium following financial recovery
In its judgment of 17 November 2016, the Cantonal Court of Zug terminated the composition moratorium of Valartis Group AG following its successful financial recovery. Valartis Group AG was the first listed entity in Switzerland which operated under the protection of a non-public (silent) provisional moratorium of four months. It was subsequently granted a public definitive moratorium for an aggregate of 12 months by the Cantonal Court of Zug. The most recent judgment terminates the proceedings in Switzerland and allows Valartis Group AG to continue operating as a going concern. The recovery plan included, amongst others, the sales of the two banks in Austria and Liechtenstein and was dependent on the negotiations with a number of counterparties.
Lenz & Staehelin acted as lead counsel for Valartis Group AG and coordinated legal teams in Ireland, Austria, the BVI and Liechtenstein. The team was headed by Roland Fischer (Insolvency and Restructuring, Finance) and included partners Hans-Jakob Diem (Corporate and M&A), Dominique Müller (Litigation), Matthias Oertle (Employment) and Daniel Schafer (Tax) as well as associates Hannes Kieser and Nathalie Wirch (Insolvency and Restructuring), Andreas Hinsen (Corporate and M&A).