31 January 2018
press release
austria
Austria: Schoenherr successfully steers KIKA/Leiner away from financial distress
Schoenherr has supported the Austrian furniture retail group KIKA/Leiner to stabilise in the face of looming liquidity problems stemming from a crisis at shareholder level.
The Schoenherr insolvency & restructuring team led by partners Wolfgang Höller and Miriam Simsa continues to advise the KIKA/Leiner group in the long-term restructuring process.
Following the crisis surrounding South African Steinhoff Group, KIKA/Leiner faced a liquidity crunch and required additional funding. Supported by Conspectra (financial advisor) and Schoenherr, KIKA/Leiner managed to draw up a restructuring concept, which Steinhoff Group agreed to back with the necessary funding.
"The situation at Steinhoff Group-level was very disruptive for KIKA/Leiner. Following sustained efforts by the KIKA/Leiner management team and their staff, the group was successfully stabilised," stated Schoenherr partner Wolfgang Höller. "KIKA/Leiner will now undergo a restructuring process in the next few years and we look forward to supporting them," concluded Höller.
KIKA/Leiner is one of Austria's largest furniture retail groups and is also present in CEE. The company became part of the Steinhoff International retail holding in 2013.
The Schoenherr team advising KIKA/Leiner consisted of Wolfgang Höller (partner, insolvency & restructuring) and Miriam Simsa (partner, insolvency & restructuring), who were supported by Philipp Kalser (associate, insolvency & restructuring). Dr. Ulla Reisch has been retained as additional legal advisor to KIKA/Leiner.
