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Mayer Brown advised SoFFin on the establishment of the first “bad bank” in Germany

15 December 2009

The first German “bad bank” has been established for WestLB. Initially, securities in the amount of approximately six billion Euro will be removed from the bank’s balance sheet. The entire portfolio in the amount of approximately 85 billion Euro shall be transferred by late April 2010. Mayer Brown advised the German bank rescue fund SoFFin on the transaction.

“The first ‘bad bank’ in Germany also marked the first time the new ‘bad bank act’ was applied.“ said Dr. Jörg Wulfken, Managing Partner of Mayer Brown in Germany und leader of the Mayer Brown team that advised SoFFin. “That is why working on this transaction proved particularly challenging.“

The team working on this transaction included Dr. Jörg Wulfken (Lead, Banking & Finance, Frankfurt), Dr. Heinrich von Bünau (Corporate, Frankfurt), Carsten Flaßhoff, (Corporate, Cologne), Dr. Simon Grieser, Andreas Lange (both Banking & Finance, Frankfurt), Dr. Jens Peter Schmidt (Antitrust, Brussels), Dr. Guido Zeppenfeld (Employment, Frankfurt), Dr. Marius Boewe (Public Law, Cologne), Ed Parker (Finance, London), Paul A. Jorissen (Finance, New York); Associates: Dr. Christoph Broich (Lead, Corporate, Frankfurt), Kai Liebrich (Lead, Banking & Finance, Frankfurt), Dr. Götz Gallenkamp, Stefanie Hentschel (all Banking & Finance, Frankfurt), Dr. Sven Labudda, Dr. Axel Lebherz (both Corporate, Frankfurt), Matthias Meckert (Real Estate, Frankfurt), Andrea Stratmann (Public Law, Cologne), Dr. Fabian Rief-Drewes, Thomas Schubert (both Corporate, Berlin), Dr. Nicolas Rößler, Björn Vollmuth (both Employment, Frankfurt), Stefan Westerheide (Corporate, Cologne), Jeremiah M. Wagner (Finance, Chicago).

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