Gerry Weber insolvency ripples through Schuldschein market
German fashion house Gerry Weber has filed for insolvency after failing to repay a Schuldschein tranche last November and after subsequent discussions with lenders about restructuring the company broke down. The result is that Schuldschein lenders are out of pocket and have yet another example of default in a market ill-suited to the idea. Silas Brown investigates.
Gerry Weber issued Schuldscheine in 2013 and 2015 with a total size of €215m.According to its annual report, the company had two tranches of €31m due in early November for the Schuldscheine issued in 2015, which was raised for Weber’s acquisition of fashion company Hallhuber. When it ...
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