ELF restructures under self-administration

- Business operations at European League of Football GmbH continue as normal

- ELF is sticking to its schedule for the season and will announce the match schedule by the end of February

- Employees' wages and salaries are secure

- Management remains in office and is being supported by restructuring experts

The European League of Football GmbH (ELF) has filed an application with the competent Hamburg District Court for preliminary self-administration proceedings, which has already been confirmed by a court order.

The aim is to realign the ELF economically while continuing to operate and to move into the future in a financially stronger position. In this way, the league aims to secure its long term competitiveness. A comprehensive restructuring plan has already been developed in recent weeks and is now being implemented as part of the proceedings.

"Important step in the right direction"

In addition, very constructive discussions are already underway with investors, which will now be intensified as part of the proceedings. Match operations for the upcoming season are still planned, and the schedule will be announced shortly.

Zeljko Karajica, CEO of ELF, says: "The proceedings are an important step in the right direction: they enable us to strengthen ELF in the long term and give us time to hold the necessary discussions with both our partners and the teams. Fans can look forward to an exciting season. I would like to thank our employees in advance for their trust."

The advantage of this type of procedure is that business and, therefore, match operations can continue as normal. Employees' wages and salaries are secured in the preliminary proceedings by means of the so-called insolvency money. Subsequently, they will be taken over again by the company itself.

The restructuring has become necessary because planned capital measures could not be implemented as intended, meaning that the financial basis for the upcoming steps was lacking.

"Strengthen ELF's economic basis in the long term"

The proceedings are being accompanied by a team of experienced and renowned restructuring experts. The management will remain in office as normal. Thorsten 
Petersen, partner, managing director and solicitor at WallnerWeiß, will take on the role of general representative.

He says: "Self-administration gives companies the opportunity to drive necessary changes forward in a legally protected framework in a self-determined manner. Together with the management, we will now implement the measures that have been developed in a targeted manner in order to strengthen ELF's economic basis in the long term."

Andreas Romey, partner and solicitor at ECKERT, has been appointed provisional administrator by the court. He explains: "In my role as provisional administrator, I will work closely with the restructuring team and ensure that the interests of all parties involved, especially the creditors, are protected. The aim is to provide constructive support for the planned restructuring and to work together to secure ELF's future viability."

Employees have already been informed about the initiation of the proceedings.

About WallnerWeiß Insolvency Administrators and Experts GbR: 

The WallnerWeiß Group, consisting of ‘wwp - WallnerWeiß Rechtsanwälte-Partnerschaft mbB’ and the insolvency administration companies, has 20 locations throughout Germany and specialises exclusively in corporate restructuring. This focus means that its field of activity covers the entire range of restructuring arrangements, in particular the support of M&A processes, the management of restructuring processes and the development and implementation of restructuring concepts both outside and within insolvency proceedings.

Thanks to its efficient and highly specialised staff, the WallnerWeiß Group is able to translate economic and legal expertise into practical crisis management. Its successful involvement in the restructuring sector for around 20 years is reflected in a large number of corporate restructurings in over a thousand insolvency proceedings. The strength of the group lies in its interdisciplinary and holistic approach, which has come into its own since the Act on Further Facilitation of Corporate Restructuring (ESUG) came into force. 

About ECKERT Rechtsanwälte: 

ECKERT Rechtsanwälte is one of Germany's leading restructuring and insolvency law firms. The firm's specialists provide advice to companies and also act as insolvency administrators, trustees and receivers. The firm employs around 170 members of staff at 20 locations, 50 of whom are qualified professionals.