Norton Rose advises on sale of 43.9% in Thomas Cook

11 September 2009

Contacts

International legal practice Norton Rose LLP advised Bayern LB as agent for the senior lenders to insolvent German Arcandor AG in relation to the sale of approximately 43.9 percent of shares in travel company Thomas Cook Group plc (a FTSE 100 company). Key lenders under the senior facilities are Bayern LB, Commerzbank and The Royal Bank of Scotland. The disposal was part of the enforcement of the security package granted to the senior lenders, was effected by accelerated bookbuild/market placing which raised approximately £904 million.

The core team was led by Dirk Trautmann (Munich) and Julian Stanier (London) and included Igsaan Varachia, Jamie Nowak, Andrea Spellerberg, Markus Radbruch (all Munich), Paul Whitelock, Hamish Anderson, Stephen Rigby, Dominic Stuttaford, Thomas Vita, Fiona Evans, Katherine MacDonald, Andrew Roycroft, Amy Reed (all London), Tomas Gardfors, Carl Werner (both Frankfurt), Michael Jürgen Werner and Raluca Marian, Annette Klimisch and Caspar Ebrecht (all Brussels).

The instruction is part of ongoing advice provided to Bayern LB in connection with the insolvency of MDAX listed Arcandor AG which is coordinated out of Munich and also involves Norton Rose teams from Frankfurt, London, Moscow, Prague, Warsaw, Brussels and Amsterdam. The insolvency of Arcandor AG and most of its subsidiaries is the largest insolvency in Germany and due to the nature of its size and business (travel, department stores and home shopping) attracts high attention from the public.

For further information please contact:

Sean Twomey

Christine Wolf