Gazprom Germania: BBL consults for SEFE (former Gazprom Germania)
The main focus of the mandate was maintaining the gas supply and gas supply infrastructure in the event of a possible insolvency. BBL – following the federal government’s stipulation of a voting trusteeship and Gazprom Germania’s name being changed to “SEFE Securing Energy for Europe GmbH” – continued to work for the company, in close cooperation with the Federal Network Agency, and audited sub-departments in connection with the continuation and financing of the group.
SEFE is one of Europe’s largest gas traders and supplies around 30 percent of the gas consumed in Germany. In addition, the company and its subsidiaries also operate a significant part of the gas supply infrastructure in Germany and Austria, including gas storage facilities and distribution networks. As a result of the Russian action in Ukraine and the associated sanctions, there was a threat of restriction to continued business operations and, as a consequence, to the supply of gas.
BBL conducted the audit and ensured compliance with insolvency law requirements and also developed concepts for maintaining business operations. These actions ensured the continued supply of gas. In April 2022, the Federal Ministry of Economics took control of the company by ordering the setting up of a voting trust for its shares and, as a result, secured access to its critical gas infrastructure. The company continues to face many challenges due to rising gas market prices and reluctance to have ties with a company affiliated to the Russian Federation. The company has now been stabilized with the help of a federal government KfW loan.