• Healthcare

  • Berlin 2023

CURATA Group: Successful conclusion to restructuring procedure under self-administration

A care home operator active throughout Germany, CURATA, was successfully restructured during the course of a restructuring procedure under self-administration, ensuring the future of 33 of its 42 original care centres over the long term. The arrangement was based on an insolvency plan devised by BBL and approved by the District Court of Berlin-Charlottenburg in July 2023. The case involved the reorganisation of six operating companies alongside the holding company, while four operating companies were wound up as part of a regular insolvency procedure. In this way, the healthy spine of the care home group was retained and strengthened to make it fit for the future. The general authority for conducting the self-administration procedure was issued to BBL partner, Oliver Damerius.

In January 2023, due to steep increases in the costs of energy and foodstuffs, and the shortage of qualified care staff resulting from the COVID pandemic, the CURATA Group filed applications for the commencement of insolvency procedures under self-administration for individual affiliates. In collaboration with PUKE DRESEN MALL, a Hamburg-based management consultancy and healthcare specialist, the nominated provisional custodian, Dr Christoph Schulte-Kaubrügger from the law firm White & Case, it was possible for large parts of the business operations of the CURATA Group to be continued as before. The M&A consultancy, Saxenhammer & Co., was commissioned with conducting the investor process.

All residents of the nine sites slated for closure were given a new home at other centres. Similarly, many of the staff affected by the closures accepted an offer of continued employment at other CURATA Group sites. This was the first restructuring procedure under self-administration conducted with a major German care home group, during what was a generally challenging period for the sector as a whole.