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TM & Partners have advised Footway AB in connection with its acquisition of Caliroots, a strong brand within streetwear and sneakers. The acquisition is made by means of an acquisition of Caliroots’ trademarks, internet domains and inventory.

Footway was founded in 2010 and is an e-commerce company with sales of products within sports and fashion via Footway.com, Sportamore.com, Brandos.com, Solestory.se etc. Its shares are listed on Nasdqq First North Growth market. For more information on the transaction, please see Footway’s press release here.

TM & Partner’s team was led by:

Bill Kronqvist has joined Törngren Magnell’s Restructuring and Insolvency Department, effective as of 1 May 2020. The recruitment is another step in Törngren Magnell’s continuous work in forming the law firm of the future in a long-term and sustainable way, offering relevant services meeting clients’ need.

Bill has a broad business law background with a special focus on insolvency and restructuring issues. Bill has acted as a bankruptcy trustee and administrator of company reorganisations in a large number of cases, where some of the best known are Northland Resources and HQ AB. He has also worked with informal restructurings and refinancings. Additionally, Bill has extensive experience from dispute resolution, where he represents clients in both court and in arbitration proceedings.

Bill’s extensive experience in insolvency law and his experience as bankruptcy trustee and administrator of company reorganisations brings a very strong addition to our offer, not least in relation to our clients within the financial sector, says Peter Törngren, partner and active in Törngren Magnell’s Restructuring and Insolvency Department. We have made a strategic decision to invest long-term in developing our business within the Restructuring and Insolvency Department, which includes an intention to take on assignments as bankruptcy trustee as well as company reorganisations, which we believe is important in order to further strengthen our practice. Our ambition is that the department, currently consisting of six lawyers, shall grow further through external and internal recruitment.

“I am very much looking forward to being involved in developing Törngren Magnell’s business within restructuring and insolvency, not least given the great potential that exists to cooperate with Törngren Magnell’s other departments within transactions and financing”, says Bill Kronqvist. “I believe that we together can build an even stronger team that will be a competitive alternative within the insolvency market, which will bring additional benefits and value to Törngren Magnell’s clients. Moreover, Törngren Magnell has a strong and positive corporate culture that feels modern and which I am very happy to be part of”.

Contact:

Bill Kronqvist, Advokat, Senior Counsel

Kristoffer Stråth, Managing Partner

Icy Corona winds are sweeping through the formerly frothy Swedish M&A market. Our experts within M&A and insolvency have taken a closer look at the challenges facing those engaging in M&A processes with financially troubled sellers. They conclude that these processes are laced with plenty of complexity and significant pitfalls, which mean that special competencies are required for those participating in and advising on these situations.

Törngren Magnell has extensive experience in the sale and purchase of companies and businesses. Both in the context of traditional auction processes and distressed M&A. Our senior lawyers have extensive experience in bankruptcies, liquidation, reconstructions and other insolvency situations. We are uniquely situated to advise the boards of companies under financial strain, particularly now in the Corona crisis, to take the decisive action necessary to deal with these situations.

Read the article here.

Törngren Magnell has assisted the sellers in connection with the financial rescue of Ving and its affiliated companies Spies, Tjäreborg and Thomas Cook Airlines Scandinavia and the sale of the Nordic unit from the Thomas Cook Group to a consortium of buyers consisting of Strawberry Equities AS (Petter Stordalen), Altor Fund V and TDR Capital.

The deal has been complex, and in many respects unique. It has entailed a simultaneous sale of a combination of shares and businesses in six countries in the Nordics and southern Europe, where certain of the businesses have been the subject of transfer following a bankruptcy declaration of the legal units.

The deal secures a strong and long term Nordic ownership of the Ving Group with in total 2,300 employees in Ving, Spies, Tjäreborg and Thomas Cook Airlines Scandinavia, whose employment have thereby been secured and that the 400,000 people who have already booked autumn, winter and summer vacations through Ving, Spies, Tjäreborg and Globetrotter now can complete their trips. Through the financial reconstruction the new owners and other financiers will secure access to appr. SEK 6 billion in liquidity and guarantees.

Törngren Magnell’s team was led by: