LECON is supporting SFT Sport- und Freizeit-Trägergesellschaft, the owner and operator of the golf course of the renowned Land- und Golfclub St. Eurach e.V. south of Munich, in self-administration (debtor-in-possession) proceedings.

 

The golf club itself is not affected. Play continues without restriction, jobs are being retained and memberships in St. Eurach Land- und Golfclub e.V. remain unchanged.

 

Over the years, however, the course operator has built up a considerable investment backlog. Necessary investments in, among other things, irrigation, bunkers, greens and the clubhouse can no longer be financed from current income.

 

The self-administration is now intended to create the conditions for a sustainable solution. It enables the companies to restructure under the protection of insolvency law, while management remains on board and golf continues to be played at St. Eurach. This is also crucial for the restructuring: an attractive and playable course secures the membership base and current income – and thus lays the foundation for an investor willing to invest capital in the necessary modernisation.

 

An international, structured investor process will be launched shortly. The aim is to place the operation of this long-established golf course on an economically stable footing for the long term.

 

Our Partners Thomas Klöckner, Michael George and Stefan Dillerup are guiding the company through the proceedings. Thomas Klöckner is assuming the role of restructuring managing director (CRO) alongside the existing managing director.

 

“St. Eurach is a location of excellent substance: its setting at the edge of the Alps, a heritable building right (Erbbaurecht) until 2071 covering around 72 hectares and an irrigation system fed entirely by rainwater. What is lacking is capital for modernisation – not demand. This is exactly what self-administration is the right instrument for: it allows us to continue operations undisturbed and to implement the restructuring with an investor“, says restructuring managing director Thomas Klöckner.

Our shared goal: to preserve St. Eurach as an attractive golf venue and to create the conditions for golf to be played here at a high level in the long term.

 

LECON is systematically expanding its self-administration practice. We support companies not only on legal matters but, if desired, also take on operational responsibility in the restructuring process – with the aim of developing viable solutions and securing companies and locations for the long term.