Dr. Sabine Vorwerk

Sabine is very experienced in restructuring and insolvency situations. She advises lenders where borrowers are facing insolvency or financial distress, including controlled enforcement situations, as well as corporates on restructuring, including the compliance with management duties. In addition, Sabine is specialised in advising shareholders and investors in turnaround situations, including where an acquisition target company is facing insolvency, as well as generally on distressed M&A transactions.

She was named an "expert in corporate restructuring with extensive experience in banking consulting" (Competitor; JUVE Handbook 2022/23).

Sabine enters the rankings following excellent market appreciation. She is sought after for her advice on COVID-19 related restructurings and emergency financings with further expertise in insolvency plans. Clients applaud: "She is absolutely informed, incredibly clear in her head and approach," adding: "She always is in control of all the processes." (Chambers Europe 2022, Restructuring/Insolvency, Germany).

She has been rated in Legal 500 as "Leading Partner" (2025).

"Sabine Vorwerk is a technically brilliant lawyer who brings her original insolvency experience to bear on her advisory work." (Chambers 2025)

"Sabine Vorwerk has limitless emotional intelligence. She transcends cultures and backgrounds and is incredibly good at putting people at ease." (Chambers 2025)

Work highlights

Sabine has acted for clients on a wide range of restructuring transactions. These include advising:

• Genting (Hong Kong Group)/MV Werften Group: advising on a Holistic restructure of the financial indebtedness, including an amendment and extension of existing banking facilities, new money financing from the German government, a €300m state aid via the German Federal Economic Stabilisation Fund (WSF) (in connection with the restructuring of in total US$3.5bn financial indebtedness) and new equity financing provided by the shareholders of Dream Cruises, a non-wholly owned subsidiary.
• KfW: advising on a DIP-financing in the amount of up to €550m provided to Condor in the form of a state aid measure backed by the Federal Republic of Germany.
• Senior Lenders: advising on the restructuring and/or refinancing of the group of companies owned by Galapagos BidCo S.à.r.l.

• Oosterdam B.V.: advising the French shareholder in the context of protective shield proceedings over the group subsidiary located in Germany regarding possible reinvestment.

• H.C. Starck Group: advising the senior lenders’ Ad Hoc Committee on the restructuring.
• a group of Noteholders: advising on the Chapter 11 based DIP-Financing of the Toys “R“ Us group and the realisation of security in context with the German business.
• ING Bank: advising on the US$2bn Petroplus facility and the enforcement of security.

Sabine joined Linklaters in 2009 and was elected as a partner in 2019.

She is a founding member of Distressed Ladies - Women in Restructuring. The association promotes personal expertise and brings together women from the restructuring, reorganisation and insolvency sectors.

Sabine is a member of the Board of Trustees of ZIS (Centre for Insolvency and Restructuring at the University of Mannheim e.V.).

Sabine studied law at the Humboldt University in Berlin, where she also later completed her doctorate.

She speaks German, English and Russian.

She also writes regularly on the subject of restructuring and insolvency and her articles include:

• Rechtsentwicklungen im Insolvenzrecht 2024, DB 2024, Beilage 3, 63 (Co-Authors: Riaz Janjuah, Julia Leitsch)
• Urteil im Fall Wirecard, RestructuringBusiness 4/2024, 7, (Co-Author: Laura Lecoutre)
• Gesellschafterfinanzierung in der Sanierung, RestructuringBusiness 2/2024, 6 (Co-Author: Alexander Zhang)
• In a Nutshell: Sanierung, Restrukturierung und Insolvenz, Deutscher AnwaltSpiegel 5/2024, 18 (Co-Author: Julia Leitsch)
• Fachfragen: Haben wir in Deutschland effektive Werkzeuge, die Unternehmen für den anstehenden Restrukturierungsbedarf nutzen können?, Der Betrieb 2024 (Co-Author: Riaz Janjuah)
• Restrukturierung als Standortfaktor, BOEZ 2024, 12
• Gesellschafterfinanzierung neu gedacht – im Duett ein Plädoyer; WM 2023, 1735, (Co-Author: Professor Dr. Christoph G. Paulus)
• Gesellschafterfinanzierung und Gläubigerschutz – Zeit für eine kritische Bestandsaufnahme und Erneuerung!, INDat Report 2023, S. 52.
• Rechtsentwicklungen im Insolvenzrecht 2022, DB-Beilage, 3/2022, 66 ff.; (Co-Authors: Julian Dust, Julian Koch)
• Kapitel 11: Die Immobilie in der Insolvenz – Grundlagen, In: Krüger/Pofahl/Kring (Hrsg.): Handbuch Immobilien-Transaktionen: Recht, Steuern, Markt & Commercials. 1. Aufl., S. 505 ff., München: C.H.Beck, 2022