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 one of the “Leading Name” (2024).

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.

• Rechtsentwicklungen im Insolvenzrecht 2022, DB-Beilage, 3/2022, 66 ff.; Mitautoren: Dr. 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
• Rechtsentwicklungen im Insolvenzrecht 2021, DB-Beilage 2021, Beilage 3, 66; Mitautoren: Dr. Julian Dust, Falk Reuter
• „Sondersituationen Unternehmenskauf, Kapitel XXVI – Unternehmenskauf aus Krise und Insolvenz“, Holzapfel/Pöllath: Unternehmenskauf in Recht und Praxis: Rechtliche und steuerliche Aspekte. 16. Aufl., 639 ff., 2021
• „Geschäftsführung in der Krise – Unschärfen der Notgeschäftsführung nach § 15b InsO“, NWB 2366 ff., 2021; Mitautor: Dr. Julian Dust
• Länderbericht Australien 2021, In: Stürner/Eidenmüller/Schoppmeyer (Hrsg.): Münchener Kommentar zur Insolvenzordnung. 4. Aufl., S. 559 ff., München: Beck, 2021; Mitautoren: Chris Prestwich, Yu Zhang, Ryan Jameson
• Länderbericht China 2021, In: Stürner/Eidenmüller/Schoppmeyer (Hrsg.): Münchener Kommentar zur Insolvenzordnung. 4. Aufl., S. 759 ff., München: Beck, 2021; Mitautoren: Melvin Sng, Ryan Lyu, Rui Yang, Falk Müller-Braun
• Länderbericht Malta 2021, In: Stürner/Eidenmüller/Schoppmeyer (Hrsg.): Münchener Kommentar zur Insolvenzordnung. 4. Aufl., S. 1517 ff., München: Beck, 2021; Mitautoren: Donald Vella, Steve Decesare, Francesca Galea Cavallazzi, Nicola Jaccarini
• Länderbericht Portugal 2021, In: Stürner/Eidenmüller/Schoppmeyer (Hrsg.): Münchener Kommentar zur Insolvenzordnung. 4. Aufl., S. 1735 ff., München: Beck, 2021; Mitautoren: Nuno Ferreira Lousa, Teresa Nora
• Rechtsentwicklungen im Insolvenzrecht 2020, DB-Beilage 2020, Beilage 5, 59; Mitautorin Jessica Haereke
• Änderung des COVID-19-Insolvenzaussetzungsgesetzes, DB 38/2020, M4; Mitautor: Falk Müller-Braun
• Rechtsentwicklungen im Insolvenzrecht 2019, DB-Beilage Nr. 3/2019, 58 ff.; Mitautor: Maximilian Bettermann
• Rechtsentwicklungen im Insolvenzrecht 2018, DB-Beilage Nr. 4/2018, 60 ff.; Mitautor: Maximilian Bettermann
• Internationales Insolvenzrecht: Zum anwendbaren Recht bei Anfechtung einer Aufrechnungslage, DB 2018, 2234 ff., 2018
• Rechtsentwicklungen im Insolvenzrecht 2017, DB-Beilage Nr. 3/2017, 60 ff.; Mitautor: Maximilian Bettermann
• „Sondersituationen Unternehmenskauf, Kapitel XXVI – Unternehmenskauf aus Krise und Insolvenz“ (Holzapfel/Pöllath: Unternehmenskauf in Recht und Praxis: Rechtliche und steuerliche Aspekte. 15. Aufl., 592 ff., Köln: RWS, 2017)
• “Rechtliche Anforderungen an die Feststellung der positiven Fortführungsprognose – insbesondere im Hinblick auf Start-up Unternehmen“, Betriebs Berater, 1603, 2015
• „Präventive Eindämmung von Risiken im Insolvenzrecht erforderlich“, BOEZ, 13, 2014
• “Gläubigereinbeziehung in das Festsetzungsverfahren der Verwaltervergütung – Verfassungsmäßigkeit des § 64 II InsO“, NZI, 7, 2011
• “Von der typenübergreifenden Gemeinschaft der insolvenzbeteiligten Gläubiger”, Tectum Verlag, 2007
• “Die Facetten des Insolvenzplanverfahrens”, ZInsO 2006

• “Das eingeschränkt unwiderrufliche Bezugsrecht in der Insolvenz des Arbeitgebers”, DZWIR, 2005