Solar-Tech Startup Sono Motors Achieves Further Milestones in Its Restructuring

With the withdrawal of the insolvency petition of Sono Group N.V. and the confirmation of the insolvency plan of Sono Motors GmbH, the Munich-based company can now move forward with the market launch of its “Solar Bus Kit” — a proprietary solar retrofit solution for diesel and electric buses. This progress was made possible through the collaboration of the renowned law firms Dentons, PLUTA, and SGP Schneider Geiwitz.

At the end of January 2024, the holding company Sono Group N.V. withdrew its application for preliminary self-administration proceedings at the Munich Local Court. This decision followed the court’s binding confirmation of the insolvency plan of subsidiary Sono Motors GmbH and the conclusion of restructuring agreements with the creditors of Sono Group N.V. Both companies had filed for self-administration insolvency proceedings in May 2023.

A key element of the restructuring was the carve-out of the automotive business unit (Sion) from the solar integration technology business. The latter includes a proprietary solar retrofit solution for diesel and electric buses, which is now being brought to market and further developed. This was made possible by restructuring agreements with YA II PN, Ltd., a fund managed by U.S. investor Yorkville Advisors. These agreements provided the financing framework for the insolvency plan and enabled the termination of the insolvency petition of the holding company.

The Sion program, which was put on hold in February 2023, will no longer form part of Sono Motors GmbH’s business operations and remains up for sale. The assets related to the Sion program will be transferred to a trustee who will continue the sale process. An initial payment to Sono Motors GmbH based on the approved insolvency plan has already been made. Preparations for the termination of the insolvency proceedings of Sono Motors GmbH are underway, with completion expected by March 1, 2024.

Our Contribution

SGP Schneider Geiwitz, with Christian Plail and Matthias Räupke acting as Chief Restructuring Officers, supported Sono Group N.V. throughout the restructuring.

Our Team

• Christian Plail (Partner, Chief Restructuring Officer)
• Matthias Räupke (Partner, Chief Restructuring Officer)
• Dr. Hans Machreich (Partner, SGP Legal)
• Stefan Käfferlein (Managing Director, SGP Audit & Tax)
• Christian Bollman (Junior Analyst, SGP Audit & Tax)

Dentons’ Contribution

A Dentons team led by Chief Restructuring Officers Dr. Holger Ellers and Dirk Schoene, together with restructuring partner Dr. Arne Friel, advised Sono Motors GmbH during its protective shield proceedings (Schutzschirmverfahren).

Dentons Team Berlin/Munich
Dr. Holger Ellers (Chief Restructuring Officer)
Dirk Schoene (Chief Restructuring Officer)
Dr. Arne Friel (Partner, Restructuring, Lead Counsel)
Dr. Alexander von Bergwelt (Partner, Corporate)
Andreas Berberich (Partner, Tax)
Dr. Philipp Byers (Partner, Employment)
Dr. Jakob Pickartz (Counsel, Restructuring)
Yasmin Mohammadi (Senior Associate, Restructuring)
Konrad Böning (Associate, Restructuring)
Jacob Nicolaus (Associate, Restructuring)
Alexander Reiner (Counsel, Corporate)
Maximilian Stanglmeier (Associate, Corporate)
Kathrin Wenzel (Counsel, Employment)

About Dentons

With a presence in over 80 countries, Dentons combines a uniquely global reach with excellent local expertise, supporting clients in growth initiatives, risk management, operations, and financing. The firm is committed to inclusion, diversity, social engagement, and sustainability, focusing on what matters most to its clients. www.dentons.com

PLUTA’s Contribution

Ivo-Meinert Willrodt of PLUTA Rechtsanwalts GmbH served as insolvency monitor (Sachwalter) of Sono Motors GmbH, supported by attorney Wolfgang Bernhardt. Marlene Scheinert of PLUTA served in this role for Sono Group N.V.

PLUTA Team

• Ivo-Meinert Willrodt
• Marlene Scheinert
• Wolfgang Bernhardt

About PLUTA

Since its founding in 1982, PLUTA has been a leading restructuring and insolvency administration firm, employing around 500 staff across Germany, Spain, and Italy, including more than 290 professionals — attorneys, tax advisors, auditors, economists, and engineers. PLUTA provides practical solutions for companies in crisis, with expertise in restructuring, insolvency proceedings, and corporate continuations. The firm is consistently ranked among the top restructuring firms by INDat, JUVE, The Legal 500, Who’s Who Legal, brandeins, and Focus. More information: www.pluta.net