Thorsten, since November, you’ve been part of activelaw, enriching our team with your extensive experience in corporate transactions, restructuring, and insolvency. You’re a valuable asset to our clients and the entire activelaw family, especially in critical business situations. After more than 30 years of experience – what continues to fascinate you about working at the intersection of legal and economic expertise?
Thorsten Prigge: Thank you! Even during my studies and throughout my career, I’ve always been drawn to the interface where intelligent legal solutions align with optimal economic outcomes. This naturally involves many exciting and complex questions, particularly during corporate crises. The special creativity required—developing tailored solutions based on profound legal knowledge and years of practical experience—continues to inspire me. Every crisis is different!
You’re often brought in on the recommendation of banks and other financial institutions. How important is trust in your work?
Thorsten Prigge: Trust is the foundation of every mandate—especially in times of crisis. At the core is always the company, closely connected with its owners. Only through ongoing dialogue and close, trust-based cooperation can we arrive at a solution that is not only accepted by financiers but also suitable for all other stakeholders. This includes suppliers, customers, and—above all—the workforce and their representatives. Success depends on bringing everyone along for the journey. That’s why, especially when recommended by lending institutions, I make it a point to maintain professional distance from the financing circle while building close relationships with the client. Together with the activelaw team, we aim to build bridges and include all parties in the process. That’s how we create actionable solutions that enable both a turnaround and long-term financing.
What are the greatest challenges in corporate restructuring?
Thorsten Prigge: Every restructuring process demands the ability to align the interests of all involved—management, owners, employees, and other stakeholders—into a sustainable overall solution. A holistic approach is key, one that keeps all essential interests in focus. The end result should be a tailored solution that receives the broadest possible support in its implementation. This requires quick thinking and decisive action—qualities I’ve already seen firsthand in the activelaw team during our successful project collaborations over the past few months.
Can you walk us through a typical restructuring process?
Thorsten Prigge: Absolutely. A typical process begins with a thorough analysis of the company’s operational and financial position. In close coordination with management, a roadmap for the restructuring is developed, with particular attention to identifying opportunities and risks. This concept is then documented and refined in ongoing dialogue with all involved parties until it is ready for implementation. The goal is to guide the company through the crisis in such a way that it no longer remains under intense scrutiny from critical stakeholders such as banks, trade credit insurers, or labor representatives—and can instead return its full focus to the core business.
You’ve handled many high-stakes mandates. Is there one that stands out to you?
Thorsten Prigge: Over more than 30 years—during my time in banking in New York, as an assistant to the executive board at RWE AG, and later as an attorney combining legal and management consultancy approaches—many situations have left a lasting impression on me, even years later. The insights and understanding gained from navigating crises become the foundation for solving future problems. I feel a particularly strong connection with the many entrepreneurs who have managed to turn a successful restructuring into long-term business success. It’s the people who leave a deeper impression than the company names themselves. Due to confidentiality and the unique challenges each case presents, I won’t single anyone out.
One last, more personal question: Is there a hobby or passion people might not expect from you at first glance?
Thorsten Prigge: Besides work, my family is at the heart of everything I do, and I place great value on staying physically active to balance out the demanding nature of my job. I also have a special bond with football. Anyone who knows me is aware of how much the financial restructuring of the football club from Dortmund meant to me. So, in a way, that’s a follow-up to your last question. After these past months of working on various projects with the activelaw team, I feel right at home. We’ve laid the groundwork for a promising future together.
Is there a personal motto or trait that guides you in your professional life?
Thorsten Prigge: With foresight and perseverance to success.
Thorsten, thank you for this in-depth conversation and your time.
