H2O case: the Tennor group deemed insolvent

Posted on Nov 9, 2021 at 7:10 amUpdated Nov 9, 2021, 9:08 AM

In Germany, Lars Windhorst made the headlines of the sports and financial news … rarely to his advantage. Latest example: on November 2, a court in the Netherlands declared the insolvency of Tennor, the Dutch investment holding company of this sulphurous businessman, revealed the popular daily “Bild”.

The move, confirmed to Deutsche Presse-Agentur, is bad news for Hertha BSC, a bottom-ranked football club in the Bundesliga, of which Lars Windhorst is co-owner. It is also very bad news for H2O Asset Management (AM) and its clients, mainly French savers exposed to Tennor via life insurance contracts. The management company, still a subsidiary of Natixis, has invested around 1.6 billion euros in the debt of the Tennor group and its subsidiaries (La Perla, etc.). Securities housed in illiquid funds, confined for more than a year (“side pockets”).

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