Experience

We have acted for a leisure and events company on its financial restructuring resulting in a distressed takeover of the company and a € 30 million to € 15 million debt reduction. The undisclosed Dutch Scheme (WHOA) proceedings were leveraged to reach a consensual deal.

We have acted for a PE portfolio company on the restructuring of a lease resulting in a reoccurring sub-lease vacancy risk reduction and reoccurring cost reduction against financial support of the sponsor and bank. The Dutch Scheme (WHOA) was leveraged to reach a consensual deal.

We have acted for Tennor Holding B.V. in the appeal proceedings against its bankruptcy. Tennor has paid all operational creditors and has agreed ‘standstill’ arrangements with all its financial creditors. The Court of Appeal in Amsterdam accepted Tennor Holding B.V.’s argument that herewith the ‘insolvency situation’ was resolved and the bankruptcy was annulled on that basis.

Acting for a high end plant breeder, active in vegetable growing and floriculture, on the amendment and restatement of its Senior Facilities Agreement with one of the leading Dutch banks.

We have advised Tennor Holding B.V., on its agreement with certain of its material creditors to restructure financial indebtedness of the Tennor Group and certain affiliated entities. The restructuring will include the issuance of EUR 1,450,000,000 First Super Senior Secured Notes by Tennor Holding B.V. and, subject to conditions, the transfer of certain existing equity securities of the Tennor Group which are currently held by creditors and the cancellation, subject to conditions, of existing bonds of the Tennor Group and certain of its affiliates which are currently held by creditors. For more information see: https://tennor.com/tennor-group-agrees-to-restructuring-of-financial-indebtedness-with-material-creditors/

Acting for a provider of horticulture technology on its financial restructuring, including an amendment of its Senior Facilities Agreement with one of the leading Dutch banks and the structuring of a Subordinated Loan.

Acting for the management participation vehicle in the restructuring of IHC Merwede Holding, one of the largest Dutch shipbuilders, whereby the shares in IHC were acquired by a consortium of strategic parties and investors, supported by the Dutch State. Our instruction commenced early 2019 when we advised the management participation vehicle on the EUR 1.6 billion refinancing of IHC Merwede Holding.

Acting for Mercon, a service provider for tank and industrial support in maintenance and constructing projects, in optimizing its capital structure.

Acting for Quick Parking Holding, a Dutch parking multinational, in its refinancing.

Assisted a group of funds on the refinancing of a €750m Revolving Credit Facility (September 2018) provided to Hemisphere International Properties B.V. and the further implementation thereof (until October 2019). Hemisphere was holding approx. €1,1 billion real estate for Steinhoff International Holding N.V.​

Acted for Rabobank on the collection of a receivable, pledged in its favour. In court proceedings in respect of the collection of the receivable, an objection to jurisdiction of the District Court of Amsterdam was filed on the basis that a pledgee should not be allowed to rely on a choice of forum in the underlying agreement between the pledgor and its counterparty. On behalf of Rabobank, we successfully opposed the objection both in the first instance and on appeal.

Acted for an Israeli financial institution on the refinancing of a credit facility in The Netherlands.

Assisted Varova Fashion Group now known as Brand Retail Group (110 stores, 1500 people employed, €140m revenue p/a) and Standard Investment (as a shareholder) in negotiating an Amendment and Restatement relating to a Loan Facility Agreement with senior credit provider HIG WhiteHorse. Varova now focuses on its most successful brands Sissy Boy, Open 32 and Tumble ’n Dry. For news click here.

Assisted a multi-billion African investment bank to recover outstanding bond and note claims in excess of €200m.

Acted for (approx.) €120m turnover passenger transport organisation regarding its bank and the winding up of an unfortunate foreign investment.

Assisted in the restructuring and refinancing of a heavy lifting and heavy shipping business.

Acted as Dutch counsel for (several parts of) a financial institution holding substantial amounts of fixed rate bearer notes issued by PTIF BV and guaranteed by Oi S.A. under their € 7,500,000,000.00 Medium-Term Note Programme.

Acted for Coface and Glencore Grain in relation to (the bankruptcy of) Abengoa Bioenergy Netherlands B.V., a large bio-ethanol producer. Part of the Abengoa Group, a Spanish multinational corporation, it holds companies within the energy, telecommunications, transportation and environment sectors, with 13,341 employees and showing €330m turnover as of March 2019. 
 

Appointed on an annual basis as trustee of OW Bunker and OW Global Trading, two OW Bunker subsidiaries with an annual turnover of €1.5 billion. OW Bunker is one of the world's biggest players in oil bunkering.