Experience

Acting alongside Fried Frank as Dutch local counsel to LumiraDx and FTI Consulting LLP on the sale of its point-of-care diagnostics business to Roche Diagnostics Limited for a headline purchase price of USD 295m. The sale was effected by way of a pre-packaged administration where FTI Consulting LLP acted as administrators.

Assisted a group of funds on the amendment of a €775 m Revolving Credit Facility provided to Hemisphere International Properties B.V. and the related WHOA process for Steinhoff International Holdings N.V. Arguably the largest WHOA process to date in terms of debt and assets involved.

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.

Appointed as liquidator (vereffenaar) of IHC B.V., former owner of Royal IHC, a world leading shipbuilder, Creating the maritime future - Royal IHC

Appointed chairman of SRF, a Dutch Foundation that will distribute the most part of the EUR 1.4 billion Global Settlement as concluded between Steinhoff and a group of over 30.000 qualifying shareholders. See: Steinhoff Global Settlement (steinhoffsettlement.com)

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 as bankruptcy trustee of Verolme Holding B.V. and its subsidiaries, the industrial heritage of the world leading shipbuilder as established by legendary enterpreneur Cornelis Verolme. For some publicity about the new start of the activities see: Verolme Moerdijk weer op de been na faillissement

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.

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.​

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.

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.

Advised an ad hoc committee of bondholders on Dutch law aspects of an international restructuring.

Acted as trustees in the bankruptcy of KPNQwest N.V., a top 25 AEX listed telecommunication company with a €2.2 billion deficit, in a lawsuit against its parent, joint venture partners Qwest Communications and KPN and certain executive and non-executive directors. After years of litigation on both sides of the Atlantic, the matter was settled for €260m, possibly the largest D&O liability settlement on Dutch territory to date.

Acted in a bond restructuring for the management of a Dutch holding company of a power electronics and PV inverter manufacturer.

Acted for the management of the Dutch finance company of Q-Cells in the restructuring (and sale) of the German solar energy equipment producer Q-Cells SE, a company with, at the time, an annual turnover of €1 billion and employing 2,000 people.

Acted as Dutch counsel to the REIT’s facility agent holding parts of the Karstadt Quelle real estate portfolio.