Loyens & Loeff advised the syncreon group in its successful debt restructuring
In October 2019, syncreon Group Holdings B.V. completed the restructuring of its group through an English scheme of arrangement. The syncreon restructuring is described in the market as the first English scheme of arrangement for an international organisation primarily based in the United States and headquartered in the Netherlands.

The syncreon restructuring
The syncreon group is a large, globally operating player in supply chain services. Its main holding entities as well as certain operating entities are based in the Netherlands. The Dutch subsidiary syncreon Group B.V. and its English subsidiary, syncreon Automotive (UK) Ltd, filed the applications for the English scheme of arrangement. The scheme was recognised through chapter 15 recognition proceedings in the United States and CCAA recognition proceedings in Canada. The restructuring has led to a substantive reduction of syncreon’s funded debt. Syncreon (i) reduced its approximately $1.1 billion of funded debt by approximately $690 million, (ii) fully repaid its existing ABL facility, (iii) was granted additional liquidity by an ad hoc group of lenders for the amount of $125.5 million, and (iv) was granted a new $135 million ABL facility.
Relevant in the syncreon restructuring is that a Dutch entity was a party to this English scheme of arrangement. An English scheme of arrangement is an effective restructuring tool provided under English law. Currently there is no Dutch equivalent for a scheme of arrangement, albeit there is a draft bill pending in the Netherlands to implement such. This is the draft bill on court sanctioning private composition to avoid bankruptcy (de Wet homologatie onderhands akkoord ter voorkoming van faillissement), which may be implemented in the course of 2020 if no issues come up during the legislative process.
Added value from Loyens & Loeff
Together with the US and the UK offices of lead counsel Weil, Gotshal & Mangles LLP, Loyens & Loeff acted as counsel to syncreon Group B.V. and syncreon Netherlands Holding B.V. Over the last year we advised syncreon on several Dutch law matters in its complex debt restructuring, whereby we were able to leverage our involvement in many recent large and complex cross border restructurings. In advising the group, we added value by our integrated approach, putting together a team of corporate law, tax, finance and litigation experts.
Loyens & Loeff team was led by restructuring partner Vincent Vroom, with the support of Joris Dunki Jacobs, Kim de Bruijn and Julie van Wassenaer (Restructuring & Insolvency), Bastiaan Kemp (Litigation & Risk Management), Freek Hilberdink, Jelmer Kalisvaart and Tabitha Timisela (Corporate Amsterdam), Guy Palmaers and Vera Pavelka (Corporate Luxembourg) Martijn Schoonewille, Jenna Athaulla, Sharita Willigenburg and Narda Kooij (Banking & Finance), Michiel Beudeker and Erik Kastrop (Investment Management / Tax).
VincentVroom
Partner Attorney at lawVincent Vroom, attorney at law, specialises in financial restructurings and insolvency.
T: +31 20 578 59 84 E: vincent.vroom@loyensloeff.comJorisDunki Jacobs
Associate Attorney at lawJoris, attorney at law, is a member of the Litigation & Risk Management practice group. He specializes in insolvency law and corporate law.
T: +31 20 578 50 54 M: +31 6 10 89 46 42 E: joris.dunki.jacobs@loyensloeff.comKimde Bruijn
Associate Attorney at lawKim de Bruijn, attorney at law, is a member of the Litigation & Risk Management practice group in our Amsterdam office. She focuses on Restructuring and Insolvency.
T: +31 20 578 56 88 M: +31 651 01 85 34 E: kim.de.bruijn@loyensloeff.comJulievan Wassenaer
Attorney at law AssociateJulie van Wassenaer, attorney at law, is a member of the Litigation & Risk Management practice group.
T: +31 20 578 58 03 M: +31 6 12 64 32 87 E: julie.van.wassenaer@loyensloeff.comBastiaanKemp
Senior associate Attorney at lawBastiaan Kemp, attorney at law, is a member of the Litigation & Risk Management practice group.
T: +31 20 578 50 46 M: +31 6 13 85 43 31 E: bastiaan.kemp@loyensloeff.comFreekHilberdink
Associate Senior Deputy Civil Law NotaryFreek Hilberdink, candidate civil law notary, is a member of the Corporate/M&A practice group.
T: +31 20 578 52 09 M: +31 6 23 27 57 92 E: freek.hilberdink@loyensloeff.comJelmerKalisvaart
Senior associate Attorney at lawJelmer Kalisvaart, attorney at law, is a member of the Corporate practice group.
T: +31 20 578 54 02 M: +31 6 53 57 36 31 E: jelmer.kalisvaart@loyensloeff.comTabithaTimisela
Associate Deputy Civil Law NotaryTabitha Timisela, Deputy Civil Law Notary is a member of the Corporate/M&A practice group.
T: +31 20 578 56 78 E: tabitha.timisela@loyensloeff.comMartijnSchoonewille
Partner Attorney at lawMartijn Schoonewille, attorney at law, is a member of the Banking & Finance practice group.
T: +31 20 578 57 35 M: +31 6 51 86 27 25 E: martijn.schoonewille@loyensloeff.comJennaAthaulla
Associate Attorney at lawJenna Athaulla, attorney at law, is a member of the Banking & Finance practice group in our New York office.
T: +31205785785 E: jenna.athaulla@loyensloeff.comSharita Willigenburg
Associate Attorney at lawSharita Willigenburg, attorney-at-law, is a member of the Banking & Finance practice group. She focuses on advising and assisting in national and international financing transactions.
T: +31 20 578 50 03 M: +31 6 21 52 75 03 E: sharita.willigenburg@loyensloeff.comNardaKooij
Associate Attorney at law T: +31 20 578 56 94 M: +31 6 27 39 13 38 E: narda.kooij@loyensloeff.comMichielBeudeker
Partner Tax adviserMichiel Beudeker, tax adviser, is a member of the Investment Management practice group, with a particular focus on cross-border operations involving the Benelux countries, the UK and Italy.
T: +31 20 578 59 42 E: michiel.beudeker@loyensloeff.comErikKastrop
Associate Tax adviserErik Kastrop, tax adviser, is a member of the Investment Management practice group in our Amsterdam office. He focuses on cross-border tax aspects involving the Benelux countries and Italy.
T: +31 20 578 54 26 M: +31 6 10 89 56 81 E: erik.kastrop@loyensloeff.comGuyPalmaers
Partner Attorney at law / Avocat à la CourGuy Palmaers, partner, is a member of the Corporate Practice Group in our Luxembourg and Brussels offices. He focuses on mergers and acquisitions, cross-border corporate restructurings and general counselling on corporate and securities law matters.
T: +32 2 743 43 31 / +352 466 230 446 E: guy.palmaers@loyensloeff.comVeraPavelka
Associate Attorney at lawVera Pavelka, associate, is a member of the Corporate Practice Group in our Luxembourg office. She focuses on domestic and cross-border corporate restructurings, mergers & acquisitions, and private equity transactions.
T: +352 466 230 212 E: vera.pavelka@loyensloeff.com