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09 June 2020 / deal

Loyens & Loeff advised Global Loan Agency Services Limited in the successful restructuring of Royal IHC

In June 2020, Royal IHC completed the restructuring of its group. Global Loan Agency Services Limited was granted permission by the Netherlands Commercial Court to transfer the (pledged) shares in IHC Merwede Holding B.V. to a continuity foundation. As part of the restructuring, the debts of Royal IHC are refinanced.

The Royal IHC restructuring

The Royal IHC group produces ships and equipment and delivers services to the dredging and offshore industries globally. Its main holding entities as well as certain operating entities are based in the Netherlands. In 2019, Royal IHC faced financial difficulties and defaulted under the existing loan documents. The lenders and Royal IHC were able to reach an agreement on a viable solution for the future of Royal IHC, with the support of the Dutch State. As part of the restructuring, Global Loan Agency Services Limited (GLAS) transferred the shares in IHC Merwede Holding B.V. to an industry consortium by means of an enforcement sale.

Added value Loyens & Loeff

Together with Sidley Austin, LLP’s London office, Loyens & Loeff acted as counsel to GLAS. Over the last year, we advised GLAS on several Dutch law matters in this restructuring and refinancing, whereby we were able to leverage our involvement in many recent large and complex cross border restructurings. In advising GLAS, we extended our experience with proceedings before the recently instituted Netherlands Commercial Court.

We added value by our integrated approach, putting together a team of restructuring, litigation, corporate, finance and tax experts. The Loyens & Loeff team consisted of restructuring partner Vincent Vroom and litigation partner Mijke Sinninghe Damsté, Kim de Bruijn (Restructuring & Insolvency), Romy Menasalvas Garrones (Litigation & Risk Management), Freek Hilberdink and Mayke Kamstra (Corporate), Evelien Bougie (Banking & Finance), Ingrid Hijdra and Bart Wingen (Tax).

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