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).
Vincent Vroom
Partner Attorney at lawVincent Vroom, attorney at law, is chairman of the Litigation & Risk Management Group. He specialises in restructuring and insolvency matters. He handles a range of issues in restructuring cases whether they arise within the courtroom or outside.
T: +31 20 578 59 84 M: +31 6 51 26 63 19 E: vincent.vroom@loyensloeff.com
Mijke Sinninghe Damsté
Partner Attorney at lawMijke Sinninghe Damsté, attorney at law, is a member of the Litigation & Risk Management practice group.
T: +31 20 578 56 66 M: +31 610 89 46 93 E: mijke.sinninghe.damste@loyensloeff.com
Kim de Bruijn
Associate Attorney at lawKim de Bruijn, attorney at law, specialises in restructuring and insolvency matters. She works in our Amsterdam office.
T: +31 20 578 56 88 M: +31 651 01 85 34 E: kim.de.bruijn@loyensloeff.com
Romy Menasalvas Garrones
Associate Attorney at lawRomy Menasalvas Garrones, attorney at law, is a member of the Litigation & Risk Management practice group in our Amsterdam office. She focuses on corporate law and liability law.
T: +31 20 578 55 35 M: +31 610 90 16 12 E: romy.menasalvas.garrones@loyensloeff.com
