The restructuring of Frigoglass Group

On 27 April 2023, the financial restructuring of Frigoglass S.A.I.C. and its group companies (the Frigoglass Group) was successfully completed. The Frigoglass group is a Greece-based manufacturer of commercial refrigerators as well as a leading manufacturer of frozen packaging, with operations in Europe, Middle East, Africa and Asia. 

The restructuring was initiated with support of the ad-hoc group of noteholders of the EUR 260 million senior secured notes due 2025 (the Ad Hoc Group). The Ad Hoc Group entered into a lock-up agreement with the Frigoglass Group in support of the restructuring. 

The restructuring was implemented by way of a consensual and coordinated security enforcement process, including the enforcement of the pledge on the shares in Frigoinvest Holdings B.V. On 12 April 2023, the Netherlands Commercial Court granted its permission to the private enforcement sale. As a result, 85% of the share capital in the Frigoglass group is owned by the former Ad Hoc Group through a newly incorporated entity, whilst 15% of the share capital will remain with Frigoglass S.A.I.C. As part of the restructuring, the Frigoglass group (i) received an amount of EUR 75 million to fund, among others, its business operations, and (ii) reduced its indebtedness by EUR 110 million. 

Added value Loyens & Loeff

Together with Weil Gotshal & Manges LLP (London office), Loyens & Loeff acted as counsel to the Ad Hoc Group. Over the last year, we advised the Ad Hoc Group on several Dutch law related matters in the restructuring and (re)financing of the Frigoglass group. As part of the restructuring, we extended our experience with complex cross-border restructurings, including proceedings before the Netherlands Commercial Court.  

The restructuring was led by our Dutch restructuring partner Vincent Vroom. He worked together with an interdisciplinary team of restructuring, litigation, corporate, finance and tax experts.