Loyens & Loeff advises the ad hoc group of HEMA Group’s €600m senior secured noteholders on the group’s successful restructuring
On 19 October 2020 the restructuring of the capital structure of the HEMA Group completed, comprising of a debt for equity swap, deleveraging and a €42 million new money facility. The restructuring addresses the financial issues that the HEMA Group faced and provides the stable platform required to implement the new business plan.
The restructuring was implemented through a UK scheme of arrangement combined with a share pledge enforcement before the Amsterdam district court. The UK scheme was approved on 19 August 2020 and following a court hearing on 10 September 2020, the enforcement sale of the group to a new holding company was approved by the Amsterdam district court on 11 September 2020, resulting in one of the most swift and efficient share pledge enforcements in the Netherlands to date.
Loyens & Loeff acted as Dutch and Luxembourg counsel to the ad hoc group of noteholders, putting together a team of restructuring, litigation, corporate, finance and tax experts, providing yet another example of Loyens & Loeff’s integrated approach and leveraging our involvement in many recent large and complex cross border restructurings. This team effort was led by Dutch restructuring partner Vincent Vroom, with senior associate Joris Dunki Jacobs and associates Gief de Gruijter and Kim de Bruijn. The Dutch team further consisted of litigation partner Mijke Sinninghe Damsté with associate Romy Menasalvas Garrones, corporate partners Roel Fluit and Freek Hilberdink with associates Gerda de Jong, Eline Viersen, Sadaf Elyaci and Marita Snoek and finance partner Martijn Schoonewille with Jenna Athaulla and Ivar van der Mark. The Luxembourg team was headed by corporate partners Michael Scott and Frédéric Franckx with associates Diogo Morgado Filipe and Madeleine Marques and tax advisor Charlotte Haarsma – Den Dekker.
Vincent VroomPartner Attorney at law
Vincent 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: [email protected]
Roel FluitPartner Attorney at law
Roel Fluit, attorney at law, is a member of the Corporate practice group in our Amsterdam office. He focuses on corporate law, mergers and acquisitions and (national and international) joint ventures. He is also a member of the Region Teams United States and Latin America.T: +31 20 578 50 05 M: +31 6 10 89 73 21 E: [email protected]
Freek HilberdinkPartner Civil Law Notary
Freek Hilberdink, partner, is a member of the Corporate practice group in our Amsterdam office. He specialises in providing corporate advice on all aspects of national and international mergers, acquisitions, restructurings and joint ventures, with a strong focus on private equity transactions and management buyouts. He is a member of the Private Equity team.T: +31 20 578 52 09 M: +31 6 23 27 57 92 E: [email protected]
Michael ScottPartner Attorney at law / Solicitor / Avocat à la Cour
Michael Scott, partner, is a member of the Corporate Practice Group in our Luxembourg office and co-heads the Luxembourg Restructuring Team. He focuses on private equity transactions, mergers and acquisitions and distressed debt restructurings. He mainly advises US and UK based clients investing through Luxembourg to European or other target jurisdictions.T: +352 466 230 294 M: +352 691 963 026 E: [email protected]
Frédéric FranckxPartner Attorney at law / Avocat à la Cour
Frédéric Franckx, partner, heads the Corporate / M&A Practice Group in our Luxembourg office. Frédéric focuses mainly on private equity and mergers and acquisitions. He is an active member of our Region Teams US, Canada and Latin America.T: +352 466 230 301 M: +352 691 919 614 E: [email protected]