Amsterdam office advises on the largest WHOA restructuring to date

Global law firm Norton Rose Fulbright advised and represented one of the dissenting lenders in the restructuring of Royal IHC under the Act on Court Confirmation of a Restructuring Plan (Wet homologatie onderhands akkoord, the WHOA), also known as the ‘Dutch scheme’.

The €950 million restructuring marks the largest restructuring plan confirmed by the court under the WHOA to date and the first involving a syndicate of lenders. This has been a ground-breaking restructuring under the WHOA, not only because the total amount of debt concerned is one of the highest so far, but also because it saw the court set new precedents across a range of issues.

The court addressed the position - under the WHOA - of lenders within a syndicate and the impact of a stay on hedging agreements. The case also illustrated how companies should deal with the sale of assets and subsequent claw-back protection under the scheme, as well as amendments to the waterfall in an intercreditor agreement. The entire WHOA proceeding was completed within an expedited timeline of less than three months.

The firm’s Amsterdam team was led by partner Omar Salah, supported by core team members Joël Lozeman and Jan de Wit. The wider team included Gino Bell, Florence Elias and Rachid Chetouani.

Norton Rose Fulbright’s restructuring lawyers are at the forefront of many of the most significant cross-border bankruptcy, restructuring and insolvency cases involving complex multi-jurisdictional issues and regional insolvency laws. The firm’s global team acts for a full range of clients delivering worldwide restructuring and insolvency services in all key industry sectors. Its client portfolio includes lenders, private equity and distressed debt funds, hedge funds, bondholders, public and private corporations, debtors, liquidators, examiners, office-holders, secured and unsecured creditors, committees, management and other relevant stakeholders.