Amsterdam office advises international syndicate of lenders on largest bankruptcy and distressed M&A transaction

Global law firm Norton Rose Fulbright has assisted and advised an international syndicate of lenders on the distressed M&A transaction of HES Hartel Tank Terminal B.V. to Impala Energy Infrastructure Netherlands B.V.

This has been one of the largest and most complex distressed M&A transactions out of bankruptcy in the Netherlands. The firm has been assisting and advising the international lenders on the restructuring and the distressed M&A transaction through an asset deal out of bankruptcy.

In 2019, Norton Rose Fulbright assisted and advised the international lenders of HES Hartel Tank Terminal on the project financing and project documents for the realisation of a new tank terminal in the Port of Rotterdam. This was one of the largest tank terminals in Europe providing approximately 1.3m cubic metres of storage capacity. It was envisaged that the tank terminal would operate as an independent storage terminal where liquid products, such as diesel, gasoil, gasoline and biofuel, can be stored and shipped. 

During 2022 the project got into financial distress. The firm assisted and advised the international lenders on the financial restructuring. The project entered into suspension of payments by the end of 2022 and was declared bankrupt on 9 January 2023, making it one of the largest bankruptcies in the Netherlands with total claims being filed for an amount of approximately EUR1bn. After HES Hartel Tank Terminal was declared bankrupt, an M&A process was initiated for the sale of the tank terminal for the highest possible amount which was completed with a sale and transfer of the tank terminal to Impala Energy Infrastructure Netherlands.

The Norton Rose Fulbright team worked on the distressed M&A transaction on behalf of the international lenders together with PwC, as financial advisor, and working closely in good collaboration with Mr Carl Hamm, the bankruptcy trustee of HES Hartel Tank Terminal. The sale was completed on 28 November 2023.

The firm’s Amsterdam-based team was led by Partners Omar Salah (banking), Wouter Hertzberger (banking) and Saskia Blokland (corporate) with the core team members being Counsels Marjolein Pichel (banking), Koen Durlinger (litigation), Associates Joeri Noteborn (corporate), Alexander Govers (banking) and Leora Wit (corporate). Other team members involved were Partners Daphne Broerse (projects), Jan Duyvenz (litigation), Jurriaan Jansen (IP/IT), Bart Le Blanc (tax), Geert-Jan van Rijthoven (notary), Counsels Rob van Eldik (employment), Stefanie Walthaus (notary), Associates Sam Jonkeren (banking), Hans Schober (banking), Gino Bell (banking), Enes Altintop (banking), Illona Boer (banking), Marit van den Elshout (corporate), Maaike Faase (projects), Rik van der Laan (projects), Alwin Kroon (projects), Nivard Witte (notary), Mark Huijzen (litigation), Marjolein van Lensing (tax) and Selma Jonker (employment). The firm’s London-based team that worked on this matter included Partners Chris Down (projects), Nigel Dickinson (banking), James Stonebridge (banking), Counsel Sean Bruns (banking) and Associates Nicola Henshall (projects), Franchesca Consin Mosheshe (banking) and trainee Grace Littlewood (projects).

Norton Rose Fulbright’s global restructuring team acts for a full range of clients delivering worldwide restructuring and insolvency services in all key industry sectors. The firm’s 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.