NautaDutilh assists on successful financial restructuring of Royal IHC
NautaDutilh has assisted the lenders supporting Royal IHC’s restructuring plan. This plan required the unanimous approval of the lenders. Not all lenders were in favour initially, so Royal IHC used the Dutch scheme proceedings (WHOA) to bind all creditors to the plan. It is the first time that the WHOA was used for a comprehensive financial restructuring of syndicated facilities.
Guidance for future situations
“This is a major step for the Dutch restructuring practice. Given the challenges brought against the plan, it will provide valuable guidance for future situations. I am proud of our involvement and our team's incredible hard work to achieve the successful closing of the financial restructuring of Royal IHC,” says Marc Orval, partner and head of NautaDutilh's Restructuring, Insolvency & Distressed Situations team.
The Court Approved Restructuring Plan Act (Wet Homologatie Onderhands Akkoord or WHOA) entered into effect on 1 January 2021. It's also known as the 'Dutch Scheme'. The WHOA provides companies and other stakeholders with an efficient, fast and flexible means of financial – and possibly operational – restructuring, with the support of two thirds of the creditors and/or shareholders. By restructuring their balance sheet, viable companies may be able to make a turnaround and become financially sound without having to open formal insolvency proceedings. NautaDutilh has the necessary expertise and skills to advise on all aspects of the WHOA. Read more.
The team led by Marc Orval consisted of Lenneke de Baar, Saskia Heumakers, Jinne van Belle, Eefke Janssen, Brenno Baas, Barbara Slooter, Robert Woudenberg, Teun Struycken and Robert van Galen.