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  • Deal or case news
  • 28-05-2021

Following the demise of travel organization D-Reizen on 6 April 2021, the Trustees were keen to pursue a restructuring and allow as much of the D-Reizen organization to continue as a going concern as possible. After an auction process, a transaction was concluded with Prijsvrij Vakanties which intends to continue to operate 100 to 150 outlets and employ approximate 650 employees (450 fte).

The contemplated Prijsvrij-transaction includes the trademark "D-Reizen", which is pledged to Selten, a vehicle owned by two former D-Reizen Board Members. Release of the pledge is a condition precedent to the consummation of the Prijsvrij-transaction.

The trademark-pledge came with a secured loan, which Selten had been able to acquire at no consideration from D-Reizen's former owners in the run-up to the bankruptcy. Selten refused to release the pledge to make the deal possible, gambling the jobs of over 650 employees. According to the Trustees, Selten sought to leverage the pledge in spite of serious concerns about its validity. The Trustees had proposed to pay an amount of EUR 500,000 in escrow, which they agreed to release to Selten after its position as pledgee was established in court proceedings, but Selten refused. Instead, it filed for leave to take possession of the trademark.

The Trustees filed for summary proceedings. By judgement of 28 May 2021, which can be found here, the Haarlem Court awarded the Trustees' claims. The judgement will allow the Prijsvrij-transaction to continue. The Trustees were represented by Catrien Rozeman, Robert van Galen and Paul Olden.

 

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