Sidley represented Global Loan Agency Services Limited (GLAS) as the security agent on the restructuring and refinancing of the financial indebtedness of, and the provision of new money to, Royal IHC, a Dutch national champion in the maritime space.
The restructuring was implemented through a Dutch-law share pledge enforcement and the transfer of the shares in IHC Merwede Holding B.V., the holding company of the group, to a Dutch foundation, which was approved by the Netherlands Commercial Court in a virtual hearing. The restructuring was implemented with the support of, and bridge funding from, the Dutch government.
The GLAS team consisted of Brian Carne (Founder, Co-Chair and General Counsel), Mia Drennan (Founder, Co-Chair and Group President), Paul Cattermole (Head of Trustee and Escrow Services), Juliette Challenger (Deputy General Counsel) and Aric Kay-Russell (Senior Transaction Manager).
The Sidley team in London was led by Mark Knight (partner, Restructuring) and Jifree Cader (partner, Restructuring), with support from Michelle Tong (partner, Private Equity), Saya Sharma (associate, Private Equity), Iram Tariq (associate, Global Finance), Jason Menzies (senior associate, Tax), Caleb McConnell (associate, Tax), Natasha Chan (associate, Restructuring), Dhevine Chandrapala (associate, Restructuring), Susannah Apuzzo (associate, Restructuring) and Tamara Habayeb (associate, Restructuring).