Latham & Watkins advised the banks in relation to HEMA Group’s restructuring involving a debt for equity swap and a €42 million new money facility.
The restructuring was implemented through a UK scheme of arrangement combined with a share pledge enforcement before the Amsterdam district court. In addition, the U.S. Bankruptcy Court granted recognition of the scheme of arrangement as a foreign main proceeding under Chapter 15 of the U.S. Bankruptcy Code.
The restructuring addressed the financial issues that the HEMA Group faced and provides the stable platform required to implement the group’s new business plan.
The Latham team was led by London restructuring and special situations partners Yen Sum, Helena Potts, and associates Fergus O’Domhnaill, Chrissy Vassiliou, and Annabel Cawood.