October 20, 2020
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.