LONDON, UK (12 June 2023)
GLAS acted as Restructuring Agent, new Facility Agent and Global Security Agent among other roles on the first-of-its-kind restructuring of international shipping company Vroon, which completed on 12 June 2023.
This was the first restructuring to be carried out using a parallel English scheme of arrangement and Dutch WHOA plan. The restructuring involved certain lenders receiving participations in a new syndicated secured facility, while other lenders had their facilities amended as well as a debt-for-equity swap.
Vroon operates and manages a fleet of over 100 vessels and is headquartered in the Netherlands. GLAS has been acting as Restructuring Agent and Security Agent on behalf of the lenders on their circa $900 million of exposure for a few years.’
Lead Counsel: Theano Manolopoulou (Legal Counsel) and Natasha Chan (Senior Legal Counsel), assisted by Gary Anderson (Legal Counsel)
Lead TMG: Liliya Popova (TMG Team Leader) and Emma Batchelor (TMG Team Leader), assisted by Paul Fletcher (Senior TMG Consultant) and Sarah Oldfield (Transaction Manager)
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Ship Management International – Norton Rose Fulbright advises on first-of-its-kind parallel restructuring
Riviera Maritime – Restructured Vroon takes shape, with OSV fleet in play
GLAS was established in 2011 as an independent provider of institutional debt administration services. The company was originally created to provide the market a willing participant in complex loan restructuring transactions where many large institutions are reluctant to take swift and cooperative action. It offers a wide range of administration services developed specifically for the debt market.
GLAS is recognised as the premier independent, non-creditor, conflict-free provider of loan agency and bond trustee services, with excess of USD320bn of assets under administration on a daily basis. For more information, please contact firstname.lastname@example.org.