After a 2020 restructure under a Scheme of Arrangement, Codere undertook further restructuring in 2021 involving bridge notes financing, new money injection, and a debt-for-equity swap to transfer business to Codere New Topco SA. In 2021, we effected a Luxembourg share pledge enforcement.

HEMA Group engaged GLAS to work on its complex debt restructuring in 2020, in which its debt was more than halved and its liquidity position greatly improved with an additional bond financing of €42m made available to the company. There was a further Dutch share pledge enforcement as part of a restructuring that was implemented partly by an English scheme of arrangement in late 2020.

GLAS took on the successor security agent role and effected a Dutch share pledge enforcement as part of the financial restructuring of Royal IHC.