Banking, Finance & Debt Capital Markets

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A unique selling point in multinational finance and restructuring mandates

Few firms in the Netherlands can match the quality of our people and our leading position across the full range of corporate, asset and project financing, debt restructuring, and debt capital markets. We are universally regarded as a leading finance and restructuring law firm in the Netherlands.

De Brauw London is an integrated, multidisciplinary team dedicated to the design, negotiation and documentation of both general corporate finance transactions and complex high-impact finance transactions. We offer our clients a single point of contact for both the typical finance aspects of those transactions, and on corporate reorganisations, intra-group transfers, the board’s fiduciary duties, insolvency-related advice, and stakeholder management. This integrated approach has proven a unique selling point in recent multinational finance, acquisition finance, and restructuring mandates.

By teaming up with the leading corporate and finance firms in Europe, the United States, and Asia, we offer seamless cross-border services to our clients. The breadth and depth of our legal capabilities in all relevant areas, including corporate, contract, security and insolvency law, and in regulatory matters, ensures that our finance and restructuring team is at the forefront of legal developments in the Netherlands.

Recent Matters

28 September 2023

De Brauw acts as Dutch counsel to Warburg Pincus in its investment in Nord Security

De Brauw acted as Dutch counsel to Warburg Pincus in its USD 100 million minority investment in Nord Security, a global leader in internet privacy and security solutions.
28 August 2023

De Brauw takes court appointment in combined US-NL restructuring, a Chapter 11-cum-WHOA for Diebold Nixdorf

De Brauw partner Ferdinand Hengst was appointed by the Amsterdam court as the first observer to monitor the interests of the joint creditors in a combined US Chapter 11, Dutch scheme (WHOA) and US Chapter 15 proceedings. The successful global preventive restructuring process were initiated by Diebold Nixdorf (the cash-strapped cash machine manufacturer) in the US and in the Netherlands, reducing its debt burden by USD 2.1bn. Although supported by a large group of creditors, the cross-border restructuring was complex, involving two parallel restructuring proceedings in the US and the Netherlands, subsidiaries in multiple jurisdictions and creditors under 13 different tranches of notes and term loans. The role of the observer in this case was to supervise the drafting and negotiation of the restructuring plan for the benefit of the joint creditors. Ferdinand provided an extensive opinion on the plan and its implications, an opinion that was followed by the court. The WHOA plan is recognized as a foreign main proceeding under Chapter 15 in the US so that the WHOA plan can also be enforced against creditors in the US. This is the first time that the WHOA is recognized in the US, making the WHOA even a more compelling option for cross-border restructurings.
10 August 2023

Cineworld emerges from Chapter 11 bankruptcy with amended financing arrangements for Dutch Rest of the World entities,slate%20of%20management%20and%20board. De Brauw advised Cineworld, the world's second largest cinema chain, on a USD 4.8 billion debt restructuring transaction spanning all continents. Cineworld filed for Chapter 11 for its US and UK businesses on 7 September 2022. A third division, commonly known as the Rest of the World, is based in the Netherlands and has a separate financing structure. This Dutch group did not file for Chapter 11 but entered into a USD 271 million debt trade, whereby newly-incorporated Cineworld entity Busby purchased the facilities from the existing lenders. On 1 August 2023, Cineworld emerged from the Chapter 11 proceedings and the facilities agreement with Busby was amended to reflect that the facilities will function as an intra-group loan going forward.,slate%20of%20management%20and%20board.

The team's pragmatism is underlined by clients, with one referencing its 'evidence- and experience-based input on deal tactics and strategies to achieve our tailored needs'. Another emphasises the practice's foresight, asserting that it has 'a good understanding of the risks involved'.

Chambers Europe, 2021


13 September 2023

US and Dutch courts allow combined US-Netherlands restructuring for Diebold Nixdorf

On 11 August 2023, Diebold Nixdorf, the cash machine manufacturer operating worldwide, successfully completed an extensive debt restructuring by combining and carrying out Chapter 11 proceedings in the US, and WHOA proceedings in the Netherlands. De Brauw partner Ferdinand Hengst took a key role as court-appointed observer in the WHOA portion, which was recognised under Chapter 15 in the US for the first time ever.
26 March 2023

Refinancing coming up in 2023-2024: what to expect and how to respond

Companies looking to refinance or increase borrowings in 2023-2024 will find themselves in a changed environment. Even a year ago, the markets were full of cash looking for returns. But now, lenders are retreating, trying to reduce their commitment and pushing for higher pricing and stricter terms. In this article, we describe how borrowers can prepare for financing transactions in this new lending landscape. We also discuss some of the innovative solutions that have helped close recent financing deals. Finally, we advise borrowers not to wait in hope of more favourable market conditions in the future, but to kick-start their upcoming financing transactions now.
22 March 2023

Credit Suisse impact on EU market: regulators on alert - consolidation not ruled out

In this article, we briefly discuss the impact of recent Credit Suisse events on the EEA banking landscape and signal potential trends for further consolidation to protect banks and bond holders.