26 January 2018

DSB Bank: EUR 820 million credit agreements to facilitate distribution to creditors

The estate credit agreements for the bankrupt estate of DSB Bank N.V. have been amended and restated in order to make possible the distributions to the ordinary creditors of DSB Bank N.V.

Additional features are:

  • Commitments have been decreased from EUR 1.4 billion to EUR 350 million committed and EUR 470 million uncommitted
  • Commitments have been extended for approximately two years
  • The bankrupt estate of DSB provided the following security rights in favour of ING Bank, ABN AMRO bank and Rabobank (as Lenders):
    (i) a joint right of pledge over the shares in the share capital of Finqus B.V. Finqus B.V. manages DSB's portfolio since its bankruptcy; and
    (ii) a joint right of pledge over the claims DSB has on Finqus B.V. in relation to the portfolio of mortgage and consumer loans DSB transferred to Finqus B.V.

Team: Menno Stoffer, Bas Boutellier, Thijs Elseman, Reinout Vriesendorp and Constantijn Voogt.

For more information on this matter, read here.