Norton Rose Fulbright advises on first-of-its-kind parallel restructuring


Global law firm Norton Rose Fulbright has advised a committee of secured creditors 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.

This 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. Norton Rose Fulbright has been advising the lenders on their circa $900 million of exposure for a number of years.

The team was led by Partners James Stonebridge, Omar Salah and Richard Howley. A separate team acted for GLAS as agent and was led by Partners Kirstin Russell and Yke Lennartz. The team was supported by over 120 lawyers from London, Newcastle, Paris, Amsterdam, Luxembourg, New York, Canada, Singapore, Thailand and Italy, and involved teams from restructuring, shipping, corporate, disputes, pensions, antitrust and competition, and tax.

James Stonebridge, who led from London, commented: “We are delighted this restructuring has now come to a successful conclusion. This was a fascinating and complex deal to work on, and again highlights our market leading practice in shipping restructuring assignments.”
Omar Salah, who led from Amsterdam, commented: “It has been a privilege to work on the first-ever Dutch WHOA proceeding with a parallel English scheme of arrangement. This matter showcases that we are at the forefront of ground-breaking global restructurings. We are grateful to our clients for entrusting us with their most complex cross-border restructurings.”