Financing & Restructuring

Leveraged finance structures combine senior debt, mezzanine and equity for maximum returns. We advise sponsors on acquisition financing with institutional lenders, alternative credit funds and mezz providers. Our expertise includes term sheet negotiation, facility agreements and security documentation with comprehensive security packages over shares, assets and intragroup receivables. For management leverage buyouts, we structure management participation, rolled equity and sweet equity arrangements. We negotiate covenant packages ensuring operational flexibility while maintaining lender protection via financial maintenance tests, incurrence covenants and restricted payments baskets.

Real estate financing and project financing require asset-specific structuring knowledge. We advise developers on construction loans, investment grade financings and refinancings with Dutch and international banks. For CMBS transactions, we structure loan-on-loan structures, special servicer appointments and intercreditor arrangements. Our expertise includes forward funding deals, joint ventures with institutional investors and sale-and-leaseback transactions. For infrastructure projects, we advise on non-recourse project finance with ECAs, multilateral development banks and commercial lenders, structuring complex risk allocation between sponsors, contractors and lenders.

Financial difficulties require swift action and creative solutions. We advise debtors on covenant waivers, amendment and restatement of credit facilities and injection of fresh money. For lenders, we develop enforcement strategies, debt-for-equity swaps and asset disposals maximizing recovery. Our expertise includes standstill agreements, lock-up agreements with creditor groups and mediation between stakeholders with conflicting interests. For out-of-court restructurings, we structure WHOA schemes, composition plans and synthetic pre-packs maintaining operational continuity while reducing debt burden.

Insolvency proceedings create unique opportunities and risks. We represent trustees, directors and creditors in bankruptcies, suspension of payments and WHOA procedures. For distressed M&A, we advise on pre-pack transactions, asset sales from bankruptcy and stalking horse bids. Our expertise includes directors' duties under financial distress, wrongful trading exposure and piercing the corporate veil risks. For vulture investors, we structure loan-to-own strategies, DIP financing and credit bidding in insolvency auctions. We navigate preference period risks, fraudulent conveyance challenges and equitable subordination doctrines.

Alternative credit providers fill financing gaps that banks cannot or will not finance. We advise on mezzanine financings, unitranche structures and asset-based lending with collateral packages over inventory, receivables and equipment. For special situations capital, we structure rescue financings, DIP loans and exit facilities in restructurings. Our expertise includes payment-in-kind features, equity kickers and warrant coverage enhancing yields. For direct lending funds, we advise on fund formation, lending policies and intercreditor arrangements governing senior/junior dynamics with shared collateral packages.