14 Mar 2023 KMW advised ADSB in the context of the financial restructuring of Royal IHC and the sale of IHC IQIP
Our firm advised Atradius Dutch State Business (ADSB), the official Export Credit Agency for the Netherlands and part of the Atradius Group, on the recent financial restructuring of Royal IHC and on the sale by Royal IHC of its subsidiary IQIP to HAL Investments, which transaction was part of the financial restructuring. Royal IHC is a leading provider of maritime technology in the dredging, offshore, mining and defense industry. IQIP is a supplier of total solutions for construction projects in the offshore wind, coastal & civil and oil & gas markets.
In relation to the financial restructuring of Royal IHC, KMW advised ADSB, representing herein the State of the Netherlands, on its legal position in the financial restructuring arrangements entered into by Royal IHC with the refinancing banks, HAL Investments and ADSB (as representative of the State of the Netherlands). The restructuring plan which Royal IHC presented to its creditors was ratified by the Court at Rotterdam in accordance with the Act on the confirmation of out-of-court restructuring plans (the ‘WHOA’) on 9 March 2023. It is the first time that a major Dutch company like Royal IHC relies on this new financial restructuring legislation, which became effective as per 1 January 2021. In the IQIP transaction, ADSB played for various reasons a key role as sole acting member of the board of Stichting Continuïteit IHC, the sole shareholder of Royal IHC. Part of the proceeds from the sale of IQIP are used by Royal IHC to repay the existing credit and guarantee lines.