Our articles are written by experts in their field and include individual barristers, solicitors, academics, judges, and leading firms in relevant areas of practice. JIBFL offers authoritative insights into global banking and financial law, providing essential updates for legal practitioners and policymakers. Covering key topics like lending, security interests, derivatives, debt capital markets, banking and finance related disputes, crypto, FinTech and financial regulation, JIBFL serves as a trusted resource for navigating complex legal challenges and staying informed in the financial sector. If you would like to contribute, please email Amanda.Cohen2@lexisnexis.com.
The Mezzanine Lenders successfully take control of The LYCRA Company
© Copyright LexisNexis 2024. All rights reserved.
The financial restructuring of The LYCRA Company is a rare example in the market in recent years of junior lenders effectively “driving the bus” and, in so doing, taking the fight to the sponsor. The Mezzanine Lenders seized operational control of the group across several jurisdictions, through the appointment of receivers and the cascading of board changes on an expedited basis ahead of acquiring the equity in the Dutch parent by way of one of the largest credit bid processes undertaken in the Netherlands to date. It is a critical illustration of the fact that even structurally (and contractually) junior creditors can work with senior creditors to deliver a carefully planned and negotiated outcome that preserves value in the interests of all creditors.
If you are already a User, sign in
Or you can register free of charge to read a limited amount of subscriber content per month.
Once you have registered, you will receive an email directing you back to read this article in full.
Alternatively you can subscribe here to read unlimited content.
