International law firm Freshfields Bruckhaus Deringer has advised leading Dutch daycare business Estro Groep BV on the successful restructuring of its €280 million leveraged loan facilities and related finance debt. Freshfields also advised Estro on the group’s transition to new ownership.
The restructuring was completed on a consensual basis, but backed by two English law Schemes of Arrangement which were convened and approved by the relevant creditor classes. The Schemes did not proceed to sanction on the basis that the restructuring was completed consensually prior to the sanction hearing.

The Freshfields team was led by banking partner Michael Steele in London and counsel Michael Broeders in Amsterdam. They were supported by partners Geoff O'Dea and Thijs Flokstra, counsel Nick Stern alongside senior associates Chris McLauchlan and Verity Stevens.

Commenting on the transaction, Michael Steele said, ‘This restructuring for Estro Groep is highly significant, not least in that it marks another occasion where English Schemes of Arrangement were prepared to assist non-English companies execute their restructurings. There is a growing use of English Schemes of Arrangement to restructure English law governed debt even where the borrower and its creditors are located outside of England. We expect them to become increasingly mainstream in the coming months and years. In this case, we are pleased to have worked alongside Estro's management to help deliver a stable platform for the business.’

Walter Blom, CFO, Estro Groep BV added, ‘Freshfields delivered consistently excellent advice during a complex and time constrained process. The team’s reliability and depth of knowledge made working with them a pleasure’.

The deal adds to Freshfields’ reputation as the market’s leading adviser on Schemes of Arrangement in the UK and throughout Europe.

http://www.freshfields.com/en/deals/Freshfields_advises_Dutch_daycare_f…