Leading global law firm Baker McKenzie has advised Global Loan Agency Services Limited (GLAS), the primary global independent debt administration services provider, on the financial restructuring of the multinational retail holding company Steinhoff International Holdings N.V., and its subsidiaries (together, the “Steinhoff Group”), implemented by a Dutch WHOA (Wet Homologatie Onderhands Akkoord) Restructuring Plan. 

The complex transaction completed on 30 June, following an initial financial restructuring implemented in August 2019 and a global litigation settlement in 2022. This comprehensive restructuring ensures the Steinhoff Group’s financial stability by, amongst other matters, contractually extending the maturities of the existing debt facilities and related contingent payment undertakings to June 2026 (originally due to mature on 30 June 2023) and implementing a group reorganisation involving an indirect transfer of a significant majority of the post-closing shareholding of the Steinhoff Group to its financial creditors via the Dutch WHOA Restructuring Plan. 

Baker McKenzie represented GLAS, in its various roles as Agent and Security Agent across different parts of the capital structure, on key aspects of the current restructuring, as well as the Steinhoff Group’s previous restructuring processes.

The Baker McKenzie team consisted of cross-practice experts from the London office, led by partners Priyanka Usmani (Restructuring) and Sarah Porter (Structured Capital Markets) and supported by Jamie Rafferty (Of Counsel, Restructuring), Matthieu Hucker (Associate, Restructuring), Kirsty McDonald (Associate, Structured Capital Markets), Rocío Ruiz Rivadeneyra (Associate, Structured Capital Markets), and Henna Bhandal (Trainee, Banking). 

The GLAS team was led by Liliya Popova (TMG Team Leader) and Gary Anderson (Legal Counsel).
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