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Hema UK foreign representative asks court to dismiss Chapter 15 case
By Sarah Lizee
Olympia, Wash., Oct. 23 – Hema BV subsidiary Hema UK I Ltd.’s foreign representative, Joost Johannes Hendrikus De Beijer, asked the U.S. Bankruptcy Court for the Southern District of New York to close the debtor’s Chapter 15 case, according to a motion filed Friday.
De Beijer said the group completed its proposed restructuring on Oct. 19 and, therefore, the purpose of the case has been fulfilled.
As previously reported, the group announced on June 15 that Hema UK Ltd., existing obligors, all of the group’s revolving credit facility lenders and hedging providers and holders of 62% of existing senior secured notes had reached an agreement on the high-level terms of the restructuring of the group’s financial arrangements and had executed a lock-up agreement.
De Beijer said the scheme, which relates to a series of senior secured notes in the face amount of €600 million, allowed Hema UK to implement the proposed restructuring by authorizing it to act as an attorney to sign a restructuring implementation deed and any relevant restructuring documents on behalf of the ultimate beneficial owners of the existing notes.
The restructuring involved a partial debt-for-equity swap under which the existing notes were partially discharged and exchanged for new debt and equity instruments.
All of the creditors and stakeholders ranking below the existing senior secured noteholders, including holders of the group’s secured notes and PIK notes and current equity owners, will receive nothing.
The existing revolver will remain in place.
Hema is an Amsterdam-based retailer that filed bankruptcy on Aug. 20. The case number is 20-11936.
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