The group considered various implementation options (including Chapter 11 in the United States), but concluded that the use of jurisdiction and the English regulatory process was the only viable way to restructure the system`s businesses on the basis of ongoing businesses. During the negotiations and implementation of this cross-border restructuring, Jones Day benefited enormously from its global network of offices. As we are in the credit cycle, Jones Day anticipates an increasing number of situations that will need to be restructured across borders. To achieve a positive outcome, it is essential that interested individuals use a law firm with a multidisciplinary and multidisciplinary team of lawyers such as Jones Day. In early 2019, the ad hoc group created Syncreon`s financial position under increasing liquidity pressure. Shortly thereafter, the ad hoc group declared its readiness to provide cash injections to Syncreon in the short term and then began negotiations on a comprehensive balance sheet restructuring with Syncreon and other key stakeholders. In October 2019, syncreon Group Holdings B.V. concluded the restructuring of its group through an English arrangement. Syncreon`s restructuring is considered on the market as the first English-based arrangement for an international organization based in the Netherlands.
It goes without saying that other existing debts of the Group will be restructured by mutual agreement and at the same time as the implementation of syncreon systems. A Restructuring Assistance Agreement (RSA) concluded in May provides for the restructuring of certain cash facilities and the provision of new funds. In return, lenders will receive equity in Newco. The RSA requires that all Syncreon programs and the proposed restructuring be conditional on the proposed restructuring. In addition to these restructuring issues, Jones Day relied on lawyers from other practices to address non-restructuring issues (such as business, taxes and finance). In its offices in the United States and Amsterdam, Jones Day relied on corporate and tax lawyers to ensure that Syncreon`s internal restructuring, which included the creation of a new Dutch holding company, was carried out in the most efficient manner possible.