'Going Dutch' – Restructuring of international shipping group Vroon sees Dutch 'WHOA' combined with English Scheme of Arrangement (July 2023)
Client Briefings
Introduction
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The much-awaited decisions of the Dutch and English courts in the Vroon case are an example of cross-border restructuring at its best, facilitating the restructuring of the 123 companies that together form the entire Vroon group. Both the Dutch and English proceedings were far from plain sailing – each of the Scheme and WHOA plan were met with challenges, in both courts.
The main challenge stemmed from the shareholders, who were concerned that they had not fared well as a result of the restructuring and the allocation of the value in the restructured group. The courts in both jurisdictions dismissed the challenges and upheld the valuation evidence.
