Leading firms link up on restructure for struggling Dutch company Versatel
November 20, 2002 at 07:03 PM
1 minute read
The original version of this story was published on Legalweek
Herbert Smith Dutch ally Stibbe has linked up with New York’s Shearman & Sterling to work on a ground-breaking billion-pound telecoms restructuring.
The deal, which was completed last month, saw struggling Dutch telecoms company Versatel exchange $1.71bn (£1.1bn) in debt for ordinary new shares and $345.4m (£222m) in cash, handing four-fifths of the company’s ownership to its bondholders, with existing shareholders retaining a 20% stake.
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