Leading Dutch firm Stibbe has linked up with New York’s Shearman & Sterling to work on a ground-breaking billion-dollar telecoms restructuring.

The deal, which was completed in October, saw struggling Dutch telecoms company Versatel exchange $1.71bn in debt for ordinary new shares and $345.4m in cash, handing four-fifths of the company’s ownership to its bondholders, with existing shareholders retaining a 20% stake.