Norton Rose Fulbright advises Nordic Trustee on Norwegian-registered bonds

Global law firm Norton Rose Fulbright has advised Nordic Trustee, as bond trustee, in relation to €350m Norwegian-registered bonds issued by a Dutch group entity of telecommunications company Lebara (Vieo B.V.).

The team advised Nordic Trustee on a share pledge enforcement which Lebara challenged. However, the Dutch courts approved the enforcement as proposed by Nordic Trustee and the bond holders, allowing the shares in Vieo B.V. to be transferred to a foundation controlled by the bond holders in exchange for a debt to equity conversion of a substantial part of the bond debt.

The Amsterdam team was led by counsel Mei-Land Man and partner Jan Duyvensz with assistance from Koen Durlinger.

Mei-Land Man commented:

“This court ruling demonstrates that a Dutch share pledge is an effective instrument for creditors to obtain control over the company or of the group.”