Member Newsletter: Insolvency proceedings initiated against Tennor Holding

Dear Members, This newsletter provides an opportunity to update you on the insolvency proceedings initiated against Tennor Holding.

Insolvency proceedings initiated against Tennor Holding For the record, in May 2021, H2O AM announced that it had entered into an agreement with Tennor Holding to restructure the debt contracted by the entities in the Tennor Group with respect to the Funds (debt now exclusively held in the Side‐Pockets).

According to the scant, very incomplete and ambiguous data published by H2O AM and Tennor Holding, the agreement provided, “under certain conditions”, for the subscription for €1.45 billion in new debt securities issued by Tennor Holding (“First Super Senior Secured Notes” or “FSSSN”), maturing at the beginning of 2022, against the cancellation of the old bonds held by the Side-Pockets in the subsidiaries of this company and the transfer of certain shares in its subsidiaries.

Thereafter, the Side-Pockets would only hold First Super Senior Secured Notes, securities issued only by Tennor Holding.

However, on 2 November 2021, the Amsterdam Court initiated insolvency proceedings against Tennor Holding at the request of Corvallis.

An appeal of the insolvency ruling was immediately lodged by Tennor Holding.

The Amsterdam Court of Appeal handed down its decision on 21 December 2021… To read the letter in full, join the Collectif Porteurs H2O: