Bondholders Of Vieo B.V. Take Control Of Lebara Via Enforcement

Kirkland & Ellis, NautaDutilh and BAHR advised the ad hoc group of bondholders of Vieo B.V. (“Vieo”) on a contested, coercive share pledge enforcement.

Vieo is the Dutch holding company of Lebara, a telecommunications group that provides services to clients around the world. Lebara provides pay-as-you-go mobile SIM cards; its logo is a common sight in newsagents and other small retail outlets across Western Europe.

Vieo’s shares were transferred the following day to a Newco entirely controlled by holders of Vieo’s €350 million senior secured notes (the “Bonds”).

The Bonds are governed by Norwegian law, and the relevant share pledge is governed by Dutch law. Kirkland worked closely with NautaDutilh in the Netherlands and BAHR in Norway as legal advisors, and PJT as financial advisor.

The Kirkland team was led by Kon Asimacopoulos (Picture), Matt Czyzyk, Ian Clarke, Gabe Harley and Peter Madden (restructuring); Aprajita Dhundia and James Hunn (corporate); Matthew Merkle, Michael Taufner, Ben Myers and Charles Osborne (debt finance); Thomas Sebastian Wilson and James Parkinson (antitrust & competition); and David Irvine and Anthony Antioch (tax).

The NautaDutilh team was composed by Barbara Rumora – Scheltema, Tom de Clerck, Nico Blom, Nina Kielman, Wijnand Bossenbroek, Niek de Kort and Sybren de Beurs.

Involved fees earner: Kon Asimacopoulos – Kirkland & Ellis;

Law Firms: Kirkland & Ellis;

Clients: bondholders of Vieo B.V.;