Syncreon Group’s Global Financial Restructuring


Simpson Thacher represented Centerbridge Partners, GenNx360, the Wychwood Trust and certain of their affiliates in their capacities as the equityholders and the largest secured and unsecured creditors in the global financial restructuring of the syncreon Group B.V., which went effective on October 1, 2019.

syncreon’s reorganization has been widely reported as perhaps the first U.S.-based company to restructure its debt using English schemes of arrangement (the “Schemes”). The Schemes were recognized in the United States through a chapter 15 proceeding in Delaware and in Canada through a CCAA proceeding. The restructuring resulted in a $690 million reduction of syncreon’s $1.1 billion pre-restructuring indebtedness, with secured lenders and noteholders, including the Sponsors, exchanging their debt for a combination of equity, warrants and take-back debt, a new money senior debt financing and the refinancing of syncreon’s existing asset-based facility

Headquartered in Auburn Hills, Michigan, syncreon is a leading global provider of specialized logistics and supply chain solutions to a broad and diverse customer base consisting of multinational companies primarily in the automotive and technology sectors.

The Simpson Thacher team included Sandy Qusba (Picture), Edward Linden and Chase Bentley (Restructuring and Bankruptcy); Brian Gluck, Mike Vernace and Rob Meyer (Banking and Credit); Risë Norman, Lia Toback, Jessica Asrat and Matt Petrone (Capital Markets); Marni Lerner and Todd Noelle (M&A); Rob Holo and Caroline Phillips (Tax); Kelly Karapetyan and Preston Miller (Antitrust); Steven DeLott and Elisa Alcabes (Insurance); Jeanne Annarumma (ECEB); and Jennie Getsin (Blue Sky).

Involved fees earner: Elisa Alcabes – Simpson Thacher & Bartlett; Jeanne Annarumma – Simpson Thacher & Bartlett; Jessica Asrat – Simpson Thacher & Bartlett; Chase Bentley – Simpson Thacher & Bartlett; Steven DeLott – Simpson Thacher & Bartlett; Jennie Getsin – Simpson Thacher & Bartlett; Brian Gluck – Simpson Thacher & Bartlett; Robert Holo – Simpson Thacher & Bartlett; Kelly Karapetyan – Simpson Thacher & Bartlett; Marni Lerner – Simpson Thacher & Bartlett; Edward Linden – Simpson Thacher & Bartlett; Robert Meyer – Simpson Thacher & Bartlett; Preston Miller – Simpson Thacher & Bartlett; Todd Noelle – Simpson Thacher & Bartlett; Risë Norman – Simpson Thacher & Bartlett; Matthew Petrone – Simpson Thacher & Bartlett; Caroline Phillips – Simpson Thacher & Bartlett; Sandeep Qusba – Simpson Thacher & Bartlett; Lia Toback – Simpson Thacher & Bartlett; Michael Vernace – Simpson Thacher & Bartlett;

Law Firms: Simpson Thacher & Bartlett;

Clients: Centerbridge Partners; GenNx360 Capital Partners; Wychwood Trust;