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Boekel De Nerée advises Payzone Plc on group restructuring and investment by Duke Street

Boekel De Nerée advises Payzone Plc (LSE-AIM: PAYZ) on the Dutch law aspects of the group restructuring and the investment by the banking syndicate of Payzone and funds managed by Duke Street. In order to reduce debt and assist in refocusing the business on its core markets, Payzone has previously been assisted by Boekel on the Dutch law aspects of its disposal of the Mobile Top-Up businesses and its Electronic Funds Transfer business in the Netherlands. The restructuring is designed to put in place an appropriate long-term capital structure to enable the business to trade through the current adverse economic conditions and to have the capability to grow as its markets recover. As part of the restructuring, Payzone Plc disposes of all its operating subsidiaries to a newly-formed group of companies, controlled by Duke Street as well as the banking syndicate and certain of the current senior management of Payzone. Duke Street will invest in the new Payzone group for the settlement of debt and working capital, in addition to the assumption of bank debt and guarantees owed to the banking syndicate. It is expected that the listing of Payzone's ordinary shares on LSE-AIM will be cancelled following the completion of the transaction.

Author(s):
Ferdinand Mason
Bastiaan Kout
Jordi van Borssum Waalkes
Tim Carapiet


Areas of practice:
Corporate/M&A


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