Simpson Thacher represented Centerbridge Partners, GenNx360, the Wychwood Trust and certain of their affiliates (collectively, the “Sponsors”) in their capacities as the equityholders and the largest secured and unsecured creditors in the global financial restructuring of the syncreon Group B.V. (together with its subsidiaries, “syncreon”), 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, 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); Caroline Phillips (Tax); Kelly Karapetyan and Preston Miller (Antitrust); Steven DeLott and Elisa Alcabes (Insurance); Jeanne Annarumma (ECEB); and Jennie Getsin (Blue Sky).