SidPepels

Associate

Amsterdam + 31.20.305.4244

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Sid Pepels litigates and advises on commercial and international insolvency matters, with a focus on complex restructurings and insolvencies. He regularly represents and assists court-appointed trustees and administrators in cross-border liquidations and reorganizations.

The high-profile cases on which Sid has recently litigated and advised include the cross-border WHOA (Wet Homologatie Onderhands Akkoord) proceedings concerning Vroon Group and Diebold Nixdorf, proceedings on behalf of expropriated SNS Reaal bond holders against the Dutch State, the bankruptcy of Intertoys (the leading Dutch toys retailer), the restructuring of Oi (the Dutch finance vehicle of the Brazilian telecom giant), and the insolvency of PaperlinX Holdings B.V. (a global paper distributor).

Sid regularly publishes on European and international insolvency law topics and and has obtained his Ph.D. degree at Radboud University, where his research focused on cross-border restructurings of multinational groups of companies under the EU Recast Insolvency Regulation. He is a board member for the Netherlands Association for Comparative and International Insolvency Law and a NextGen member of the International Insolvency Institute.

Experience

  • Diebold Nixdorf obtains $1.25 billion senior secured exit credit facilityJones Day represented Diebold Nixdorf, Incorporated, a multinational financial and retail technology company that specializes in the sale, manufacture, installation, and service of self-service transaction systems (such as ATMs and currency processing systems), point-of-sale terminals, physical security products, and software and related services for global financial, retail, and commercial markets, in connection with a new $1.25 billion senior secured term loan facility as part of it’s emergence from chapter 11 bankruptcy and other domestic and foreign court-supervised restructuring proceedings.
  • Diebold Nixdorf successfully restructures over $2.7 billion in funded debt and completes the first-ever dual proceeding under the U.S. bankruptcy code and Dutch restructuring law in 71 daysIn the first-ever cross border restructuring involving dual main proceedings under chapter 11 of the U.S. Bankruptcy Code and a scheme of arrangement (the "Dutch Scheme") under the Dutch Act on Confirmation of Extrajudicial Plans (Wet Homologatie Onderhands Akkoord ("WHOA")), and the first-ever chapter 15 recognition of Dutch Scheme proceedings and a sanctioned WHOA reorganization plan (the "WHOA Plan"), Jones Day represented Diebold Nixdorf, Incorporated ("Diebold") and certain of its U.S. and Canadian subsidiaries (the "Debtors") in connection with (i) the prepackaged chapter 11 cases of In re Diebold Holding Company, LLC, et al., (Case No. 23-90602-DRJ) commenced on June 1, 2023, in the United States Bankruptcy Court for the Southern District of Texas (the "Bankruptcy Court"); (ii) the Dutch Scheme, commenced on June 1, 2023 by Diebold Nixdorf Dutch Holding B.V. (the "Dutch Issuer") in the District Court of Amsterdam (the "Dutch Court"), and (iii) the chapter 15 proceedings before the Bankruptcy Court commenced by the foreign representative of the Dutch Issuer, wherein the Bankruptcy Court recognized the Dutch Scheme proceeding as a foreign main proceeding and recognized and extended comity to the WHOA Plan that was sanctioned by the Dutch Court.
  • Diebold Nixdorf obtains $1.25 billion senior secured superpriority DIP credit facilityJones Day is representing Diebold Nixdorf, Incorporated (the “Company”), a multinational financial and retail technology company that specializes in the sale, manufacture, installation, and service of self-service transaction systems (such as ATMs and currency processing systems), point-of-sale terminals, physical security products, and software and related services for global financial, retail, and commercial markets, and certain of its domestic and foreign subsidiaries (collectively, the “Debtors”) in (i) a pre-packaged chapter 11 proceeding in front of the U.S. Bankruptcy Court for the Southern District of Texas (the “Bankruptcy Court”), (ii) a scheme of arrangement by Diebold Nixdorf Dutch Holding B.V. (the “Dutch Issuer”) and the related voluntary proceeding in front of the District Court of Amsterdam under the Dutch Act on Confirmation of Extrajudicial Plans (Wet Homologatie Onderhands Akkoord), and (iii) an anticipated proceeding commenced by the Dutch Issuer under chapter 15 in the Bankruptcy Court, seeking recognition of such scheme of arrangement.
  • Former SNS bondholders secure full compensation 10 years after expropriationMore than a decade after the expropriation of the SNS Group by the Dutch Ministry of Finance, the Dutch Supreme Court finally ended the long-running debate as to the amount of compensation owed to investors by awarding significant compensation and costs to bondholders, including Jones Day's clients.
  • Materion acquires H.C. Starck's electronic materials portfolio for $380 millionJones Day advised Materion Corporation, a world leader in high performing advanced materials, in connection with the acquisition and financing of H.C. Starck Solutions' industry-leading, electronic materials business, located in Newton, Massachusetts ("HCS-Electronic Materials") for $380 million.
  • Expropriated SNS Reaal bondholders secure compensation from Dutch StateJones Day successfully assisted SNS Reaal bondholders in obtaining a judgment securing €804 million in compensation from the Dutch State for the nationalization of SNS Reaal NV and SNS Bank NV on February 1, 2013.
  • Ad hoc group of senior secured lenders advised in landmark restructuring of the syncreon groupJones Day acted for the ad hoc group of senior secured lenders in the landmark restructuring of the global logistics syncreon group which was implemented via English Schemes of arrangement, with chapter 15 recognition in the U.S. and CCAA recognition in Canada.
  • Exide Technologies completes $1.1 billion comprehensive new financing and recapitalizationJones Day represented Exide Technologies, a global leader in stored energy solutions for the automotive and industrial markets, in connection with a comprehensive new financing and recapitalization transaction.
  • Intertoys files for bankruptcyJones Day assisted the trustee of Intertoys Holding B.V., the market leader in retail toy shops, in the company’s bankruptcy.
  • Oi Brasil obtains approval of recovery planJones Day represented the trustee of Oi Brasil Holdings Coöperatief, a subsidiary of the Brazilian telecom giant Oi S.a., who filed for bankruptcy protection in 2016.
    • View All

    October 2023 Commentary

    Getting Compensation After a Bank Bailout: Lessons From a Decade of SNS Litigation

    March 2021 Newsletters

    Business Restructuring Review | March–April 2021

    March 2021 Newsletters

    Legislative Update: The Dutch Scheme Has Arrived

    January 2021 White Paper

    The Dutch Scheme Has Arrived

    December 2020 Newsletters

    Business Restructuring Review | November–December 2020

    December 2020 Newsletters

    Legislative Update: New Dutch Restructuring Law Enacted

    February 2020 White Paper

    The Dutch Scheme: A Valuable Addition to Cross-Border Restructuring Toolbox

    May/June 2017 Jones Day Publications

    Group Insolvency Proceedings Under the Revised EU Insolvency Regulation

    Additional Publications

    • December 11, 2024
      Restructuring groups of companies under the European Insolvency Regulation (recast) (Ph.D thesis)
    • July 20, 2022
      Het Nederlands internationaal groepsinsolventierecht - cause for concern?tijdschrift Nederlands Internationaal Privaatrecht (NIPR)
    • June 7, 2022
      Group Coordination Proceedings under the Recast EIR in practiceEuropean Insolvency and Restructuring Journal
    • June 2021
      One for all, and all for one? On cross-border CoCo in group insolvencies under the Recast EIR and the existence of an ‘overriding group interest’, European Insolvency and Restructuring Journal
    • December 2020
      Defining groups of companies under the European Insolvency Regulation (recast):On the scope of EU group insolvency law, International Insolvency Review 2020
    • January 2020
      De WHOA als instrument voor (grensoverschrijdende) groepsherstructureringen, Maandblad voor Ondernemingsrecht 2020/1-2
    • March 9, 2019
      Kronieken Vermogensrecht 2018-2019, Advocatenblad 2019/7, p. 61-80
    • October 2018
      Het internationaal insolventierecht in beweging, Tijdschrift voor Insolventierecht 2018/51
    • September 2018
      Kronieken Vermogensrecht 2017-2018, Advocatenblad
    • April 2016
      Companies in financial distress and the position of their employees under labor law (Ondernemingen in financiële moeilijkheden en de arbeidsrechtelijke positie van hun werknemers) - a research report by the Research Centre Business & Law of the Radboud University

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