Banks lose over 200 million euros in rescue operation of shipbuilder IHC
During the rescue of shipbuilder Royal IHC in April, banks saw over 200 million euros evaporate. Rabobank in particular had to write down substantial amounts on loans. Moreover, the bank, which is also a co-shareholder of IHC, receives nothing for its shares.
This was reported by Dutch newspaper FD on the basis of a decision of the Netherlands Commercial Court (NCC) published this week and from discussions with those involved.
At the end of last month, IHC was protected from bankruptcy by a coordinated rescue operation of existing shareholders, banks, an industry consortium and the central government. It was a rare rescue of a large industrial group by the State.
The rescue plan provides for the syndicate of banks to write off 195 million euros in loans. In addition to the Dutch banks ING, ABN Amro, NIBC and Rabobank, the syndicate consists of various international banks. In addition, a shareholder loan of almost 31 million euros has also been written off in full. The lion’s share of this loan comes from shareholder Rabo Capital, a subsidiary of Rabobank.
- Dutch Government and companies rescue shipbuilder Royal IHC
Picture by M.M. Minderhoud.