Milbank Advised Intrum AB on Its EUR 4.5B Cross-Border Recapitalization Transaction

Milbank LLP acted for Intrum AB on its comprehensive recapitalization transaction, which rescheduled and restructured approximately EUR 4.48 billion (equivalent) of debt. Intrum is Europe’s leading credit management services provider, which operates in 20 markets, assisting businesses to secure repayment from their consumers and helping consumers to regain financial stability.

Milbank advised Intrum on all aspects of its recapitalization transaction. The transaction extended the maturity of Intrum’s approximately EUR 1.1 billion revolving credit facility, amended the terms of a EUR 90 million term loan facility, and rescheduled and deleveraged approximately EUR 3.3 billion (equivalent) of unsecured notes debt issued across nine New York law and Swedish law instruments. Intrum also issued approximately EUR 526 million in new notes financed by Intrum’s existing noteholders.

The transaction was implemented through two court-based processes – a pre-packaged US chapter 11 process and a Swedish company reconstruction process – to ensure the amendments to Intrum’s financial debt were recognized and given effect worldwide. Coordinated from London, the transaction footprint extended worldwide, involving coordination of legal advice from Sweden, the US, Norway, Finland, Spain, Portugal, France, Netherlands, Denmark, Belgium, Germany, Italy, Hungary, Czechia, Slovakia, Greece, Ireland, Poland and Switzerland.

The recapitalization, which completed on July 24, 2025, gives Intrum a stable platform from which to deliver its business plan, and provides opportunity for further deleveraging of the group’s balance sheet.

Milbank provided support to Intrum across practice groups and offices. Milbank’s work was led by its London Financial Restructuring Group, including partners Yushan Ng and Sarah Levin, with associates Manpreet Khehra, Morgan Smith, Andreas Charidemou and Gabriel Steinberg. Partners Apostolos Gkoutzinis, Alexandra Grant and Barbara Mayer-Trautmann, special counsel Emily Whittaker and associates Cheyne Cudby, Dhruv Kaushal, Obinna Mezu, Kui To Joshua Mo, Christina Mouttet, Mai Mitsumori-Miller and Franca Kim assisted in relation to Intrum’s new financing arrangements. Partners Andrew Nuthall, Alan Rafferty and Ajal Notowicz assisted in relation to Intrum’s intragroup reorganization. Partners Dennis Dunne, Andrew Leblanc and Jaimie Fedell, special counsel Melanie Westover Yanez and associates Sara Posner, Julie Wolf and Hannah Blazek led the US chapter 11 process.

Milbank worked with co-counsel Advokatfirman Vinge KB, who advised Intrum in relation to Swedish law.