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AKD advises D-reizen on takeover of Globe travel agencies

October 2013

On 2 October 2013, the D-reizen travel agency chain announced its intention of taking over 81 Globe travel agencies with immediate effect from the liquidators of the Oad Group, which was declared bankrupt last week.

These 81 travel agencies will continue trading under the name of D-reizen, which will bring the number of D-reizen Holiday Shops up to a total of 270. The takeover also means that D-reizen will now have more than 1100 employees.

AKD's role and work during the takeover
AKD was responsible for advising and assisting D-reizen during the bidding process and the subsequent negotiations with the liquidators and the other parties involved. AKD was also responsible for structuring the proposition, drawing up the necessary documents and giving legal advice on the approval process at the Netherlands Authority for Consumers & Markets. 

Carlos Pita Cao, lawyer specialising in Corporate Law | M&A and partner at AKD, says: "This was a unique case and a real challenge. We really had to move very quickly. In cases like this one, it's absolutely essential to ensure continuity of the travel agencies and preservation of jobs, so each hour spent is one too many. Since there were several interested parties involved in the bidding process, the situation could change completely in just a few minutes."

Paul Peters, lawyer specialising in Corporate Recovery & Insolvency and partner at AKD, adds: "Yes, all parties concerned had to take immediate action. The liquidator hit the nail on the head when he described the process as a roller-coaster."

The AKD team comprises Carlos Pita CaoPaul Peters, Laura de Jong, Marije Osse and Sabina Smallegange.

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