Weil advised an ad-hoc group of noteholders (the “Ad-Hoc Group”) in relation to the comprehensive recapitalization of Maxeda DIY Group, the largest DIY retailer in the Benelux region, with Praxis in the Netherlands and Brico and Brico Planit in Belgium and Luxembourg (the “Group”). The recapitalization was completed on March 24, 2026 and was implemented on a fully consensual basis.

The comprehensive recapitalization transaction (the “Transaction”) included the following key features:

• Capital injection: Certain funds and accounts managed by GoldenTree Asset Management LP (“GoldenTree”) made a substantial new €50 million capital investment to become majority shareholder of Maxeda on closing.
• Notes Partial Pay down and Maturity Extension: The Transaction involved a material reduction in the principal amount of the 5.875% senior secured notes due 2026 (the “2026 SSNs”) in the amount of c. €139 million, and the amendment and extension of the maturity of the remaining notes to March 2031. Noteholders representing more than 95% in aggregate principal amount of the 2026 SSNs consented to the Transaction.
• RCF Maturity Extension: The Transaction also involved a consensual amendment and restatement of the existing super senior RCF to extend the maturity of the facility until 2030.

The Transaction significantly strengthens the Group’s balance sheet, secures its working capital and liquidity position and results in a significant deleveraging of the Group, with pro forma net leverage of 3.0x, consequently enabling it to deliver its long-term strategic and operational objectives. The Transaction reaffirms existing shareholder support for the business through injection of new capital, while at the same time aligning the interests between the Group’s financial stakeholders, with equity ownership of the Group being shared between incumbent shareholder GoldenTree (59%) and holders of the SSNs (41%).

The Weil team was led by Restructuring partner Neil Devaney, supported by Restructuring partner Jenny Davidson, counsel Jonathon New and associate Dr. Lydia Tsioli, High Yield partner Andrew Hagan, counsel Angela Ryu and associate Nastassia Merlino, Private Equity partner James Harvey and associate Will Johnson, Finance partner Nicola Noël, counsel Andrew Baker and associates Nika Varvariuk and Tutu Williams, Tax partner Oliver Walker, counsel Stuart Pibworth and associate Anna Ritchie, Litigation partner Hayley Lund and associate Charlotte de Vitry, Antitrust partner Jenine Hulsmann, counsel Annagiulia Zanazzo and associate Chiara Neirotti. Weil worked with Loyens & Loeff as Dutch and Belgian legal counsel, and Moelis as financial adviser on the deal.