Törngren Magnell assisted in the unique financial rescue and sale of the Ving Group
Törngren Magnell has assisted the sellers in connection with the financial rescue of Ving and its affiliated companies Spies, Tjäreborg and Thomas Cook Airlines Scandinavia and the sale of the Nordic unit from the Thomas Cook Group to a consortium of buyers consisting of Strawberry Equities AS (Petter Stordalen), Altor Fund V and TDR Capital.
The deal has been complex, and in many respects unique. It has entailed a simultaneous sale of a combination of shares and businesses in six countries in the Nordics and southern Europe, where certain of the businesses have been the subject of transfer following a bankruptcy declaration of the legal units.
The deal secures a strong and long term Nordic ownership of the Ving Group with in total 2,300 employees in Ving, Spies, Tjäreborg and Thomas Cook Airlines Scandinavia, whose employment have thereby been secured and that the 400,000 people who have already booked autumn, winter and summer vacations through Ving, Spies, Tjäreborg and Globetrotter now can complete their trips. Through the financial reconstruction the new owners and other financiers will secure access to appr. SEK 6 billion in liquidity and guarantees.
Törngren Magnell’s team was led by: