EUR 300m

September 2019

AEB

Restructuring of existing facilities

  • AEB provides waste solutions for a clean and sustainable society, now and in the future, through converting waste into sustainable electricity, district heating and high-quality construction materials;
  • In Q1 2019 AEB foresaw covenant breaches per late 2018 and the rest of 2019 due to disappointing financial results;
  • In February 2019 Avaxa was engaged by AEB to, in conjunction with management, create a plan of action to come to an acceptable solution for all stakeholders;
  • Throughout the process we were in continuous dialogue with the lenders and the Municipality of Amsterdam, to maintain control and to keep them fully aligned;
  • Due to the sudden shut down of four of the six waste lines over the summer of 2019, immediate liquidity problems materialised, and continuity was at stake, changing the nature of the process drastically whilst increasing pressure to come to an solution; and
  • Both the existing syndicate of 4 banks of AEB and the Municipality of Amsterdam chipped in to ensure continuity of AEB, after which the Municipality of Amsterdam ensured long term financial stability by making a significant equity contribution.