Global law firm White & Case LLP has successfully advised an ad-hoc group of Noteholders in a legal dispute against Swedish company Essity. The case revolved around the claim that Essity’s sale of its majority stake in Vinda International Holdings Limited in March 2024 constituted an event of default under the terms of Euro Medium Term Notes issued by Essity. This alleged default would entitle the Noteholders to demand accelerated repayment.
The English High Court, presided over by Mr. Justice Fancourt, ruled on June 16, 2025, dismissing Essity’s jurisdiction challenge. The company had argued against the ability of bondholders to make claims due to the “no look through” structure under which the notes are held. However, this judgment acknowledged the legitimate interest of bondholders as economic holders and creditors, marking a significant precedent for capital markets.
The group represented includes funds managed by Oaktree Capital Management, Caxton Associates, Northlight Group, Sona Asset Management, and Sparta Capital Management. White & Case’s legal team consisted of partners Swati Tripathi and James Greene from London and Thierry Bosly from Brussels; associates Oli Bowley and Marlin Heitmann; trainee Amber Richardson; along with Tom Smith KC and Annabelle Wang from South Square Chambers.