Rechtbank Amsterdam, 25-10-2023, ECLI:NL:RBAMS:2023:6980, C/13/727575 / HA ZA 23-11

Op 17 juni 2019 heeft Tennor Finance een obligatielening uitgegeven (belichaamd in een ’Global Bond’, een verzamelstuk aan toonder) van maximaal

€ 1,5 miljard ‘5.75 per cent guaranteed bonds due 2024, ISIN: DE000A2R2ZW0’ (hierna: de Tennor Bonds en in citaten ook de Bonds), waarvoor Tennor Holding zich garant heeft gesteld. De looptijd van deze obligatielening is vijf jaar en eindigt op 17 juni 2024. De voorwaarden van de Tennor Bonds blijken uit de Agency Agreement van 7 juni 2019 (hierna: de Agency Agreement), waarin staat dat Quirin Privatbank AG de ‘Principal Paying Agent’ is (hierna: Quirin of de Paying Agent). Aan de Agency Agreement zijn vier bijlagen gehecht:

- De Form of Global Bond (hierna: de global-bondvoorwaarden).- De Conditions of the Bonds (hierna: de bondvoorwaarden).- De Provisions for meetings of Bondholders.- De Form of Guarantee (hierna: de garantstelling). Op de Agency Agreement en de bijlagen (hierna gezamenlijk ook: de bonddocumentatie) is Nederlands recht van toepassing verklaard.

In artikel 11 van de bondvoorwaarden staat dat een ‘Bondholder’ mededeling kan doen van een ‘event of default’, als volgt:

“A Bondholder may give notice to the Issuer that all the Bonds, but not only some, held by it are, and shall forthwith become, immediately due and repayable at its principal amount, together with interest accrued to the date of repayment (...)”.

In artikel 1.1 van de bondvoorwaarden zijn ‘Bondholders’ gedefinieerd als “the holders of the bonds”.

De artikelen 3, 4 en 5 van de global-bondvoorwaarden luiden, voor zover van belang, als volgt:

“3. Benefits

(...) the bearer of this Global Bond shall in all respects be entitled to the same benefits as if it were the bearer of definitive Bonds. (...) the Issuer and the Agent may deem and treat the holder of this Global Bond as the absolute owner of the Global Bond for all purposes. All payments of any amounts payable and paid to such holder shall, to the extent of the sums so paid, discharge the liability for the moneys payable on this Global Bond.

Payments due in respect of Bonds represented by this Global Bond shall be made to the bearer of this Global Bond and each payment so made will discharge the Issuer’s obligations in respect thereof.

(...).

For so long as this Global Bond is held on behalf of Clearstream, each person (other than Clearstream) who is for the time being shown in the records of Clearstream as the holder of a particular principal amount of Bonds (each an “Accountholder” ) (...) shall be treated as the holder of that principal amount for all purposes including but not limited to (...) giving notice to the Issuer pursuant to Condition 11 (Events of Default) (...).

The Issuer covenants in favour of each Accountholder that it will make all payments in respect of the principal amount of Bonds for the time being shown in the records of Clearstream as being held by the Accountholder and represented by this Global Bond (...) and acknowledges that each Accountholder may take proceedings to enforce this covenant and any other rights which it has under the first paragraph of this clause directly against the Issuer.”

Artikel 2 van de garantstelling luidt als volgt:

“The Guarantor hereby unconditionally and irrevocably guarantees that, if for any reason the Issuer does not pay any sum payable by it under the Bonds on the date specified for such payment (whether on the normal due date, on acceleration or otherwise) the Guarantor will pay that sum to the Bondholder in euro before close of business in Amsterdam on that date. All payments under this Guarantee by the Guarantor will be made subject to Condition 7 (Payments) of the Conditions.”

ADS is een in Abu Dhabi gevestigde internationale financiële dienstverlener die onder meer aan institutionele en particuliere beleggers kapitaalmarkt- en beleggingsdiensten aanbiedt. ADS heeft onder meer kantoren in Londen en Singapore. ADS houdt voor een bedrag van € 55 miljoen aan Tennor Bonds. ADS houdt als aangesloten instelling de Tennor Bonds bij Euroclear Bank SA/NV (hierna: Euroclear), net als Clearstream een centrale effectenbewaarinstelling. Euroclear houdt de Tennor Bonds op haar beurt aan bij Clearstream. In de zogenaamde operating procedures die van toepassing zijn op de verhouding tussen Euroclear en ADS is onder meer opgenomen:

“We [Euroclear] will not take any action, legal or otherwise, to enforce your rights against any issuer or any guarantor in respect of a security held on your Securities Clearance Account.

We authorise you and/or the underlying beneficial owners of such securities to maintain proceedings against issuers, guarantors and any other parties. (...)”

Op 25 november 2021 heeft de toenmalige advocaat van Tennor Holding ADS bericht:

“You are aware our client Tennor Holding B.V. has filed for appeal against the declaration of its bankruptcy. (...) With a view to be successful in the appeal proceedings we would require the attached creditor letter to be completed and signed by an authorised representative (with proof of such authority) of ADS (...)”.

Op 7 december 2021 heeft ADS de ingevulde creditor letter aan Tennor Holding geretourneerd. In de creditor letter is onder meer opgenomen: “2. We [ADS] have a claim against Tennor, as at today’s date:a. in the amount of 55,000,000 in relation to the guarantee by Tennor of the obligations of Tennor Finance B.V. in respect of the EUR 1,500,000,000 5.75 per cent. senior unsecured bonds due 17 June 2024 (...)

3. We [ADS] herewith confirm that we irrevocably:a. undertake that we shall not require payment of (opeisen) or take any conservatory or enforcement action, including initiating or pursuing any (insolvency) proceedings, in respect of or in connection with our Claim for a period ending 6 (six) months after the Hearing Date (the Standstill Period)(...)”