SK&S advises Intrum AB on Polish aspects of its EUR 4.48 billion recapitalization

SK&S acted as Polish counsel to Intrum AB in connection with its comprehensive recapitalization transaction, which restructured approximately EUR 4.48 billion of financial indebtedness. Intrum is Europe’s leading credit management services provider, operating in 20 markets.

SK&S advised Intrum on all Polish law aspects of the transaction, including regulatory approvals, corporate reorganization, tax issues, and financing arrangements. The recapitalization involved amendments to Intrum’s revolving and term loan facilities, as well as the issuance of new notes under a US private placement, all guaranteed by a Polish subsidiary.

From a regulatory perspective, SK&S assisted Intrum in obtaining a no-objection decision from the Polish Financial Supervisory Authority (KNF) for the indirect acquisition of Intrum TFI, a fund management company. Due to the complexity of the transaction and the involvement of an investment fund company as a Polish security grantor, the process required extensive engagement with the regulator and a high level of diligence.

The transaction was implemented through coordinated court-based processes in the US and Sweden, with legal input from multiple jurisdictions. SK&S led the Polish law workstream, contributing to the successful completion of the recapitalization on July 24, 2025, and supporting Intrum’s strategic goals for financial stability and deleveraging.

The SK&S team involved:

• regulatory approvals: Jan Pierzgalski, Lidia Malinowska, Julia Mazurkiewicz
• corporate reorganization: Piotr Plesiński, Kacper Kurowski, Jędrzej Pazdan
• financing arrangements: Marcin Olechowski, Joanna Mróz, Klaudia Księżopolska, Jakub Chmiel
• tax issues: Stanisław Gordziałkowski, Michał Majcher, Daniel Gębala

The SK&S team was led by Dr. Wojciech Iwański.

The project was globally coordinated by Milbank.