The Dentix Group's insolvency administrators, “AC Ius+Aequitas Administradores Concursales, S.L.P.”, have reached settlement agreements with KKR to resolve its outstanding disputes related to the Dentix Group's insolvency proceedings, including both the ordinary proceedings filed by Dentix Health Corporation, S.L.U. (DHC), the parent company of the Dentix Group, against KKR and the potential claims that its Spanish subsidiaries had against KKR in relation to the termination of the Investment and Shareholders Agreement entered into between the parties. As a result of the settlements, it is also expected that the classification phases of the insolvency proceedings of the Spanish subsidiaries shall be closed.
The negotiation was led by independent insolvency administrator Eliseo M. Martínez of “Ius + Aequitas”, with participation from Clifford J. Hendel, an experienced lawyer and mediator in Spanish and
international transactions.
Subject to the approval by Madrid Commercial Court No. 2, the agreement will allow DHC to satisfy the claims of its creditors per the Definitive Texts filed and emerge from insolvency. As a result of the motion filed by the insolvency administrators endorsing the settlements, allegations by existing creditors’ of the Dentix Group are expected to be limited. In addition, under the settlement agreements, all claims against the insolvency estate and privileged claims of DHC’s Spanish subsidiaries as set out in such subsidiaries
Definitive Texts will be paid in full, including claims of employees and public bodies. At the time of filing of such subsidiaries’ Definitive Texts, total claims against the insolvency estate and privileged claims were
approximately €62 million.
The settlement agreements are intended to reasonably satisfy creditors and expedite the resolution process by ending DHC’s insolvency, eliminating uncertainty and reducing costs, and enabling more timely recovery by the relevant creditors of the Dentix Group.