Dutch lingerie maker Hunkemoller drew the ire of certain creditors after the company recently agreed on an uptiering transaction with sizable bondholder Redwood Capital Management.

The company has a €272.5m 9% SSN maturing in 2027, with Redwood holding around €186m of the bond.

Redwood provided the company with a €50m loan in exchange for elevating their portion of the outstanding 2027 notes, giving them priority payment status in the waterfall structure, according to one of the sources close to the situation. The company was able to amend the existing notes given Redwood has a simple majority, they added.