Intrum AB's Chapter 11 cases closed by final decree on August 4, 2025, after a confirmed prepackaged plan of reorganization became effective on July 24, 2025, completing a roughly nine-month restructuring of Europe's largest credit-management company.
The Stockholm-headquartered debtor and its U.S. affiliate, Intrum AB of Texas LLC, filed voluntary Chapter 11 petitions on November 15, 2024 (Voluntary PetitionDkt. 1) in the Southern District of Texas before Judge Christopher M. Lopez. The filing followed a deterioration that began in early 2024, when a January 2024 back-book sale to Cerberus, sharp share-price declines, and rating-agency downgrades exposed an unsustainable capital structure: roughly $4.66 billion of debt, including a $1.116 billion first-lien revolving credit facility, a $95 million first-lien term loan, and approximately $3.45 billion of unsecured Eurobonds and Swedish medium-term notes, against a maturity wall of about $3.50 billion coming due in 2025 and 2026. According to the first-day declaration of CEO Andrés Rubio (Dkt. 14), elevated European inflation and interest rates had pushed "Stage 2" loans roughly 60% above 2019 levels and undermined the NPL-acquisition model's near-zero-rate financing assumptions.
The case moved quickly because it was prepackaged. Intrum had reached a restructuring agreement with bondholders in July 2024 and secured supporting creditor commitments by August 2024, allowing it to file with a solicited plan already in hand. The debtors filed the Joint Prepackaged Chapter 11 PlanDkt. 223, and on December 31, 2024, the court entered its . The restructuring delivered approximately $573.7 million of new-money 1.5-lien secured notes, exchanged existing unsecured notes into second-lien exchange notes at a 10% discount, granted roughly 10% of reorganized equity to creditors, and extended the RCF maturity, all in service of a pivot toward a "capital-light" business model.
Consummation took longer than confirmation. Effective-date satisfaction required coordination with a parallel Swedish company-reorganisation proceeding filed on January 8, 2025, and a Swedish reorganisation plan published on March 14, 2025. Plan-supplement work continued through the spring and summer, including the Second Amended Plan SupplementDkt. 402, before the plan finally became effective on July 24, 2025. With the effective date achieved and distributions underway, the cases were closed by final decree on August 4, 2025, leaving Intrum reorganized with a deleveraged, extended capital structure.
