Success in court for Vitesse: debt cancellation procedure granted | Speed

Vitesse has received approval for a so-called WHOA procedure. Through such a process, companies in need can get rid of their debts to carry out a reorganization. In Arnhem this is necessary to safeguard professional football. The club is on the verge of collapse.

For Vitesse, which must meet strict requirements in the procedure, the court’s ruling opens a way out of major financial problems. The club has an outstanding loan of 12 million euros (excluding interest) from the American Coley Parry and his investment company Common Group. The businessman from New York is Vitesse’s largest creditor.

Parry and the football club are diametrically opposed to each other after a failed takeover. The American is now in danger of losing a large part of his loan. He will do everything he can to get his investment back. He is very dissatisfied with the way things are going.

Vitesse director Edwin Reijntjes considers the WHOA procedure necessary. “The circumstances at Vitesse are worrying,” he responds. “With our debt, Vitesse’s future is under pressure. Our current debt is enormous, mainly arising from the Common Group loan.”

For Vitesse, the concerns with WHOA have not been alleviated. Parry still has an appeal pending against the rejected takeover. If the New York businessman wins the proceedings, he will gain full control of the football club.

Vitesse will attend the KNVB licensing committee on Friday. The club must convince the committee of the rescue plan, which involves cuts of many millions. Due to the administrative disorder, the license for professional football is at stake. A rejection means the end of Vitesse.

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