TriplePoint completes debt-equity swap in the restructuring of NA-KD

In late 2024, Nakdcom One World AB, a Swedish digital fashion house (“NA-KD”), commenced in‑court restructuring proceedings to address its financial distress and to secure the viability of its business. DLA Piper has acted for TriplePoint Capital LLC and affiliates, a global leading venture debt provider (“TriplePoint”), as senior secured lender in all aspects of the restructuring.

The key features of the restructuring process and plan included a DIP facility provided by TriplePoint and a conversion of the TriplePoint liabilities into a hybrid loan instrument and a rare total reset of the cap table of NA-KD where TriplePoint obtained 100 per cent of the common equity by way of a debt for equity swap. DLA Piper also advised on the amendment and restatement of the senior secured facilities and the DIP facility. In late 2025, Gothenburg District Court adopted the restructuring plan by way of a cross‑class cramdown. The restructuring plan has now gained legal force, and TriplePoint thereby takes sole control over NA-KD. NA-KD also emergers from the restructuring proceedings on EBITDA positive level.