INTEGRITES acted as Ukrainian law counsel to the European Investment Bank (the EIB) in connection with the restructuring of bilateral facilities for an aggregate amount of up to $80 mln extended by various local and international lenders to the Ukrainian agricultural group of companies, a global B2B food processor (the Group). This is one of the first debt restructurings successfully achieved by a Ukrainian company during the war.
The restructuring was implemented via complex multi-layer standstill and override arrangements between different classes of lenders, including international financial institutions, development banks, international and local commercial banks. The key challenge was to align the terms and conditions among independent sets of restructuring documents which have been put in place between local lenders, on the one hand, and the international lenders on the other hand. Thanks to restructuring, the Group have received a financial breathing room, new money and resumed its business operations in Ukraine.
The transaction was led by partner Igor Krasovskiy with a key assistance from senior associate Yuriy Korchev and associate Valentyna Solona. Allen & Overy advised the EIB as to matters of English law.
