CMS has advised the creditors’ committee and the wider creditor group on the restructuring of the bank debt of DTEK, the largest vertically integrated and privately-owned energy group in Ukraine. The total amount of restructured debt cannot be disclosed, however this was one of the largest restructurings to have taken place in the region.
This complex transaction involved the composite restructuring of numerous previously unrelated facilities made available by a diverse lender group. The CMS team advised on the English law restructuring, as well as providing advice and insight for the creditor group on the evolving situation in Ukraine, through our Kyiv office.
Partners Mark Segall and Ashley Smith led a large cross-border CMS team from London, Kyiv, Amsterdam, Zurich and Moscow.
Commenting on the transaction, Mark Segall said: “This landmark restructuring was critical to the future of DTEK as one of Ukraine's premier businesses, ensuring its continued ability to provide its customers with high-quality energy services while preserving the interests of its employees, shareholders and creditors. The project was particularly complex, involving support from a wide range of CMS offices and practice areas, and demonstrates the strength of our European offering and seamless cross-border delivery.”