Chadbourne & Parke

Chadbourne & Parke lawyers advise lenders on Kreditprombank debt and equity interests

Lawyers from Chadbourne & Parke’s Kyiv, London and Moscow offices have once again advised a group of international lenders to public joint stock company Kreditprombank — one of the largest banks in Ukraine — in connection with their debt and equity interests in the bank.

On 28 February, the lenders sold their 47.783 per cent stake in Kreditprombank to Nikolay Lagun, the majority shareholder of Delta Bank, and their remaining senior and subordinated debt to an affiliate of Delta Bank.

These transactions were co-ordinated with the sale of equity by the majority shareholders, so that Kreditprombank now forms part of a larger and stronger banking group.

Chadbourne & Parke has acted for around three-and-a-half years on behalf of a group of more than 20 financial institutions from all over the world on the restructuring of an initial debt of more than $400m (£264m) owed by Kreditprombank.

On 23 September 2011, the restructuring was substantially completed with the conversion of more than $100m of the consolidated debt of Kreditprombank into the ownership of 47.783 per cent of Kreditprombank.

The Chadbourne & Parke team has continued to advise the lenders on issues arising since completion of the debt restructuring, culminating in this complex, multi-jurisdictional transaction, for which the law firm devised the structure that ensured a clean and smooth exit for the lenders from their investment in Kreditprombank.

The team was led by Charez Golvala and included Tetyana Dovgan, Anna Putintseva, Oleksandra Soloviova, Maryna Golovko and Anna Iakubenko (all in Kyiv), Alexandra Neovius, Frances Jenkins and Henry Andreae (London) and Luke Conner (Moscow).

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30 Rockefeller Plaza
New York
NY 10112
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