White & Case helps draft Kazakh restructuring laws

White & Case has scored a lead role advising the Kazakhstan government on the creation of new restructuring laws in the country.

Francis Fitzherbert-Brockholes

Francis Fitzherbert-Brockholes

London-based European capital markets co-head Francis Fitzherbert-Brockholes led the advice to the Kazakhstan government.

The mandate was awarded after the US firm won a role advising UBS on the restructuring of Kazakhstan’s BTA Bank earlier this year. The firm also advised Goldman Sachs on the restructuring of Kazakhstan financial institution Alliance Bank.

Fizherbert-Brockholes said: “The absence of internationally recognised restructuring laws made these deals very challenging.

“We presented our proposals to the prime minister of Kazakhstan and the regulation has now been created.

“Being internationally recognised is very important when you’re working on restructurings that have an impact across the world.”

Until now any restructuring in Kazakhstan could not be completed without full consent from all of the company’s creditors. One creditor could block a restructuring even if it was backed by the majority.

Under the new law, developed by White & Case, restructurings can be completed under majority consent of creditors.

The new law will come into affect on 31 August.