Yesterday, 22 September, Ukraine successfully launched exchange offers in relation to 14 sovereign and sovereign-guaranteed Eurobonds with outstanding principal amounts of c.US$18 billion.  This follows less than a month after Ukraine and its ad hoc creditors’ committee (“AHC”) agreed Indicative Heads of Terms, following months of intense negotiations.

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Weil Advises on High Profile Ukrainian Sovereign Debt Restructure

August 27, 2015

Following five months of intense and complex negotiations, Ukraine and the Ad Hoc Creditors’ Committee (“AHC”), which comprises Franklin Advisers, Inc., BTG Pactual Europe LLP, TCW Investment Management Company and T. Rowe Price Associates, Inc., have agreed Indicative Heads of Terms (“IHT”) for the restructuring of 14 sovereign and sovereign-guaranteed Eurobonds for an outstanding principal […]

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Greek bank bonds: brace yourself for bail-in

August 20, 2015

Greek bank bonds suffered heavy losses this week after Eurozone finance ministers agreed that senior bondholders would be bailed-in when Greece’s banks are restructured later this year. In our latest post from Kate Stephenson, Alex Wood and Andrew Wilkinson, we cover: moves to restore the financial stability of Greek banks by bailing in senior bondholders […]

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NPL innovation – examples from Italy

August 12, 2015

2015 is set to be another bumper year for NPL transactions in Europe, even larger than 2014 which saw over €90bn of deals completed, itself a 40% year-on-year increase. What is already notable this year is a diversification in deal structures. In an article originally published in Funds Europe, Adam Plainer and Chris Evans consider […]

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UK High Court judgment on Lehman Waterfall II application, parts A and B

August 4, 2015

The High Court in London gave judgment on parts A and B of the Lehman Waterfall II Application on 31 July 2015.  The application is part of the ongoing dispute as to the distribution of the estimated surplus of more than £7 billion in the main Lehman operating company in Europe, Lehman Brothers International (Europe) […]

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