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20 September 2017, 12:43

BPU and Asters advise ViDi Group companies on the first ever financial restructuring involving a state bank in Ukraine

BPU and Asters acted as counsels on the restructuring of ViDi Group companies' (LLC "ViDi Autocity Kiltseva" and LLC "ViDi Autocity") debt to JSC Oschadbank, implemented in accordance with the Law of Ukraine “On Financial Restructuring”.

BPU acted as a project manager and financial consultant, while Asters provided legal advice to ViDi Group companies.

"This deal is not only compliant with the Law, but has also been executed according to the highest international standards. More than 50 experts were involved in this project. All the participants (Oschadbank, ViDi Group, Deloitte employees and the parties' counsels) demonstrated their top level professionalism and goal orientation. We are confident that the transaction terms will help the company to resume its efficient commercial activities while the bank will increase the loan repayment sum. It's a classical example of win-win solution", – Timur Kogan, CEO of BPU, comments – "The completion of this project for BPU is a significant achievement allowing to continue developing the first Ukrainian company specializing in investing into rehabilitation of businesses and debt restructuring."

"Our firm took active part in drafting the new Law "On Financial Restructuring" along with the World Bank and the EBRD experts. Finally this work has materialized into the first ever successful financial restructuring involving a state bank. This project is a serious start for the next restructurings and an opportunity: for Ukrainian companies - to implement turnaround, and for lenders – to increase the efficiency of cooperation with their borrowers", Iryna Pokanay, Partner at Asters, points out. 

The project team included:

BPUTimur Kogan, Chief Executive Officer, Ian Tretyak, Project Manager, and Vitaliy Prykhodko, Investment Analyst.

AstersIryna Pokanay, Partner, Gabriel Aslanian, Counsel, and InnaBondarenko, Associate.

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