In 2013, we acted for the Ukrainian based DTEK group of companies in connection with (a) the participation of a Cyprus company belonging to such group, as a guarantor, in a USD 600 million New Eurobond Issue, (b) the Repurchase of an existing Eurobond Issue, and (c) the accession of another Cyprus company belonging to such group, as a guarantor, into an existing Eurobond Issue.

In May 2015, the firm acted again for the Ukrainian based DTEK group of companies and for two Cypriot companies belonging to the group, with respect to the financial restructuring of its outstanding USD 200 million 9.5% senior notes which took place through an exchange offer, consent solicitation and an English scheme of arrangement. The deal is a landmark one as it was successful to constitute the change of governing law of the bonds from New York law to English law sufficient for conferring jurisdiction to English courts for sanctioning a scheme of arrangement.

Olga Adamidou advised DTEK on both deals along with Latham & Watkins’ Moscow office.