Our firm is highly specialised in complex multi-jurisdictional restructurings and insolvencies with dedicated resources in the key European jurisdictions.
Βeing actively engaged in probably the most complex and high value international restructuring which has ever taken place in Cyprus, our highly specialised and experienced restructuring & insolvency department and its synergies with the litigation department is a particular strength of the firm, allowing us to quickly mobilise multi-disciplinary and highly skilled teams of individuals, who, working closely with each other, they deliver exceptional results in a cost-effective manner.
We offer practical and commercial advice on a full range of contentious and non-contentious issues encountered in restructurings and insolvencies. We are trusted advisors and regularly represent high profile stakeholders, corporate debtors experiencing financial difficulties to lenders, insolvency officers, lender creditors, leading multinational financial institutions, accountants and financial advisers.
Recent restructuring and insolvency experience includes advising creditors and debtors on cross-border and complex restructurings and insolvency matters, advising on bank resolution or insolvency recapitalisations and non-performing loans, advising and undertaking other forms of capital restructuring e.g. by means of corporate finance transactions (e.g. buy-outs, M&A, new equity investment etc.), assisting with rescheduling of debts / debt to equity swaps, advising on the purchase and sale of claims, advising in relation to avoidance actions, advising on regulatory, financial, and commercial issues and last but not least, with assisting on and undertaking corporate restructurings without the formal insolvency procedures i.e. schemes of arrangements.
Having said this, it is worth mentioning that Cyprus offers now an attractive alternative for Court sanctioned debt restructurings, as a result of recent legislative amendments which have effectively reduced the required statutory threshold for approving a scheme of arrangement, to a simple majority in value of the creditors present and voting, and have eliminated the former requirement of securing a special majority of 75% both in value and in number of the creditors present and voting.
Members of the team are regularly recognised as leading practitioners in Cyprus and contribute frequently related publications in selected legal directories.
A recent example of work handled in this sector is the preparation and promotion of the highly contested USD 700.000.000 debt restructuring of a multinational group. By forming a joint team between the firm’s corporate, banking and litigation departments, our foreign colleagues and by hiring a big-4 accounting firm as financial experts, the firm promoted the complex debt restructuring scheme of arrangement between the company and its creditors. Although the scheme was approved by the creditors and pending the hearing for the sanctioning of the scheme of arrangement by the Court, the central bank of Russia stepped in and nationalised the underlying banking group, which has resulted in the termination of the restructuring. The restructuring is probably the largest (from all aspects) which has ever taken place in Cyprus.
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