Restructuring/Insolvency: Russia

THE FIRM This firm's proficiency in the banking and finance space makes it a popular choice amongst lenders seeking representation on bankruptcy and restructuring matters. Clients of the team praise the quality of service it provides. It recently acted for VTB Capital and VTB Bank with regard to the restructuring of a number of high-value acquisition finance loans in the natural resources sector. GE Capital Aviation Services also instructed the team in connection with the Aeroflot Cargo bankruptcy, covering all stages from initiation of proceedings though to liquidation.

Sources say: “Provides timely and practical advice.” “Always willing to do much more than originally mandated.”

KEY INDIVIDUALS Peter Timchur is a London partner with an excellent reputation for advising on Russian financial and restructuring mandates, which form a large part of his work. Elena Tchoubykina is qualified to practise in Russia and the UK. She has substantial experience of working across the banking and capital markets sectors for major international clients, and is a trusted adviser on debt restructuring matters.

THE FIRM This firm continues to attract some of the most eye-catching mandates around, thanks to an experienced team of finance experts, ready to advise on both Russian and top-level international matters. The team recently advised a number of banks, including BNP Paribas and Raiffeisen Bank International, on the USD850 million restructuring of various syndicated and bilateral credit facilities made available to Donetsksteel Iron and Steel Works. Other clients include RBS, Deutsche Bank and ING Bank.

Sources say: “Clifford Chance is a confident and highly professional consultant.” “Excellent blend of academic and commercial skills.”

KEY INDIVIDUALS With many years of experience in the local market and a reputation that shows no signs of weakening, Logan Wright is “an experienced hand in Russia and a top finance lawyer.” Recent times have revealed his expertise in handling major restructuring cases. Victoria Bortkevicha is praised for her impressive portfolio, strategic intelligence and appetite for challenging work. Her sound advice on some major financial restructurings has earned her a ranking this year. London insolvency specialist Nicholas Frome advises on a wealth of cross-border restructurings and continues to win praise for his dynamic service. 

THE FIRM This firm's evident strength in corporate and banking matters adds extra weight to this restructuring practice and allows it to act on the most complex mandates. It receives strong recommendations for its client focus and continues to be held in high esteem by peers for its consistently high-quality advice. Refinancing constituted a significant part of the team's work this year, and it recently advised Severstal on a repurchase through a tender offer of its eurobonds in the aggregate principal amount of USD706 million. The firm also advised Rolf Group on debt restructuring.

KEY INDIVIDUALS Mikhail Loktionov is highly regarded for his management of the Moscow office, as well as for his impressive banking practice, which provides a robust foundation for his successful restructuring work. According to sources, he is “very strong on the technical side and has an excellent rapport with clients.” Yuri Shumilov continues to build on his solid reputation and lends his expertise in international debt markets to this restructuring practice.

THE FIRM Source say this international firm's litigation prowess adds a valuable extra dimension to the restructuring and insolvency practice, and has become a vital resource on some of the most challenging of instructions. The group wins further recommendations for its value for money, combining the highest quality with reasonable costs. It recently advised ONEXIM Group on a USD400 million debt and corporate restructuring of RosBusinessConsulting Group. RosEuroDevelopment also instructed the firm in connection with its USD165 million mezzanine finance restructuring.

KEY INDIVIDUALS John Balsdon has many years of experience working in the Russian market and continues to be an important source for restructuring advice. Edward Baring is a popular figure among clients, who offer warm recommendations, describing him as “a man with vision.” He is a well-established finance practitioner whose abilities have been in particularly high demand since the recession hit. Evgeny Zelensky heads the corporate and capital markets departments, and is well known for his deft handling of defaulted bonds. He offers valuable in-house experience from his time at Renaissance Capital.

THE FIRM This office is a full-service heavyweight in the Moscow market, and its restructuring offering lives up to this magic circle firm's reputation. Top-quality advice and some of the most prominent mandates in the market are behind this team's enviable position amongst competitors. This lender-focused practice recently advised Bank of America Merrill Lynch and Société Générale in connection with the restructuring of their USD110 million loan to a Russian shopping centre developer. It also acted for BNP Paribas and HSH Nordbank on the USD45 million restructuring of a loan to Volga-Fest, a Russian steel producer.

KEY INDIVIDUALS Michael Bott heads the Moscow banking and restructuring work, and gathers exceptional praise from competitors for the strength of his financial know-how.

THE FIRM The restructuring team at this prestigious global firm receives praise from clients, who highlight the group's market-leading disputes practice as a vital asset. As one of the largest international firms on the market, and with many years of experience under its belt, Baker & McKenzie is ideally placed to advise on a broad range of restructuring and insolvency issues. It recently acted for Comtech with regard to its USD150 million debt restructuring, and also represented MDM Bank in a complex financial restructuring exceeding USD200 million.

KEY INDIVIDUALS Vladimir Dragunov is a highly visible presence in Moscow and is widely admired for his credibility and experience. He offers market-leading advice in securitisations, which has been in demand recently on various distressed securitisation packages.

THE FIRM Cleary has long been a powerful force in Russia, and it continues to be involved in some of the most high-profile mandates around. For example, the firm continues to advise Rusal with regard to its landmark USD16.8 billion restructuring. It also acted for Finance Leasing Company, a state-owned aircraft leasing company, in its recent restructuring.

Sources say: “An exceptionally good firm with exceptional people.” 

KEY INDIVIDUALS Daniel Braverman is a “man of many talents,” and supplements his revered capital markets practice with a distinguished track-record in restructuring mandates. Polina Lyadnova is an associate in the London office, and is building a respected practice in financial and capital markets transactions. 

THE FIRM This firm offers a diverse array of services, and has gained a reputation in recent years for its debt restructuring work for Mechel. The team continues to attract important mandates off the back of this, and it wins consistent praise for its reactivity and commercial nous. The group's international connections allow it to act as an important link between France and Russia for its predominantly French clientele.

KEY INDIVIDUALS Grigory Marinichev is a “very strong lawyer” and a well-respected figure on the market. His excellent reputation for banking and finance matters makes him a natural choice for many lenders and borrowers in the restructuring arena.

THE FIRM The expansion of the team in Moscow reflects this firm's growing clout within the market. With strength spread across banking, corporate and capital markets, the firm is a regular choice for some of the most high-profile mandates in this sector. The firm's expertise in bond restructuring attracts particular praise.

KEY INDIVIDUALS Maya Melnikas is a well-known figure in the Russian banking community, and is deeply respected for her expertise in restructuring.

THE FIRM With a wealth of industry-specific knowledge, this sizeable domestic outfit offers restructuring and insolvency advice to wide array of clients. Its experience extends from consultation of liquidators to protection of debtors during insolvency proceedings, as well as acting for creditors. The firm's litigation department is another asset, and attracts clients with contentious claims.

KEY INDIVIDUALS Vassily Rudomino is the principal contact for the practice.

THE FIRM This large CIS firm continues to be a leader amongst domestic outfits, and its restructuring and insolvency practice is no exception. The large pool of commercial expertise and the support of a top-flight litigation practice put this team in high demand. The group recently represented UC Rusal in the renegotiation of its debt obligations with two Russian creditors, in a deal valued at USD4.65 billion. Other clients include Bank Rossiya, En+ Group, and Russian Standard Vodka.

Sources say: “Extremely efficient and knowledgeable”

KEY INDIVIDUALS Dimitry Afanasiev is a multi-skilled, analytical lawyer, according to market sources. His experience and market presence do him much credit, and he is an important contact for the firm.

THE FIRM This firm continues to grow in stature internationally, owing to its merger with Berwin Leighton Paisner, and its strong corporate and finance practices make it an important player for restructuring mandates. Its disputes team is an added bonus when dealing with contentious matters. The team recently represented OKB Sukhoi and Severstal in the bankruptcy proceedings of Mezhprombank, in a RUB8 billion claim.

Sources say: “Creative in its approach and useful in its suggestions.” “Looks for ways to find solutions within a complex legal environment.”

KEY INDIVIDUALS Anton Sitnikov is a key contact.

THE FIRM The Moscow branch of this prominent global player continues to be an important component of the local market. In addition to its ever-growing local knowledge, the team benefits from close affiliation with its London colleagues. The firm's strength in cross-border finance matters lends the team a natural ability in restructurings, and it recently represented the UK liquidators of Energomash in a number of issues including cross-border insolvency. It was also instructed by Bank of New York Mellon in relation to the bankruptcy of eurobond issuer Mezhprombank, and related arbitration proceedings. Other clients include Barclays, Alfa Bank and Anglo Irish Bank.

KEY INDIVIDUALS Michael Pugh is the key contact for the team.