Ukraine - Restructuring/Insolvency Lawyers & Law Firms - Europe | Chambers and Partners
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Europe Guide

Restructuring/Insolvency — Ukraine


Avellum - Restructuring/Insolvency

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Band 1

第一等

Commentary from the Chambers Europe guide

Basic facts about the department
- Head of department: Glib Bondar
- 2 partners
- 13 other qualified lawyers

What the team is known for Market-leading team acting on landmark restructuring mandates in Ukraine, including the recent restructuring of the sovereign debt of Ukraine. Also regularly advises national consumer goods and manufacturing companies on corporate restructurings. Represents domestic and international companies and national financial institutions as well as government bodies.

Strengths Avellum maintains a stellar reputation, receiving highly positive comments from clients: "A market-leading restructuring practice and my go-to firm, not just for restructuring work, but also for any complex finance work," says one source, adding: "They are extremely knowledgeable, efficient and responsive."

Work highlights Represents Ukraine in the ongoing restructuring of its multi-billion sovereign and quasi-sovereign Eurobonds package that recently included negotiating a settlement that reduced the debt by 20%.

Acts for the noteholders committee of Mriya Agro Holding on the ongoing restructuring of the company's debt.

Significant clients PrivatBank, Ashmore Group, EBRD, Ferrexpo, Credit Suisse Group.

Notable practitioners

Glib Bondar is a highly respected financing lawyer who is top-ranked due to being involved in the market's most significant restructurings, including representing Ukraine in its sovereign debt restructuring. Sources deem him an "excellent lawyer: very pragmatic and approachable, who works long hours and tries to get things done."

Managing partner Mykola Stetsenko is a highly regarded M&A lawyer who is also involved in restructuring matters. He recently advised Roshen Confectionery Corporation on Ukrainian tax and legal matters related to the pre-sale restructuring.

Department profile by Avellum

We have been involved in many of the most challenging, ground-breaking and high-profile Ukrainian debt restructurings.

Our expertise covers: 

  • debt restructuring 
  • distressed financing 
  • reschedulings 
  • formal insolvency proceedings
  • debtor advisory work

We regularly advise all types of Ukrainian debtors in difficulties, from corporate to sovereign and quasi-sovereign, as well as individual and groups of creditors on issues such as how to minimise risk or achieve the optimum outcome from a financing and restructuring situation, either consensual or more adversary. Because we work regularly for lenders and borrowers, we can see the very complex and often messy process of debt restructurings from every angle.

Our extensive experience in the fields of tax, corporate law and dispute resolution make our advice in debt restructurings comprehensive and valuable.

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Baker McKenzie - Restructuring/Insolvency

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Band 1

第一等

Commentary from the Chambers Europe guide

Basic facts about the department
- Head of department: Serhiy Chorny
- 3 partners

What the team is known for Highly regarded team, acting for foreign financial institutions and large Ukrainian corporate groups on high-profile multijurisdictional debt and corporate restructuring mandates. Also handles issues related to insolvencies and bankruptcies on behalf of both creditors and borrowers.

Strengths Clients note the firm's visibility on large financial restructuring matters.

Work highlights Instructed by DTEK Finance to handle DTEK group's large debt restructuring that involves capital markets instruments and recently handled the recognition in Ukraine of decisions of foreign courts that prevented creditors from immediately enforcing their rights against borrowers.

Continues to advise Metinvest on a restructuring of its debt that includes updating its USD1.5 billion MTN programme as well as restructuring its Eurobond and bank debt.

Significant clients IFC, AerCap, Agroton, EBRD, PrivatBank.

Notable practitioners

Serhiy Chorny is a highly respected finance lawyer who handles some of the most high-profile restructuring matters in Ukraine. Sources praise his hands-on approach.

Department profile by Baker McKenzie

Our team has hands-on experience in all types of financial restructuring work, both on the debtors' and the creditors' side. We are efficient and able to discharge work of any complexity.

We provide a holistic approach to financial restructuring, and our clients enjoy the full legal service across a broad range of jurisdictions. We have worked closely on a daily basis with UK, Dutch, French, German and US colleagues from the other offices of Baker McKenzie for many years, and we operate as a truly international team. Our clients benefit from this, especially in the liability management and debt restructuring areas, where strategic advice and implementation is often sought on a multi-jurisdictional rather than domestic level.

We represent financial institutions and corporate borrowers in every aspect of a debt restructuring transaction. Our clients come from various industries, including financial institutions, agricultural holdings, automotive, energy and industrial corporations, food and beverages, transport and infrastructure, and many others.

Among our recent significant deals are the restructuring of USD2.3 billion of Metinvest’s debt under notes and pre-export finance loan facilities, as well as the restructuring of PJSC Obolon’s debt to international and domestic lenders under bilateral secured loan agreements, in the aggregate amount in excess of USD100 million.

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We have worked closely on a daily basis with UK, Dutch, French, German and US colleagues from the other offices of Baker McKenzie for many years, and we operate as a truly international team.

Financial Restructuring

We advise:

  • Lead banks, steering committees, creditors and senior lenders on multi-jurisdictional and local restructurings, as well as mezzanine and other subordinated lenders
  • Bondholders, bondholder committees and major trade creditors
  • Distressed companies on restructuring, rescheduling or refinancing of their obligations
  • Owners or boards of directors of distressed companies

Insolvency/Bankruptcy and Litigation

We advise:

  • Banks, hedge funds and other creditors on bankruptcy and insolvency proceedings
  • Purchasers of debt or other securities on the capital structure of financially distressed companies
  • Insolvency practitioners, e.g. trustees, administrators and liquidators
  • Official and ad hoc committees of creditors and equity security holders
  • Borrowers in addressing the issues that surround an insolvency proceeding
  • Parties involved in bankruptcy merger reorganisations
  • Parties on defending clawback litigation commenced by insolvency administrators due to fraudulent transfer or preference
  • Directors and officers of financially troubled companies

Distressed M&A

We advise:

  • Sellers on the identification and mitigation of risks to the negotiation and execution of transactions with buyers and other interested parties
  • Buyers on acquiring businesses pre-insolvency and on insolvency proceedings, as well as investing in distressed debt and engaging in loan-to-own strategies
  • Parties on the purchase of non-performing loan portfolios


Sayenko Kharenko - Restructuring/Insolvency

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Band 1

第一等

Commentary from the Chambers Europe guide

Basic facts about the department
- Head of department: Nazar Chernyavsky
- 4 partners
- 28 other qualified lawyers

What the team is known for Top-tier team, renowned for its expertise in complex debt restructuring and financing mandates, acting on behalf of both lenders and creditors. Client base includes banks as well as municipalities and corporates. Also represents clients in litigation proceedings for the recovery of non-performing loans.

Strengths Sources note the team's proactive approach. "I would give the highest score to the level of innovation the firm brings to the market. The team is extraordinarily supportive: they are available 24/7," a source says, adding: "They really pursue goals and bring changes."

Other sources highlight the team's expertise: "Their strength is the experience of the team," a client reports, adding: "They always deliver a result and they have a swift and quality service."

Work highlights Continues to advise Ukreximbank on the ongoing restructuring of its Eurobonds.

Represented Goldman Sachs in the restructuring of USD250 million worth of LPNs as well as USD300 million worth of LPNs to finance loans of the City of Kyiv.

Significant clients Commerzbank, Avangardco Investments Public, Citibank, Oschadbank.

Notable practitioners

Nazar Chernyavsky is a highly respected finance lawyer who acts on debt restructuring and cross-border financial mandates for international and domestic banks. "Nazar is an excellent lawyer and a person who is comfortable to work with. He is very experienced and knows the subject inside out when it comes to different options," a client reports. He recently advised Sberbank on the restructuring of two sovereign-guaranteed loans provided to Yuzhnoye State Design Office and Ukravtodor with an outstanding amount of USD367 million.

Entering the rankings this year, counsel Anton Korobeynikov is recognised for his visibility on the firm's key mandates with a focus on financing restructuring. "He was available and helpful in looking for solutions," a source says with another interviewee adding: "He delivered results quickly."

Department profile by Sayenko Kharenko

Sayenko Kharenko has been the market leader in capital markets and bank syndications work for the last few years. We are very well positioned to advise both lenders and borrowers on how to most efficiently recover their funds or restructure outstanding debt.

In addition, Sayenko Kharenko's is widely recognized as a leader in corporate restructurings in Ukraine, advising global companies on various related issues.

Since the breakdown of the financial crisis at the end of 2008, the Firm has handled the country’s largest debt restructurings totalling over USD 12 billion. Within this period, the Firm has advised clients on the restructurings of local debt instruments, cross-border secured and unsecured financings as well as international capital markets instruments.

Apart from the Firm’s experience in restructuring of local debt instruments, our team is regularly instructed by clients to act on the restructurings of cross-border debt and distressed assets sale.

For more details please visit our website: http://sk.ua/practices/bankruptcy-and-debt-restructuring










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Asters - Restructuring/Insolvency

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Band 2

第二等

Commentary from the Chambers Europe guide

Basic facts about the department
- Heads of department: Oleksiy Didkovskiy and Armen Khachaturyan
- 5 partners
- 7 other qualified lawyers

What the team is known for Notable team representing international and local banks in corporate debt restructuring and debt collection matters. Recently well known for handling work on behalf of EBRD. Also represents creditors in court on bankruptcy proceedings. Complemented by a strong capital markets practice.

Work highlights Advised EBRD on the acquisition of a 40% stake in UkrSibbank, also assisting the client with the capital increase of UkrSibbank by UAH3.29 billion and debt to equity swap.

Acted for Rodovid Bank on the restructuring of its USD10 million syndicated loan provided by international financial institutions.

Significant clients Ukrdebt.

Notable practitioners

Eminent practitioner Armen Khachaturyan is a versatile senior partner with a wealth of experience in financial restructuring. He assists clients with strategic issues.

Entering the rankings this year as a result of increased market visibility, Iryna Pokanay is a well-respected banking and finance lawyer, acting on significant restructuring mandates. She represented EBRD on the acquisition of a 40% stake in UkrSibbank and also assisted the client with the capital increase of UkrSibbank by UAH3.29 billion and debt to equity swap.

Department profile by Asters

Asters' recognized and unparalleled expertise in all kinds of financing transactions allows the Firm to competently represent both lenders and borrowers in restructuring negotiations and deals. 

Asters team also have diverse and long-standing industry-specific expertise which allows us to understand and adequately represent companies in many different sectors. Firm's lawyers understand the business of  clients. This understanding is essential for both devising workable restructuring strategies and for successful representation of clients in insolvency proceedings.


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Dentons - Restructuring/Insolvency

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Band 2

第二等

Commentary from the Chambers Europe guide

Basic facts about the department
- Head of department: Natalia Selyakova
- 1 partner
- 6 other qualified lawyers

What the team is known for Strong practice group assisting clients with large debt restructuring and insolvency cases. Noted for acting on behalf of creditors on the restructuring of the sovereign debt of Ukraine. Predominantly assists clients from the banking sector with distressed assets and commercial debt. Works closely with the firm's dispute resolution team.

Strengths Sources highlight the team's experience of advising creditors as well as fast delivery of advice.

Work highlights Continues to act for an ad hoc creditors' committee, comprising Franklin Advisers, BTG Pactual Europe, TCW Investment Management Company and T. Rowe Price Associates, advising on the ongoing restructuring of Ukraine's sovereign and quasi-sovereign debt.

Represented an international investor in a number of acquisitions of distressed debt of Ukrainian corporates.

Notable practitioners

Natalia Selyakova is a notable finance lawyer who also assists clients with restructuring of large corporate debt. Sources say she is "quick to respond and gives practical advice" and is also "reliable and hardworking."

Department profile by Dentons

Department profile not yet provided by Dentons. Please see their firm profile.

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Redcliffe Partners - Restructuring/Insolvency

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Band 2

第二等

Commentary from the Chambers Europe guide

Basic facts about the department
- Head of department: Olexiy Soshenko
- 1 partner
- 5 other qualified lawyers

What the team is known for Established in December 2015 and maintains a close relationship with Clifford Chance, its former parent firm. Acts on major debt restructuring matters predominantly on the side of creditors, including foreign banks. Considerable practical experience of cross-border mandates. Additional expertise in insolvency cases.

Work highlights Advised Sberbank and Deutsche Bank on the restructuring of a USD600 million syndicated loan to Ukrlandfarming.

Acted for UniCredit Bank Austria on the restructuring of a USD400 million pre-export facility provided to Kernel.

Significant clients Nederlandse Financierings-Maatschappij Voor Ontwikkelingslanden, Landesbank Berlin.

Notable practitioners

Olexiy Soshenko is a top-ranked financing lawyer who also handles large debt restructuring mandates. A client praises his in-depth experience and "strategic planning."

Department profile by Redcliffe Partners

Department profile not yet provided by Redcliffe Partners . Please see their firm profile.

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Aequo - Restructuring/Insolvency

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Band 3

第三等

Commentary from the Chambers Europe guide

Basic facts about the department
- Head of department: Yulia Kyrpa
- 1 partner
- 5 other qualified lawyers

What the team is known for Active team, advising local and international companies and banks on restructuring tickets and refinancing procedures. Acts for debtors, creditors and shareholders on court insolvency proceedings.

Strengths A client highly regards the team's experience: "I found them specifically really good at restructuring," adding praise for the team "being able to tailor their advice."

Work highlights Advised UniCredit Bank on the restructuring of the EUR30 million debt of a borrower.

Represented Porsche Bank in a debt-to-equity swap transaction involving its Ukrainian subsidiaries as part of the client's wider restructuring.

Significant clients EBRD, Reverta, Sberbank.

Notable practitioners

Yulia Kyrpa enters the rankings this year as a result of her increased visibility on financial restructuring matters. She advises companies and banks on complex debt restructuring and distressed debt transactions.

Department profile by Aequo

Our dedicated restructuring and insolvency team has many years of experience in advising companies facing financial difficulties and their directors on the full range of insolvency work, including complex cross-border restructurings and refinancing procedures.

Our lawyers are also experienced in advising creditors and regulators in this challenging field, and are known for their hands-on advice, pioneering solutions and the mitigation of our clients’ risks to the fullest possible extent.

We work closely with premier investment banks, accountants and other financial experts, as well as our lawyers in related practice areas (including finance, tax and corporate law) to provide our clients with the best possible commercial results, as well as a seamless and integrated service.

We assist debtors, creditors and shareholders in insolvency proceedings by to-the-point advice on appropriate procedures and appropriate strategy available to the client under Ukrainian law. Finally, we represent clients in complex insolvency and liquidation proceedings in the court.

For more details please visit our website: https://aequo.ua/

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Arzinger - Restructuring/Insolvency

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Band 3

第三等

Commentary from the Chambers Europe guide

Basic facts about the department
- Heads of department: Oleksander Plotnikov and Markian Malskyy
- 2 partners
- 7 other qualified lawyers

What the team is known for Enters the ranking this year as a result of increased market visibility in restructuring. Instructed on large-scale debt restructuring mandates, often involving fraudulent actions by borrowers. Represents international financial institutions, as well as foreign and local banks. Also involved in insolvency and bankruptcy proceedings. Active across agriculture, real estate and retail sectors.

Strengths Clients value the team's speed and availability. A source says: "Their responsiveness is very good. They are flexible when situations get very difficult," adding: "We can always reach them."

Sources highlight the team's creativity. "They think outside of the box and offer solutions to difficult situations. That's one particular point I like about working with them," a client says.

Work highlights Acted for a syndicate of banks on the restructuring and recovery of a EUR300 million syndicated loan facility provided to Creative Group.

Continues to assist a coordinating committee of banks with the restructuring of a significant debt of Mriya Agro Holding.

Significant clients UniCredit Bank, Erste Bank, EBRD, ING Group, Marie Brizard Wine & Spirits.

Notable practitioners

Entering the rankings this year, Oleksandr Plotnikov is an active financing lawyer who also acts on debt restructuring mandates. Clients praise his availability and respect of deadlines.

Department profile by Arzinger

Department profile not yet provided by Arzinger. Please see their firm profile.

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Ilyashev & Partners - Restructuring/Insolvency

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Band 3

第三等

Commentary from the Chambers Europe guide

Basic facts about the department
- Head of department: Roman Marchenko
- 2 partners
- 11 other qualified lawyers

What the team is known for Strong choice for insolvency and bankruptcy-related proceedings, supported by its solid dispute resolution practice. Acts on large debt recovery cases and corporate restructuring mandates. Clientele includes local and international banks, as well as infrastructure and transportation companies.

Strengths Sources praise the team's clear communication: "We really enjoy working with the lawyers. This can be a very difficult and technical area, but they make it simple and straightforward."

Work highlights Advised Sumykhimprom on its bankruptcy proceedings.

Significant clients Okean Shipyard, Misto Bank, Danone, Trasta Komercbanka, ArcelorMittal Kryviy Rih.

Notable practitioners

Roman Marchenko is a versatile disputes lawyer who is also recognised as an insolvency practitioner. Clients describe him as somebody who is "technically excellent and has exceptional negotiation skills." He represents creditors as well as companies in court proceedings concerning bankruptcies.

Department profile by Ilyashev & Partners

Specialisations
The restructuring practice of Ilyashev & Partners undertakes the most complex projects in Ukraine. We have a very strong practice both in insolvency work and acting in relation to distressed companies and restructuring of healthy companies. In the insolvency/distressed company area our practice is greatly strengthened by our very strong banking client’s base.
Supported by its solid Dispute Resolution practice Ilyashev & Partners has an exceptionally strong bankruptcy standing with geographical scope covering Ukraine and Russia. The network of offices is an advantage of the firm.

Recent work highlights
The firm supports the bankruptcy procedure of Creative Group in a USD 660 million case; continued support of insolvency procedure of Sumykhimprom that is at the sanation stage. BTA Bank Kazakhstan instructed the firm to represent its interests in the bankruptcy procedures of several corporate debtors in the Russian Federation.

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In response to very strong client demand, we opened new offices: in Simferopol (Crimea) in 2014 and in Moscow (the Russian Federation) in 2015 and Tallinn, Estonia, in 2016. All of these offices have strong Restructuring/Insolvency practices. In 2016 the firm handled more than 150 disputes in Russia, many of which were highly complex and related to bankruptcy and insolvency.




Eminent Practitioner

Armen Khachaturyan

Asters

From the Chambers Europe guide

Eminent practitioner Armen Khachaturyan is a versatile senior partner with a wealth of experience in financial restructuring. He assists clients with strategic issues.

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Band 1

Avellum

From the Chambers Europe guide

Glib Bondar is a highly respected financing lawyer who is top-ranked due to being involved in the market's most significant restructurings, including representing Ukraine in its sovereign debt restructuring. Sources deem him an "excellent lawyer: very pragmatic and approachable, who works long hours and tries to get things done."

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Band 1

Baker McKenzie

From the Chambers Europe guide

Serhiy Chorny is a highly respected finance lawyer who handles some of the most high-profile restructuring matters in Ukraine. Sources praise his hands-on approach.

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Band 1

Redcliffe Partners

From the Chambers Europe guide

Olexiy Soshenko is a top-ranked financing lawyer who also handles large debt restructuring mandates. A client praises his in-depth experience and "strategic planning."

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Band 2

Nazar Chernyavsky

Sayenko Kharenko

From the Chambers Europe guide

Nazar Chernyavsky is a highly respected finance lawyer who acts on debt restructuring and cross-border financial mandates for international and domestic banks. "Nazar is an excellent lawyer and a person who is comfortable to work with. He is very experienced and knows the subject inside out when it comes to different options," a client reports. He recently advised Sberbank on the restructuring of two sovereign-guaranteed loans provided to Yuzhnoye State Design Office and Ukravtodor with an outstanding amount of USD367 million.

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Band 2

Natalia Selyakova

Dentons

From the Chambers Europe guide

Natalia Selyakova is a notable finance lawyer who also assists clients with restructuring of large corporate debt. Sources say she is "quick to respond and gives practical advice" and is also "reliable and hardworking."

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Band 3

Aequo

From the Chambers Europe guide

Yulia Kyrpa enters the rankings this year as a result of her increased visibility on financial restructuring matters. She advises companies and banks on complex debt restructuring and distressed debt transactions.

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Band 3

Ilyashev & Partners

From the Chambers Europe guide

Roman Marchenko is a versatile disputes lawyer who is also recognised as an insolvency practitioner. Clients describe him as somebody who is "technically excellent and has exceptional negotiation skills." He represents creditors as well as companies in court proceedings concerning bankruptcies.

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Band 3

Asters

From the Chambers Europe guide

Entering the rankings this year as a result of increased market visibility, Iryna Pokanay is a well-respected banking and finance lawyer, acting on significant restructuring mandates. She represented EBRD on the acquisition of a 40% stake in UkrSibbank and also assisted the client with the capital increase of UkrSibbank by UAH3.29 billion and debt to equity swap.

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Band 3

Avellum

From the Chambers Europe guide

Managing partner Mykola Stetsenko is a highly regarded M&A lawyer who is also involved in restructuring matters. He recently advised Roshen Confectionery Corporation on Ukrainian tax and legal matters related to the pre-sale restructuring.

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Up and Coming

Anton Korobeynikov

Sayenko Kharenko

From the Chambers Europe guide

Entering the rankings this year, counsel Anton Korobeynikov is recognised for his visibility on the firm's key mandates with a focus on financing restructuring. "He was available and helpful in looking for solutions," a source says with another interviewee adding: "He delivered results quickly."

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Up and Coming

Oleksandr Plotnikov

Arzinger

From the Chambers Europe guide

Entering the rankings this year, Oleksandr Plotnikov is an active financing lawyer who also acts on debt restructuring mandates. Clients praise his availability and respect of deadlines.

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