Restructuring

During 2016-2017 Vitaly Provotorov supported debt restructuring transaction for large industrial group with total debt amount owed to banks of over EUR 110 million.

The Group was in stress situation, EBITDA for the year ended 31/12/2016 has been negative. Creditors of the Group included syndicate of banks headed by well-known IFI and local commercial banks. No creditor’s committee was formed.

Funds to finance the deal has been attracted from a new creditor, while other’s loans have been refinanced as a result of Transaction.

As a result of complex deal that has been completed in mid 2017 and included separate agreements with each creditor and syndicate, total amount of debt has been reduced by 3x times and shareholders structure has not changed.