Dechert Honored for Russian and Central European Deals by CEE Legal Matters

A Dechert LLP matter has been named ‘Deal of the Year for Russia’ by CEE Legal Matters at its Deals of the Year Awards for 2018. The contest, judged by a panel of lawyers from 17 jurisdictions in central and eastern Europe, was established to recognize the most outstanding deals in Europe’s emerging markets.

In the winning matter, a Dechert team led by partners Camille Abousleiman and Giles Belsey acted as lead counsel to an ad hoc committee of bondholders in the restructuring of US$875 million of debt by Russia’s Far Eastern Shipping Company (FESCO), a transportation and logistics company that controls the Port of Vladivostok and has other interests in the shipping, sea liner and rail sectors. 

After more than a year’s negotiations, FESCO and the ad hoc group agreed to a restructuring plan that would result in a US$547 million cash payment to bondholders holding US$655 million of outstanding Eurobonds, equivalent to a recovery rate of some 84%. The deal, implemented under an English law scheme of arrangement, was supported by 93% of the holders of the outstanding bonds. 

The winning team also included Dechert litigation partner Adam Silver and financial restructuring associates Chris Horrocks and James Armshaw in London and, in Moscow, corporate partner Laura Brank and associates Kirill Skopchevskiy, Yuri Makhonin and Pavel Dunaev.

A second Dechert matter was named finalist for ‘Deal of the Year for Hungary’. Led by partners Ross Allardice and John Markland, Dechert advised Magyar Telecom (Matel BV), a Hungarian telecommunications and IT service provider, on the sale of the Invitel group to the China CEE Investment Co-operation Fund. Matel BV is 51%-owned by private equity group Mid Europa Partners. 

Winners in all categories in the CEE Legal Matters awards were announced on June 6 at a ceremony in Prague.

About Dechert 

Dechert is a leading global law firm with 27 offices around the world. We advise on matters and transactions of the greatest complexity, bringing energy, creativity and efficient management of legal issues to deliver commercial and practical advice for clients.