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Dentons Moscow Advises on Restructuring and Recapitalization of AccessBank Azerbaijan

Dentons Moscow Advises on Restructuring and Recapitalization of AccessBank Azerbaijan

Russia
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Dentons has represented a pool of leading international financial institutions including the Asian Development Bank, European Investment Bank, International Finance Corp, and responsAbility Investments AG.as creditors to Azerbaijan's AccessBank, on the successful debt restructuring and recapitalization of the bank.

According to Dentons, the deal, which is valued at over USD 100 million, "represents the second largest recapitalization and restructuring in the history of the Azerbaijani financial sector."

Dentons advised the lenders’ steering committee on English and Azerbaijani law. According to the firm, "the legal team negotiated with the bank and its shareholders, prepared an innovative restructuring and recapitalization plan, and obtained all required regulatory approvals from the  Financial Market Supervisory Authority of the Republic of Azerbaijan," and "the team also drafted and negotiated all underlying agreements and implemented all aspects of this complex restructuring."

Dentons reports that "the need for the transaction arose out of the financial crisis, which followed a sharp drop in oil prices and double devaluation of the Manat, forcing many financial institutions in Azerbaijan to restructure their foreign debt obligations and recapitalize."

Dentons’ core project team was led by Partner Timothy Stubbs in Moscow and included Counsel Dennis Montgomery in Moscow, as well as Counsel Ulvia Zeynalova-Bockin and Partners James Hogan and Kamal Mammadzada in Baku. 

Russian Knowledge Partner

Founded in 1993, Egorov Puginsky Afanasiev & Partners is the leading full-service law firm in the CIS with offices in Russia, Ukraine and Belarus and associated offices in the UK, the USA and Cyprus.

We advise its clients in many areas of law, including: dispute resolution in Russia and abroad, corporate law, M&A, antitrust issues, project finance and PPP, restructurings and insolvencies, energy and natural resources, property management and privatization, environment, technical regulation and industrial safety, banking and finance, intellectual property, criminal law, real estate and construction, taxation, family and labour disputes, marine and transport law, and international trade and customs.

We combine high academic qualifications, internationally acknowledged moral and ethical values, senior partners' professional experience and practical abilities with the vigour and knowledge of younger attorneys that enables thus providing clients with reliable, first-class service according to both Russian and western standards through a flexible structure.

All News about, and Legal Analysis by, Egorov Puginsky Afanasiev & Partners can be found here.

Firm's website: www.epam.ru

 

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