Sayenko Kharenko advised on XXI Century loan restructurings

23.08.2011

Sayenko Kharenko acted as a Ukrainian legal counsel to XXI Century, the leading Ukrainian development company, on the restructuring of multi-currency USD 32.7 million loans, originally provided by UkrSibbank to wholly-owned subsidiaries of XXI Century.

In view of the complexity of the arrangements, the restructuring was executed in several stages which included several consecutive transfers of loans to various parties involved. In addition, in order to fund the partial repayment of loans mentioned above, the Company has also sold its shopping centre, Kvadrat Lukyanivka.

Sayenko Kharenko team for the current transaction included partner Nazar Chernyavsky and associate Sergey Kazmirchuk.

Earlier Sayenko Kharenko acted on the restructuring of USD 175 million Eurobonds by XXI Century, the largest debt restructuring in the Ukrainian real estate sector. During the past 3 years the firm handled major debt restructuring projects, including the largest restructurings in the country, for the total amount of over USD 5.9 billion. The firm’s debt restructuring and insolvency team is ranked Top Tier by Chambers Global 2010.