DTEK Energy’s $2 Billion Debt Restructuring

Latham & Watkins and Avellum advised DTEK Energy on the deal, Hogan Lovells and Asters advised an unidentified group of ad hoc lenders on the matter. McDermott Will & Emery UK advised GLAS Specialist Services Limited.

DTEK Energy executed the restructuring of over USD 2 billion of its bank and bond indebtedness pursuant to two inter-conditional schemes of arrangement.

DTEK is the largest private investor in Ukraine’s energy sector.

GLAS Specialist Services Limited was appointed to act as Lock-Up, Information and Tabulation Agent in connection with the restructuring. GLAS also participated and effected the restructuring in its roles as Agent in respect of certain of the previous bank facilities, Trustee in respect of the previous notes, and as Security Agent. GLAS was also appointed as Trustee and Security Agent in respect of the two new notes issuances. 

The GLAS deal team comprised Mia Drennan, Joanne Brooks, Natasha Chan (Restructuring & Insolvency), Paul Cattermole, Katie Lacey and Aric Kay-Russell (Liability Management and Trustee & Escrow Services), Paul Fletcher (Transaction Management Group), Anthony Tran (Client Services), and Georgios Vrentzos and Shahaana Kulendran (Business Solutions). 

The Latham team consisted of London-based Partner John Houghton and Moscow-based Counsel Edward Kempson, with London-based Associates Husni Almousli, Tom Davies, and Hafza Hussein, and Moscow-based Associates Seb Tuohy, Alexander Kartyshev, Ksenia Koroleva, Alexandra Samsonova, and Ivan Alaev. The Chapter 15 application was led by New York-based Partner Adam Goldberg and included Associate Jeramy Webb.

The Avellum team included Senior Partner Glib Bondar, Senior Associate Anastasiya Voronova, and Associate Anna Mykhalova.

Asters’ team included Partners Iryna Pokanay, Yaroslav Petrov, Oleksiy Demyanenko, Igor Svechkar, and Markiyan Kliuchkovskyi, Counsels Gabriel Aslanian and Dmytro Shemelin, Senior Associate Marta Halabala, and Associates Inna Bondarenko and Viktoria Zagreba.

The Hogan Lovells team included, in London, Partners Alex Kay and Philip Harle, Counsel Aaron Burchell, Senior Associate Celine Buttanshaw, Associates Jonny Morris and Ben Lewis, and Trainees India Maddison and Chiraag Thadani; and in the Netherlands, Partners Wouter Jongen and Manon Cordewener, Counsels Dylan Goedegebuure and Alexander Fortuin, Senior Tax Advisor Matthijs Dols, and Associate Yvette Voermans.

Dechert advised an ad hoc group of noteholders with a team led by London partners Solomon J. Noh and Alastair Goldrein, with partners Jeff Katz, Giles Belsey, Simon Fawell and Mark Stapleton; London associates Chris Horrocks, Tom Caster, James Armshaw, Emma Byford and Jonathan Groves; New York associates Dienna Corrado and Curtis Weber; and trainees Giselle Williams and Harriet Geddis.

McDermott Will & Emery UK LLP advised GLAS with partners Mark Fennessy, Sunay Radia and Mark Fine, and associates Alexander Andronikou and Giulia Venanzoni.

Involved fees earner: Glib Bondar – Avellum; Anna Mykhalova – Avellum; Anastasiya Voronova – Avellum; James Armshaw – Dechert; Giles Belsey – Dechert; Emma Byford – Dechert; Tom Caster – Dechert; Dienna Corrado – Dechert; Alastair Goldrein – Dechert; Jonathan Groves – Dechert; Chris Horrocks – Dechert; Jeffrey Katz – Dechert; Solomon Noh – Dechert; Mark Stapleton – Dechert; Curtis Weber – Dechert; Ivan Alaev – Latham & Watkins; Husni Almousli – Latham & Watkins; Tom Davies – Latham & Watkins; Adam Goldberg – Latham & Watkins; John Houghton – Latham & Watkins; Hafza Hussein – Latham & Watkins; Alexander Kartyshev – Latham & Watkins; Edward Kempson – Latham & Watkins; Ksenia Koroleva – Latham & Watkins; Alexandra Samsonova – Latham & Watkins; Seb Tuohy – Latham & Watkins; Jeramy Webb – Latham & Watkins; Mark Fennessy – McDermott Will & Emery; Mark Fine – McDermott Will & Emery; Giulia Venanzoni – McDermott Will & Emery; Alexander Andronikou – Proskauer Rose; Sunay Radia – Proskauer Rose;

Law Firms: Avellum; Dechert; Latham & Watkins; McDermott Will & Emery; Proskauer Rose;

Clients: DTEK Energy; DTEK Energy – ad hoc Group of Noteholders; GLAS;

Author: Federica Tiefenthaler