Law360, London (June 9, 2021, 6:00 PM BST) -- A London judge has cleared a Ukrainian energy company to restructure $2.16 billion in debt after rejecting Gazprombank's objections that the deal, which would see the bank's $23 million loan deferred, was fundamentally unfair to the banking giant.
Alastair Norris, sitting as a judge of the High Court, approved two schemes for DTEK Energy BV and DTEK Finance PLC to exchange its existing debt for new notes, according to a June 8 judgment.
The energy company's debts outstrip its assets by $571 million and the company said it would face major cash-flow problems, resulting in the failure of several subsidiaries, unless...
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