Sayenko Kharenko advised on restructuring of AVANGARDCO Eurobonds through scheme of arrangement
Sayenko Kharenko acted as legal advisor to Avangardco Investments Public Limited, the largest producer of shell eggs and egg products in Ukraine, on the restructuring of its outstanding USD 200 million 10 per cent Eurobonds. This has been the second time when the English law scheme of arrangement was used by a Ukrainian issuer.
On 17 September 2015 Avangardco applied to the High Court of Justice in England and Wales to request the court to sanction the UK scheme of arrangement. Before the court’s decision, holders of notes representing 99.89 per cent in value voted in favour of the scheme. As a result, the scheme was approved by the majority representing more than a required minimum 75 per cent of creditors by value. By its ruling on 26 October 2015 the English court sanctioned the scheme whereunder the maturity of the Eurobonds has been successfully extended from 29 October 2015 to 29 October 2018.
Avangardco is one of the largest agro-industrial companies in Ukraineand Europe.As of 30 June 2015, the Company holds a 36 per cent share of the industrial shell eggs market and a 75 per cent share of the dry eggs products market in Ukraine. The Company’s flock of laying hens is one of the largest globally. The Company exports its products to 37 countries, with its primary export markets in the Middle East, Africa, Asia, the CIS and EU.
Sayenko Kharenko’s team working on the transaction included senior associates Igor Lozenko and Oleksandr Nikolaichyk, associates Taras Shyb, Marta Lozenko and Mykhailo Grynyshyn and was led by partner Nazar Chernyavsky.