Sayenko Kharenko advised on restructuring of Gallery Group’s financial liabilities

Sayenko Kharenko acted as a Ukrainian legal counsel to the trustee representing the holders of USD 175 million senior secured notes on restructuring of the financial indebtedness of the Gallery Group, the second largest out-of-home advertising operator in Russia and Ukraine.

Under the terms of the restructuring, the total indebtedness of the Group was reduced from USD 342.2 million to USD $100.3 million with the majority of the noteholders receiving equity in the new holding company of the Group and new senior secured notes due 2015.

Sayenko Kharenko team involved in the current transaction included partners Michael Kharenko, Nazar Chernyavsky and associate Anton Korobeynikiov. During the past 12 months, the firm has handled over a dozen major restructuring projects, including the largest restructurings in the country, for the total amount of USD 4 billion. The firm’s debt restructuring and insolvency team is ranked Top Tier by Chambers Global 2010.