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Latham & Watkins Advises DTEK Energy on US$2 Billion Debt Restructuring

May 20, 2021
Cross-border team represents Ukraine's largest energy holding company in the transaction.

Latham & Watkins advised DTEK Energy on the restructuring of in excess of US$2 billion of its bank and bond indebtedness (the “Restructuring”) pursuant to two inter-conditional schemes of arrangement under Part 26 of the Companies Act 2006 (the “Schemes”). The Schemes were sanctioned on 13 May 2021 and the Restructuring was completed on 17 May 2021. Under the terms of the Restructuring, restructured noteholders received new notes issued by DTEK Finance plc (“DFPLC Notes”) and NGD Holdings B.V. and bank lenders received DFPLC Notes in exchange for the release and cancelation of their restructured indebtedness. Application was also made for Chapter 15 recognition of the Schemes in New York.

The Latham team was led by London partner John Houghton and Moscow counsel Edward Kempson, with London associates Husni Almousli, Tom Davies, and Hafza Hussein, and Moscow associates Seb Tuohy, Alexander Kartyshev, Ksenia Koroleva, Alexandra Samsonova, and Ivan Alaev. The Chapter 15 application was led by New York partner Adam Goldberg, with New York associate Jeramy Webb.