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Latham Advises J.P. Morgan in Connection with Ukraine’s c. US$20 Billion Debt Restructuring Consent Solicitations

August 17, 2022

London corporate team represents the leading financial services firm.

Latham & Watkins has advised J.P. Morgan, in its role as Solicitation Agent for Ukraine, in connection with Ukraine’s consent solicitations relating to its outstanding Eurobonds and GDP-linked securities (together, the Securities).

On 20 July 2022, Ukraine announced two consent solicitations; one relating to its Eurobonds and another relating to its GDP-linked securities (together, the Consent Solicitations). Pursuant to the Consent Solicitations, Ukraine requested the consent of holders to amend the terms of the conditions of the Securities to, among others, defer dates on which certain payments of interest and/or principal were due and the maturity dates of the Securities (as applicable). Both Consent Solicitations were passed on 10 August 2022 and the amendments to the terms and conditions of the Securities were effected on 11 August 2022. As a result, Ukraine will save c. US$6 billion on payments over two years.

The Latham team was led by London partners David Stewart and Manoj Tulsiani, with London associates Harrison Armstrong, Daria Latysheva, Carolina Gori, and Michael Czarnota. Advice was provided on regulatory matters by London partner Nicola Higgs; and on tax matters by New York partner Elena Romanova.