August 23, 2018
Latham & Watkins has advised the bank creditors on the successful debt restructuring of Mriya Agroholding. As a result of the restructuring, the total debt of the new Mriya group has decreased from US$1.1 billion to US$309.5 million, consisting of US$49.3 million restructured secured debt, US$208.1 million restructured unsecured debt, US$46 million working capital notes, and US$6.1 million new equipment leasing. The company will be serving the restructured unsecured debt according to the agreed schedule of interest and principal payments of the new senior secured notes issued in accordance with the terms of the Exchange Offer.
As described in the Exchange Offer, the sale of the operational subsidiaries of Mriya Agroholding, which include the entire land bank, infrastructure, operations, and equipment by Mriya Agroholding to the new holding company, Mriya Farming PLC (UK) has been completed. As a result, Mriya Farming PLC has become the holding company for the Mriya operating group and is in turn wholly owned by existing creditors of the Mriya Group.
The Latham team was led by London partner Helena Potts, Moscow partner Ragnar Johannesen, and Moscow counsel Edward Kempson, with London associate Shamsun Nahar and Moscow associate Vladimir Mikhailovsky.