International law firm Clifford Chance represented the committee of creditors on the USD 820 million debt restructuring of Public Joint Stock Company "Donetsksteel – Iron and Steel Works", Ukraine's largest producer of hard coking coal. This is the first completed restructuring of a Ukrainian corporate of such significant size.

This highly complex transaction commenced on March 2009 and involved more than 30 financial institutions (both international and Ukrainian) and the restructuring of over 35 separate loan agreements and bonds.

"There was a lot of ground breaking work involved in this project to address various pit falls and nuances of Ukrainian and English law but we are very pleased for all parties involved that eventually the debt restructuring was conducted according to the key principles of debt restructuring applied in the West. This is a positive signal for foreign and domestic lenders." – commented Clifford Chance counsel Olexiy Soshenko

The Clifford Chance international team was led by Banking & Finance partner Alistair McGillivray (London), together with Banking & Finance counsel Olexiy Soshenko (Kyiv) and senior associate Adam Fadian (Banking & Finance, Moscow). The core team also comprised associates Maria Tsabal, Nadiya Shylienkova and Andrii Grebonkin (all - Banking & Finance, Kyiv).

Clifford Chance has been advising leading local and international companies in Ukraine since 1990. In 2008 the firm has expanded its presence in the market by opening office in Kyiv. Today Clifford Chance is one of the leading law firms in Ukraine. The office is comprised of partners and lawyers qualified in Ukrainian and English law, who have extensive experience advising on all core areas of commercial activity, including corporate/M&A, banking and finance, debt restructurings and real estate.