Restruktūrizavimas ir bankrotas Patirtis

• Advising Gaasienergia, a major Estonian gas supplier, on its rights as a creditor in the court-administered reorganisation proceedings of one of its debtors plus the legality of suspending or terminating the gas supply to the debtor.

  Supporting MKV, an Estonian construction company, in restructuring proceedings complicated by the novelty of implementing the new Restructuring Act plus opposition from creditors and a landmark tax dispute. The innovative five-year plan was finally accepted, leading to significant improvements in MKV's economic situation and business results.

  Representing the Estonian arm of a major Norwegian real estate investor in a complex debt collection case against a tenant operating a debt-heavy printing business with a web of arrangements to shield itself from liability. The case involved negotiating with the tenant, terminating the lease plus initiating court and bankruptcy proceedings against the debtor and the acquirer of its enterprise.

  Advising Ajasto Paper Products, the leading calendar producer in Scandinavia and the Baltics, in relation to the bankruptcy of its Estonian subsidiary due to the financial crisis of 2008. SORAINEN advised Ajasto's Finnish mother company in securing its claims in bankruptcy amounting to over EUR 5 million, consulted the management board on liability issues and managed the entire bankruptcy process acting as bankruptcy committee members. The SORAINEN team coordinated the sale of assets among other major issues, and ensured that the company was taken from filing of bankruptcy application to de-registration in under a year without a single legal dispute in this landmark bankruptcy case.

  Steering a major Baltic production company in its pre-packaged restructuring, including research into causes and remedies plus advice on restructuring and alternatives for classifying creditors for voting the restructuring plan. The transaction was particularly challenging due to the heavy debt load plus the large number (over 200) and different character of creditors.

  Enabling a major Baltic construction group to restructure its obligations totalling EUR 20 million to a large Scandinavian bank and planning for restructuring in a case complicated by multiple group companies with considerable asset cross-collateralisation. As a result of negotiations, the client managed to reach an out-of court settlement with the bank and did not have to file for restructuring.

  Facilitating a leading Nordic bank on restructuring a USD 200 million (approx EUR 158 million) credit facility to a global houseware manufacturer within reorganisation of the debtor's group operations. Integrated inputs from the SORAINEN Estonian and Latvian offices included review and amendment of the debtor's credit agreements, parallel debt structure and the transaction security package.

  Advising Latvian Mortgage and Land Bank and the Latvian state on the Parex banka bailout, involving purchase of a 84.83% stake in the bank, government investment of approx EUR 1 billion, and a EUR 775 million state guarantee. SORAINEN also assisted the Latvian Government and Parex banka in the sale of 25% of Parex to European Bank for Reconstruction and Development (EBRD) for EUR 81.82 million and obtaining a EUR 22 million subordinated loan from EBRD.

  Assisting an international operator in the construction and engineering sector on restructuring a multi-million euro loan from a local bank incurred in relation to a new modular system production plant in Ventspils, Latvia including advice on amendments to the loan agreement and security documents.

  Advising the largest ceramic construction materials producer in the Baltics in negotiations with SEB banka over restructuring a EUR 16 million loan facility. Services included advice on the restructured loan documentation and complex insolvency law issues under new legislation. This was one of the largest recent debt restructurings in Latvia.

  Advising an international equipment leasing company on debt recovery from Latvian counterparties plus repossession of high-value equipment leased to Latvian lessees, including insolvency and pre-insolvency proceedings.

  Successfully protecting the interests of DHL Latvia, the local subsidiary of leading global freight service provider, in an insolvency case wrongly initiated against the client by the administrator of an insolvent Latvian company. The court found that the insolvency application was groundless and terminated the insolvency procedure against DHL Latvia.

  Assisting SEB banka, a leading Latvian commercial bank, in cases of insolvency of private individuals by analysing insolvency procedures initiated against private debtors and advising the bank on further action towards debtors who act in bad faith.

  Advising a leading global auto-maker on preparing a practical pan-Baltic guide to transactions with local car dealers facing insolvency as part of the group's global effort to minimise legal risks when local dealers run into financial difficulties. Services involved tailoring the guide to meet local requirements plus advice on measures to reduce client exposure and risk in distressed situations.

  Advising the world's leading credit insurer in relation to restructuring its Baltic operations, including sale of the claims portfolio against solvent and insolvent debtors and representing the client in insolvency proceedings of all of its debtors.

  Assisting a leading Nordic bank on restructuring a credit facility to a major Lithuanian public company including advice on debt restructuring mechanisms, a debt for equity (quasi equity) swap and security package, transaction documentation and in negotiations with the debtor. Although complex and innovative, the transaction was swiftly and successfully completed.

  Advising a leading Nordic commercial bank operating in Lithuania on its portfolio of problem borrowers, including evaluating terms and performance of agreements, assessing existing and potential collateral in favour of the bank plus advice on exit strategies, debt for equity swap mechanisms and potential liability issues in relation to a real estate development project financed by the bank.

  Acting as local counsel for a specialist property investment company focused on retail properties in Central and Eastern Europe in its EUR 235 million debt restructuring with a specialist in real estate and public finance operating in Europe, including advice on local law issues related to transaction documentation and Lithuanian security issues.

  Representing a worldwide exporter of steel and allied products in bankruptcy proceedings of EKRANAS, a major European kinescope producer, one of the largest bankruptcies in Lithuania to date.