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Denton Wilde Sapte has advised the steering committee of creditors on an innovative restructuring of Kazakhstan's Alliance Bank's $4.5bn debts, substantially completed on 30 March. The restructuring was the first to be carried out under newly adopted Kazakh legislation on bank restructuring, which was designed to establish a mechanism with a number of similarities to the UK scheme of arrangement and the US Chapter 11, including the cram-down of non approving creditors. The new legislation is the first attempt in the CIS to put in place a restructuring mechanism of that kind using a new restructuring law. The restructuring plan provided separate treatment for trade finance creditors who satisfied the criteria set out in the plan. "The treatment of trade finance debt is a hot subject in all bank restructurings currently going on, particularly in the CIS," says partner Geoffrey Wynne, head of Denton Wilde Sapte's trade and emerging market finance practice. Alliance was the fourth largest bank in Kazakhstan and is one of several financial institutions in Kazakhstan and the CIS subject to debt restructuring. Alliance is the first in Kazakhstan to complete the restructuring process. Kazakhstan's State National Welfare Fund Samruk-Kazyna has now become the majority shareholder in Alliance, with the creditors holding the remaining share capital. The Kazakhstan restructuring proceedings were recognised by the relevant bankruptcy court in the United States and by the High Court of Justice in England and Wales. The Steering Committee was made up of Asian Development Bank, Crédit Agricole Corporate and Investment Bank (formerly Calyon), Commerzbank Aktiengesellschaft, DEG - Deutsche Investitions-und Entwicklungsgesellschaft mbH, HSBC Bank plc, Bank of Singapore Limited (formerly ING Asia Private Bank Limited); JPMorgan Chase Bank N.A., Sumitomo Mitsui Banking Corporation Europe Limited and Wells Fargo Bank, National Association (successor by merger to Wachovia Bank N.A.). The scale and complexity of the restructuring required a team of lawyers in London and Almaty. Geoffrey Wynne, assisted by senior associate Veronika Koroleva led the team, supported by restructuring and insolvency partner Richard Cook and senior associate Tony Richardson,, corporate partner Tanya Nash, capital markets partner David Cohen and associate Patricia Rodriguez Joel Benjamin led the Almaty team assisted by attorney Adlet Yerkinbayev. Ernst & Young acted as financial advisers to the Steering Committee. Keith McGregor and assistant director Andy Taylor led the team. Denton Wilde Sapte is advising on other high profile debt restructurings including Temirbank, Kazakhstan, some of the creditors of UC Rusal, Russia, and a number of creditors of different members of the Dubai World group. Denton Wilde Sapte's restructuring and insolvency group is also presently advising the administrators of Jarvis. Other recent restructuring work includes Setanta, Woolworths Media plc, Jessops plc and Northern Rock.
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