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Baker & McKenzie announced that it acted as legal counsel to a group of export credit agencies (ECAs) and other creditors in connection with the restructuring of EUR37 million and USD51 million worth of loans previously obtained by Open Joint Stock Commercial Bank Nadra, one of the Ukraine's largest commercial banks. Baker & McKenzie acted for eleven credit agencies and other international creditors, including SACE SpA of Italy, Export-Import Bank of the United States, Euler Hermes of the Federal Republic of Germany, Atradius of the Netherlands and others. The English law team of Baker & McKenzie was led by Michael Foundethakis (Partner, Munich) and supported by Kathrin Marchant and Catherina Haegele (Associates, Munich). The Ukrainian law team was led by Serhiy Chorny (Partner, Kyiv) with a key support from Anna Makedonska and Maksym Hlotov (Associates, Kyiv). Valerio Ranciaro, Head of Claims and Corporate Recoveries at SACE SpA, said: "The successful restructuring of the debts of Bank Nadra is crucial for the Ukrainian economy and its recovery efforts. Without satisfactorily addressing the solvency of this bank, as well as others in the sector, it will be difficult for Ukraine to maintain access to the international financing provided by the ECAs.". Michael Foundethakis, Partner from the Munich office of Baker & McKenzie, added: "With our advising on the successful restructuring of the international debt of First Ukrainian International Bank in February and now acting for the ECAs on that of Bank Nadra, this clearly underlines our specialised capabilities in this area. It is only as a result of such expertise that we managed to structure and document this debt restructuring within the tight deadlines required to have it implemented."
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