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22 New Articles

Avellum has announced that it was part of the Ukrainian Arbitration Association’s (UAA) Working Group that prepared an amicus curiae (friend of the court brief (the “Brief”), submitted to the High Specialized Court of Ukraine for Civil and Criminal Cases to aid in the Court's consideration of an appeal against a lower court’s decision regarding the recognition and enforcement of a Grain and Feed Trade Association award of USD 17,536,000 and compound interest.

Clifford Chance has advised Deutsche Bank, ING, Natixis, and UniCredit in their capacity as the coordinating committee for the pre-export finance banks in connection with the successful implementation of a USD 2.3 billion debt restructuring for Metinvest. Ukraine's Redcliffe Partners, working alongside Clifford Chance, provided Ukrainian law advice to the committee. Baker McKenzie and Allen & Overy advised Metinvest on the restructuring.

The year of 2016 was marked by relatively low M&A activity in Ukraine. Although transactions were carried out in almost every industry, their total number turned out to be quite moderate.

The Ukrainian court system saw significant changes in 2016. The first, and probably the most important, was the initiation of judicial reform, which included changes to the Constitution of Ukraine and a truly significant amount of new laws (some of which have already passed through the Parliament, with others still under development). In addition, in 2016, Ukrainian legal community witnessed some unexpected decisions of the Supreme Court of Ukraine affecting the jurisdiction of Ukrainian courts, which contributed to uncertainty in the Ukrainian judiciary.

In The Corner Office, we invite Managing Partners at law firms from across the region to share information about their careers, management styles, and strategies. For this issue, we asked them to describe the first major deal or client matter they generated themselves, and how they did it. 

Avellum has acted as Ukrainian legal counsel to longstanding client Kernel Holding S.A. in connection with an offering of its USD 500 million 8.75% guaranteed notes due 2022. The notes are expected to be rated B+ by Fitch and B by S&P, two notches and one notch above the Ukrainian sovereign respectively.

Avellum has acted as Ukrainian legal counsel to Canada Pension Plan Investment Board (CPPIB) in connection with its acquisition of an approximately 48% stake in GlobalLogic Inc. from Apax Funds. Latham & Watkins acted as the global legal advisor to CPPIB, while Avellum's advice covered matters of Ukrainian corporate law, including the structuring of employment relations with private entrepreneurs, enforceability of non-disclosure clauses in employment contracts, and intellectual property matters, in particular transfer of proprietary rights to intellectual property created by employees of GlobalLogic Ukraine LLC.

In “The Buzz” we interview experts on the legal industry living and working in Central and Eastern Europe to find out what’s happening in the region and what legislative/professional/cultural trends and developments they’re following closely. Because the interviews are carried out and published on the CEE Legal Matters website on a rolling basis, we’ve marked the dates on which the interviews were originally published.

Over the years Ukraine has been known as a country with restrictive currency control regulations. Historically, these have been aimed at limiting the flight of capital out of the country and maintaining the stability of Ukraine’s local currency, the hryvnia (UAH).

On July 26, 2016, a cross-section of eminent lawyers from leading law firms in Ukraine gathered at DLA Piper’s Kyiv office for a wide ranging Round Table conversation about the state of the Ukrainian economy and legal market and their expectations for both going forward.  

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Avellum at a Glance

Avellum is a leading Ukrainian full service law firm with a special focus on finance, M&A, and dispute resolution. Our goal is to be the firm of choice for our clients with respect to their most significant business transactions. We bring the most advanced Western legal techniques and practice, which, coupled with our first-hand knowledge, broad industry experience, and unparalleled level of service, will help our clients achieve best results in their business endeavours. We work seamlessly in integrated teams with premier US, UK and European law firms in course of multijurisdictional transactions. The team consists of 26 highly qualified attorneys, including three partners – Mykola Stetsenko, Glib Bondar, and Dmytro Marchukov, who are actively involved in every transaction. Avellum is recognised as one of the leading law firms in Ukraine by various international legal directories and Ukrainian legal editions (Chambers, Legal500, IFLR1000, Ukrainian Law Firms, and others).

Firm's website: www.avellum.com