Asters has advised the ViDi Group on the restructuring of debt belonging to group companies ViDi Autocity Kiltseva and LLC ViDi Autocity from JSC Oschadbank, implemented in accordance with Ukraine's "On Financial Restructuring" Law.
The VіDі Group is one of the largest car dealers on the Ukrainian market. The company portfolio includes 16 car brands. The VіDі Group also includes companies operating in the insurance, leasing and logistics spheres.
According to Asters, "JSC Oschadbank is a state bank that is the second largest in Ukraine by assets and the biggest by the number of branches among all the Ukrainian banks. The total loan and investment portfolio of the Bank as of August 1, 2017 is UAH 147.6 billion."
"Our firm played an active part in drafting the new Law "On Financial Restructuring" along with the World Bank and the EBRD experts," said Asters Partner Iryna Pokanay. "Finally this work has materialized into the first ever successful financial restructuring involving a state bank. This project is a serious start for subsequent restructurings and marks an opportunity for Ukrainian companies to implement turnarounds and for lenders to increase the efficiency of cooperation with their borrowers."
The Asters team consisted of Partner Iryna Pokanay, Counsel Gabriel Aslanian, and Associates Inna Bondarenko and Oleksandr Khomenko.