Dentons has represented a pool of leading international financial institutions including the Asian Development Bank, European Investment Bank, International Finance Corp, and responsAbility Investments AG.as creditors to Azerbaijan's AccessBank, on the successful debt restructuring and recapitalization of the bank.
According to Dentons, the deal, which is valued at over USD 100 million, "represents the second largest recapitalization and restructuring in the history of the Azerbaijani financial sector."
Dentons advised the lenders’ steering committee on English and Azerbaijani law. According to the firm, "the legal team negotiated with the bank and its shareholders, prepared an innovative restructuring and recapitalization plan, and obtained all required regulatory approvals from the Financial Market Supervisory Authority of the Republic of Azerbaijan," and "the team also drafted and negotiated all underlying agreements and implemented all aspects of this complex restructuring."
Dentons reports that "the need for the transaction arose out of the financial crisis, which followed a sharp drop in oil prices and double devaluation of the Manat, forcing many financial institutions in Azerbaijan to restructure their foreign debt obligations and recapitalize."
Dentons’ core project team was led by Partner Timothy Stubbs in Moscow and included Counsel Dennis Montgomery in Moscow, as well as Counsel Ulvia Zeynalova-Bockin and Partners James Hogan and Kamal Mammadzada in Baku.