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NSTLaw and BDO Advise on Restructuring of RTB Bor Group

NSTLAW and BDO Advise on Restructuring of RTB Bor Group

Serbia
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NSTLaw and BDO have advised Copper Mining and Smelting Complex Bor (the "RTB Bor Group") on the largest pre-packaged restructuring plan in Serbian history. According to NSTLaw, the commercial court in Zajecar, Serbia, adopted the PPRP involving the four companies of RTB Bor, with a value of restructured debt exceeding EUR 1.2 billion.

NSTLaw reports that the restructuring "represents the largest financial restructuring in bankruptcy in Serbia ever.” According to the firm, “the adopted plan is particularly important considering the fact that RTB Group is a company of strategic importance for the Republic of Serbia."

Creditors in all creditor classes voted to accept the plan with a majority of 70% to 100% of votes in each class, with the following consequences: (1) A write-off of 90% of unsecured claims; (2) A rescheduled debt repayment; (3) debt-to-equity swap for secured creditors, which will result in the RTB Group having a clear ownership structure; (4) merger of all four companies with the goal of establishing one integrated system; and (5) the possibility for further development of production and development of new mines with different investment structures.

Finally, according to NSTLaw, "this way, after several decades, the RTB Group has successfully solved its debt burden issues and created an opportunity for further development, which is important not only for the development of the RTB Group, but also for the region where the group is located, and [for the] development of the Republic of Serbia as a whole."

NSTLaw and BDO advised the RTB Group on preparation of the plan, negotiations with creditors, and obtaining of required permits and approvals, and represented it before the Commercial Court, among other things.

Serbia Knowledge Partner

SOG in cooperation with Kinstellar is a full-service business law firm in Serbia that provides foreign and domestic clients with premium-quality legal advice and assistance across a wide range of key areas of corporate law. The firm was founded in 2015 by a group of seasoned, internationally-trained lawyers. SOG has developed a distinctively dynamic culture, bringing together top talent, fostering entrepreneurship, and maintaining exceptional relationships with its clients.

SOG has achieved consistent growth in the volume of its business, accompanied by an exponential increase in the number of hired associate lawyers and the firm’s network of business contacts. SOG has a robust client base of multinationals, investment and private equity firms, and financial institutions. Clients praise SOG for being commercially minded, very responsive and knowledgeable.

Establishing permanent cooperation with Kinstellar is part of realising SOG's long-term development strategy to be the leading provider of legal services in the Western Balkans market.

Firm's website: https://www.kinstellar.com/

 

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