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Know Your Lawyer: Olexiy Soshenko of Redcliffe Partners

Know Your Lawyer: Olexiy Soshenko of Redcliffe Partners

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An in-depth look at Olexiy Soshenko of Redcliffe Partners covering his career path, education, and top projects as a lawyer as well as a few insights about him as a manager at work and as a person outside the office.

Career:

  • Redcliffe Partners, Managing Partner, 2015-Present
  • Clifford Chance, Counsel and Head of Banking & Finance in Ukraine, 2008-2015
  • CMS Cameron McKenna, Associate, 2007-2008
  • Chadbourne & Parke, Associate, 2004-2007
  • Altheimer & Gray, Associate, 1998-2004

Education:

  • University of Minnesota Law School, LLM, 1997
  • National ‘Jaroslav the Wise’ Law Academy of Ukraine, Degree in Law, 1996

Favorites:

Favorite out of office activity: Swimming, Gardening, Cider making

Favorite quote: “If I got rid of my demons, I’d lose my angels.” – Tennessee Williams

Favorite book: Three Comrades by Erich Maria Remarque

Favorite movie: The Big Short

Top 5 Projects:

  • Advising a syndicate of European banks, led by ING and UniCredit, in a debt restructuring of up to USD 850 million loan portfolio of Donetsksteel Group, which lasted from 2008 to 2011, and followed by an up to USD 500 million refinancing of some of the existing debt of the Donetsksteel Group;
  • Advising J.P. Morgan Securities Plc (debt coordinator), EBRD, NEFCO, BSTDB, Proparco, Finnfund, IFU, FMO, and Green for Growth Fund in connection with an EUR 262 million secured term loan to Ukrainian project company Syvashenergoprom to fund the construction of a 250-megawatt wind power plant near Syvash Lake;
  • Advising EBRD in connection with a 30% equity investment in JSC Raiffeisen Bank Aval;
  • Advising IFC and EBRD on a USD 74 million senior secured loan to MV Cargo LLC for the greenfield development of an oil and vegetable terminal in Yuzhny seaport in Ukraine;
  • Assisting EBRD on financings of up to USD 150 million to Gastransit to finance the construction of a gas compressor station and then the expenditure of 70 km of parallel pipelines in the south-western part of Ukraine.

What would you say was the most challenging project you ever worked on and why?

Soshenko: I would single out the first big corporate debt restructuring in Ukraine, i.e., the restructuring of the Donetsksteel group, which resulted from the global financial crisis of 2008. There were a number of difficult elements, which made that transaction rather complex and challenging, but at the same time rewarding once the deal was closed. The difficult bits were a long line of different creditors, such as Western banks, local banks, Russian banks, trade creditors, etc., some willing to cooperate, some being rather aggressive. The majority of creditors were foreign banks and they wanted to do a classic debt restructuring under English law, introducing such instruments as standstill and override agreements, cash pooling, etc., most of which were not heard of in Ukraine. On top of that, we had very rigid currency control regulations, which made it even more difficult to put everything together. 

And what was your main takeaway from it?

Soshenko: The main takeaway is there are no impossible things. You just need to understand the client’s needs and adapt them to the local realities.   

What is one thing clients likely don’t know about you?

Soshenko: When I was seven, I was going in a new Soviet trolley bus on one of the largest avenues in my native town, Kharkiv, in eastern Ukraine. The avenue was full of lights and illumination, and I looked at all that and thought: “What would we do if there were no Grandpa Lenin?”

Name one mentor who played a big role in your career and how they impacted you.

Soshenko: There were two of them playing an equal role in my professional development. These are Volodymyr Baibarza and Adam Mycyk. We worked together first at Altheimer & Gray and then at Chadbourne & Parke. Volodymyr Baibarza is one of the first recognized practitioners in independent Ukraine, who focused on international private law. Adam Mycyk is an American lawyer of Ukrainian descent. Having practiced law in Ukraine for around 25 years, I would say that Adam knows Ukrainian law better than many Ukrainian lawyers. So, I learned a lot both from Volodymyr, as a Ukrainian senior lawyer, and from Adam, as an American lawyer.

Name one mentee you are particularly proud of.

Soshenko: I am particularly proud of Olesya Mykhailenko, who joined our team as a paralegal and was promoted to counsel this year. Olesya is focusing on general banking, fintech, financial regulatory, and derivatives. She is a great professional, intelligent, hard-working, focused, and active. Olesya is a great example and a perfect role model for juniors.

What is the one piece off advice you’d give yourself fresh out of law school?

Soshenko: I would quote here Ralph Waldo Emerson: “Always do what you are afraid to do.” I’ve been always keen and happy to face challenges and that always secured further success, but with this advice perhaps I would be even further on the edge of excitement, or maybe not.

This article was written before the advent of the war in Ukraine and was originally published in Issue 9.2 of the CEE Legal Matters Magazine on March 1, 2022. More current articles on developments in Ukraine can be found in our #StandWithUkraine section. If you would like to receive a hard copy of the magazine, you can subscribe here.

Ukraine Knowledge Partner

AVELLUM is a leading Ukrainian full service law firm with a key focus on Finance, Corporate, Dispute Resolution, Tax, and Antitrust.

Our aim is to be the firm of choice for large businesses and financial institutions in respect of their most important and challenging transactions.

We build lasting relationships with our clients and make them feel secure in new uncertain economic and legal realities.

We incorporate the most advanced Western legal techniques and practices into our work. By adding our first-hand knowledge, broad industry experience, and unparalleled level of service we deliver the best results to our clients in their business endeavours. Our partners are taking an active role in every transaction and ensure smooth teamwork.

AVELLUM is recognised as one of the leading law firms in Ukraine by various international and Ukrainian legal editions (Chambers, The Legal500, IFLR1000, The Ukrainian Law Firms, and others).

Firm's website: www.avellum.com

 

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