EPAM represented the ad hoc committee of bondholders with regard to Russian law matters in the international restructuring of indebtedness of Roust Corporation, one of the world’s leading vodka producers.

The restructuring has become one of the few examples of a financial reorganization of a Russian business performed in accordance with Chapter 11 of the U.S. Bankruptcy Code.  As the result of the reorganization, Roust’s consolidated debt was reduced by approximately USD 462 million, and the Corporation received USD 55 million in the form of equity financing, as well as some strategic assets.  The EPAM team provided legal support to the creditors and took the primary responsibility for negotiation of Russian security documents.  As one of the few examples in the Russian corporate practice, the collateral package included security over “all assets of a pledgor”, a new type of security interest introduced in 2013 by amendments to the Russian Civil Code.

Firm’s team included Partner Dmitry Stepanov, Counsel Alexander Mandzhiev and Pavel Sadovsky, Senior Associate Anton Alekseev, and Associates Teymur Guseynov, Andrey Golovanev and Maria Demina.