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RUSSIAN STANDARD: an English restructuring solution to a Russian regulatory capital issue

RUSSIAN STANDARD: an English restructuring solution to a Russian regulatory capital issue

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In October 2015, Russian Standard Bank effected a consensual recapitalisation via an English a scheme of arrangement. A&O’s London, Luxembourg and Moscow offices acted for the Luxembourg incorporated debtor proposing the scheme in respect of two series of notes with a face value of US$550m. Faced with a full write-down of their notes, the scheme proposal saw noteholders (with no prior consultation) offered cash and new notes amounting to a partial prepayment and quasi-equitisation of their claims against the company in exchange for their US$550m claims.

Key Jurisdictions: UK, Luxembourg, Russia

Key features: Scheme of Arrangement, Regulatory Capital, Recapitalisation

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