Banking, Finance and Restructuring
Banking and Finance
KLF is traditionally regarded as one of the leading Greek law firm in the field of banking and finance, being present in key as well as complex transactions in all areas of financial law, ranging from the traditional Banking & Finance to Leverage Buy-outs and sovereign and corporate Debt Restructuring.
With a consolidated experience of more than 30 years, we are always committed to offer practical solutions to our clients under the applicable legal framework serving fruitfully their business interests. Our hard work has been consistently recognized by leading international legal reviews. As a result, KLF has been constantly ranked by as a top tier firm in Banking & Finance and has been repeatedly awarded as Greek Law Firm of the Year for the work done this far.
There is no doubt that during the last several years Greek market experienced very challenging times. Despite this difficult macro-economic environment, our Firm found its way through, focusing, among others, on sovereign and corporate debt restructuring, which inevitably boomed during the recent years.
During the recent period various developments occurred which had a material adverse effect on the Greek economy, including the payment default of the Hellenic Republic under its IMF facility, the imposition of restrictions in the free movement of capital in order to protect the banking system, massive withdrawal of deposits from the Greek banks (which brought the situation very close to a bank run), etc. Inevitably the situation triggered a series of refinancing and restructuring transactions. Our firm was privileged with securing mandates mostly on the Banks’ side, but also by debtors.
In particular, however, we are proud because, since the imposition of control measures on Greek credit institutions on the movement of capital in July 2015, we have been advising Bank of America Merrill Lynch on the relevant legal issues as regards the impact of the imposition of capital movement restrictions on: (a) its international operations with Greek counterparties, including in terms of bond trading, etc.; (b) its ongoing relationship with Greek banks (in terms of derivatives’ transactions, etc.) in case of restructuring and resolution of the Greek banks; (c) the operations of BAML’s local branch office in Greece; (d) the process and consequences of restructuring and insolvency of Greek credit institutions.
In parallel, we completed a full review and analysis of the €350bn Greek Government Debt and its cross default and acceleration provisions, including in the light of a potential payment default of the Greek State to the IMF and/or other international lenders, in order for BAML to analyze its exposure to the Greek Government Debt.
Notably, our practice advised the following clients:
● Alpha Bank and Eurobank, on the innovative and ground-breaking transaction with KKR for the creation of a €1.2billion management platform of NPLs in Greece.
● Alpha Bank on the structuring and execution of the largest so far by a Greek bank LME, by inviting for exchange holders of €1.1billion Senior Notes, Subordinated Notes and Hybrids.
● the Creditors on the Euromedica €330mio debt and corporate restructuring, the largest single exposure restructuring transaction in Greece.
● Piraeus Bank on the (aborted) €1.2billion transfer of a distressed and performing loan portfolio to KKR.
● the Creditors of all Greek fish farms in the sole so far attempt to restructure through consolidation by the Greek banks of individual markets segments.
● all Greek systemic Banks in a5-year term secured bond loan, refinancing of €47.5mio of bank debt, issued by Kallimanis S.A.
● Antenna S.A., the operator of one of the leading Greek TV channels, with nation-wide broadcasting license, on its €162mio loan for the purposes of restructuring the whole of its group debt.
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