Restructuring of the debt of OT Logistics Group
27.04.2023
Between 2018 and 2023 we advised on the comprehensive restructuring of the debt of the OT Logistics group as legal advisers to the majority of series H bondholders, pension funds managed by Allianz and Generali (formerly Metlife). At the end of March 2023 the last financial creditors were satisfied and OT Logistics had paid down its entire debt.
The transaction is an example of a successful, consensual, out-of-court restructuring with full satisfaction of all financial creditors.
The restructuring was exceptionally complex in terms of the intercreditor relations, intragroup affiliations, and investment partners.
The transaction showed that it is possible to conduct a total redemption of bonds in a restructuring situation, and that effective management of the portfolio and the determination of the funds managing the portfolio of assets can achieve results in recovering receivables. The transaction is also highly significant in terms of confidence in the Polish capital market, particularly in the context of open pension funds.
Coordination and cooperation with the security agents, who were not affiliated in any way with the bondholders, was also vital to the process.