Dewey & LeBoeuf has represented a creditors group, consisting of over 20 international and Polish banks, on the successful conclusion of a PLN 2 billion (US$634 million) debt restructuring for Polish steel company, Celsa Huta Ostrowiec (Celsa).

Celsa is owned by Spain’s Celsa Group and is one of the largest rolled and forged steel producers in Poland. The restructuring agreement has extended the term of Celsa’s debt to 2017, with the European Bank for Reconstruction and Development (EBRD) providing €35 million of additional working capital.

Bruce Johnston, Chair of the Banking & Institutional Finance Group, commented: “This has been a highly complex restructuring process, with the creditor group aiming to maintain Celsa’s short term solvency, whilst restructuring all of its mid- to long-term debt. Our London and Warsaw team has provided regular strategic advice to the group on different refinancing strategies and security sharing arrangements, amongst other issues.”

The members of the creditors group are: Unicredit Bank AG, London Branch (as Agent and Security Agent); Unicredit S.P.A. (as RM2 Security Agent); Sace S.P.A.; Bre Bank S.A.; BNP Paribas S.A.; Bank Polska Kasa Opieki S.A.; Raiffeisen Bank Polska S.A.; Kredyt Bank S.A.; Deutsche Bank Polska S.A.; HSBC Bank Polska S.A.; Bank Gospodarki Zywnościowej S.A.; DZ Bank Polska S.A.; Powszechna Kasa Oszczędności Bank Polski S.A.; Caixabank, S.A.; (Spółka Akcyjna) Oddział W Polsce; Nordea Bank Polska S.A.; Bank Millennium S.A.; Unicredit S.P.A.; EBRD; Sumitomo Mitsui Banking Corporation Europe Ltd; Banco Santander, S.A.; Credit Agricole Corporate & Investment Bank S.A.; BNP Paribas Bank Polska S.A.; and Bank DNB Nord Polska S.A.

The Dewey & LeBoeuf team was led by Mr. Johnston and partner Andrzej Wysokiński, with support from associates Paul Denham, Helena Guidolin and Alan Wahid in London. In Warsaw, the team also consisted of local partner Michał Bień and associates Magdalena Bachleda-Księdzularz and Michał Kulig. Further support was provided by partner Margaret Civetta and local partner Teresa Zueco in the Madrid office and associate Friederike Froehlich in the Frankfurt office. Robert Finney and Neelanjana Atreya advised Unicredit as security agent.

Dewey & LeBoeuf advised the creditors group alongside PriceWaterhouseCoopers.