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White & Case Advises Insurers on Restructuring of Trakcja PRKiI

Global law firm White & Case LLP has advised AXA Ubezpieczenia Towarzystwo Ubezpieczeń i Reasekuracji S.A., Credendo – Excess & Surety Societe Anonyme operating in Poland through Credendo – Excess & Surety Spółka Akcyjna Branch in Poland, Generali Towarzystwo Ubezpieczeń S.A., Korporacja Ubezpieczeń Kredytów Eksportowych S.A., Sopockie Towarzystwo Ubezpieczeń Ergo Hestia S.A., Powszechny Zakład Ubezpieczeń S.A. and Uniqua Towarzystwo Ubezpieczeń S.A. on the restructuring of the financial debt of Trakcja PRKiI S.A. and its subsidiaries.

As a result of the restructuring, Trakcja PRKiI S.A. obtained overall financing of around PLN 1.2 billion in the form of various financial instruments including revolving loans, subordinated loans, funds from share capital increases, bank guarantees and insurance guarantees.

"This is one of the most complicated restructurings in Poland in recent years," said White & Case partner Tomasz Ostrowski. "The document approval process took more than six months and involved more than ten financial institutions. The documentation is governed by Polish law, but the transaction also includes important elements of English and Lithuanian law."

The White & Case team in Warsaw which advised on the transaction included partner Tomasz Ostrowski and local partner Aneta Urban.

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