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DTEK Scheme Sanctioned on the Basis of a Change of Governing Law of New York Law Bonds

DTEK, the Ukraine's largest privately owned energy group, has joined a growing number of foreign issuers who have turned to the UK in order to restructure their high yield bonds.

Following closely in the footsteps of APCOA, DTEK has set a new precedent by changing the governing law of its New York law governed bonds, issued in the European high yield market, to English law in order to avail itself of the flexibility of a scheme of arrangement. This has once again opened up a new avenue for foreign companies looking to use schemes of arrangement and reaffirmed why schemes are the international restructuring tool of choice.

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