Aequo law firm advised Portigon AG (Dusseldorf, Germany), UniCredit Bank Czech Republic and Slovakia, a.s. (Prague, the Czech Republic) and other lenders on the restructuring of the multi-million loan facilities granted to the major Ukrainian automotive industry company, the firm has said on its website.

Aequo advised the lenders on potential enforcement procedures, in Ukraine and abroad, negotiated the revised repayment terms, drafted the restructuring documentation as well as controlled fulfillment of conditions precedent to the restructuring transaction.

Upon completion of the transaction Aequo issued a legal opinion in favor of the lenders.

"This was a complex and challenging restructuring, involving multiple parties from both sides and long-lasting negotiations," Partner and head of Banking & Finance Yulia Kyrpa said.

Allen & Overy advised on all aspects arising out of English, German and Czech Republic law elements of the restructuring.

Aequo did not disclose the name of the company.

According to Interfax-Ukraine's information, the company is an official manufacturer of Skoda cars in Ukraine – Eurocar.

As reported, in 2009, Germany's WestLB AG bank (now Portigon AG) organized a loan of EUR 52.4 million ($74.5 million) for the period of 12 year to Eurocar to implement a new stage of the project to produce cars of Volkswagen Group in Ukraine.

The funds were raised to buy equipment for painting and welding lines being created on the basis of CJSC Eurocar (Solomonovo, Zakarpattia region).

The lines were built in 2009 and by the end of 2010 the company intended to start manufacturing cars. However, the Ukrainian car market dropped a lot. The company froze the launch of the full-scale production.