In November 2015, PrivatBank, Ukraine's largest bank, successfully completed the restructuring of its public debt and extended the maturity dates of its Subordinated Debt to February 2021. PrivatBank is the only Ukrainian bank that has successfully restructured its external indebtedness via a Scheme of Arrangement sanctioned by the English court. At a meeting of its creditors in London, PrivatBank's Scheme of Arrangement (the implementation tool for the restructuring) received the overwhelming backing of 99% of the participating creditors. Alain Checri, Managing Director, Head of Emerging Markets DCM, Commerzbank said, "This challenging debt re-profiling for PrivatBank has to be seen in the context of the difficulties still facing Ukraine and with its banking sector in particular. It is a remarkable achievement for the largest commercial bank in Ukraine to have concluded this process, using a combination of restructuring tools such as consent solicitation and the Ukraine's first scheme of arrangement sanctioned by the English courts."
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