Description | Represented the deal managers in the restructuring of Piraeus Bank during the 2015 Greek banking crisis. Faced with the challenge of persuading bondholders to swap their debt for equity in a difficult market, they had to move fast. Because some bonds were held by public investors, any new offer had to be accompanied by an approved prospectus that would take weeks to prepare. Lawyers created a new holding instrument to allow bonds to be traded for the right to receive cash or equity once the prospectus had been prepared, leading to a successful recapitalisation. Commended: Stephen Miller and Tom Grant. |