White & Case Advises Insurers on Trakcja Group's PLN 1 Billion Restructuring

Global law firm White & Case LLP has advised AXA Ubezpieczenia Towarzystwo Ubezpieczeń i Reasekuracji S.A., 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 existing PLN 1 billion debt of Trakcja S.A. and its extension by a further PLN 100 million. 

White & Case partner Grzegorz Abram, who led the Firm's deal team, said: "This was one of the most complicated restructurings in Poland in recent years, involving an intricate document approval process and more than ten financial institutions." 

Trakcja S.A. is one of the largest companies active in the infrastructure and energy construction sector in Poland. As a result of the restructuring it obtained overall financing of approximately PLN 1.1 billion in the form of various financial instruments including revolving loans, subordinated loans, funds from share capital increases, bank guarantees and insurance guarantees.

The White & Case team in Warsaw which advised on the transaction included partner Grzegorz Abram, and associates Roksana Kałużna-Bałazy and Marlena Skowrońska.

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