Russian debt: new challenges and restructuring opportunities

Past Event - Video Available | October.02.2014 | 8am - 10am (GMT Standard Time)

Orrick London Office

All eyes are now on Russia following the recent imposition of US and European sanctions. What impact will this have on Russia? Are there opportunities in this new environment

During our upcoming breakfast briefing we intend to discuss the nature of the sanctions and the ramifications for the Russian debt markets. Many are forecasting an uptick in corporate restructurings over the next 18 months and the panel will provide an analysis of restructuring solutions for borrowers, sponsors and providers of Russian debt.

Our panel will be chaired by European Restructuring co-head Stephen Phillips and will include Moscow based representatives from Alvarez & Marsal, senior partners from our Russian practice and a senior partner from our sanctions and compliance team.


  • Alexei Evgenev - Managing Director, Alvarez & Marsal 
  • Harry Clark - Partner, International Trade & Compliance, Orrick – Washington, D.C. 
  • Konstantin Kroll - Partner, M&A and Private Equity, Orrick – Moscow 


Download presentation slides (PDF)

CLE Credits Available: N



  • Restructuring
  • Finance

Stephen Phillips Partner Restructuring, Finance


Stephen is Co-head of Orrick's European Restructuring team, and brings significant experience in advising banks, bondholders and corporate groups on restructuring and banking matters.

Praised for his ‘pragmatic and clear advice’ by Legal 500 UK, Stephen's practice focuses on advising alternative credit providers, hedge funds and the special situation arms of investment banks. He and the team are well-placed to handle cross-border mandates as a result of Orrick's extensive European, Asian and US network of offices.

Clients describe Stephen as ‘very savvy from a commercial point of view. He understands what goals we are trying to achieve and finds a legal way to get us there’

Stephen has authored and published several articles in market leading business sector titles and is regularly quoted in national and sector press.

Having begun his career in Asia advising creditors affected by the Asia Currency Crisis, he returned to London to advise bondholder committees on High Yield / Fallen Angel bond restructurings in the early to mid-2000s.

During the global financial crisis Stephen’s experience focused on leverage finance restructurings and bank restructurings.  

Stephen’s principal recent engagements include advising the Ocean Rig group in its restructuring of USD 4bn debt through a Cayman scheme of arrangement, the special committee of the board of Seadrill Partners (SDLP) in respect of a transaction which insulated SDLP from the restructuring efforts of its parent company, Seadrill Limited, and the trustee of the High Yield Bonds of Pages Jaunes which was connected to the restructuring of the indebtedness of the Solocal group. In 2017 Stephen advised the trustee of the bonds of Edcon in its restructuring, a deal which American Lawyer awarded the Global Restructuring Deal of 2017.



  • International Trade & Compliance
  • M&A and Private Equity

Harry Clark Partner International Trade & Compliance, M&A and Private Equity

Washington, D.C.

Harry Clark is Chair of Orrick’s International Trade & Compliance Group. He advises major companies and industry associations on a variety of international trade and investment rules.

Harry has deep experience in areas such as CFIUS/Exon-Florio examinations of foreign investment, military and “dual use” export control regulations (ITAR/EAR), economic sanctions administered by the U.S. Treasury Department (OFAC), customs regulations, the Foreign Corrupt Practices Act, anti-money laundering rules, anti-boycott requirements and defense industrial security requirements. He executes internal corporate investigations regarding trade and investment rules and advises on such rules in the context of corporate transactions.

Additionally, Harry has extensive experience with government contracting matters. His government contracting work has included, for example, design and implementation of U.S. Defense Department renewable energy projects. He also represents broad industry coalitions on major trade litigations and international negotiations. His experience in these areas includes a leading role in what is often considered the largest-ever international trade dispute: the controversy regarding unfair softwood lumber imports from Canada. It has involved myriad administrative proceedings before federal agencies, NAFTA panel appeals, WTO dispute proceedings, judicial proceedings and international settlement agreements.

Harry has represented a coalition of major U.S. oil companies in antidumping and countervailing duty litigation. As a related matter, he pursues policy issues with congressional and executive branch officials and advises on international trade rules (e.g., GATT, WTO agreements and NAFTA).

Chambers Global recognizes Harry as a leader in the field of international trade law and has recognized Harry with special distinction regarding the Foreign Corrupt Practices Act.



  • M&A and Private Equity
  • Capital Markets
  • Russia
  • Emerging Markets
  • United Kingdom
  • Oil & Gas
  • Distressed Assets & Alternative Investments
  • Restructuring
  • Derivatives
  • Structured Finance
  • Antitrust & Competition

Konstantin Kroll Partner M&A and Private Equity, Capital Markets


Konstantin Kroll is a leading M&A and capital markets (debt and equity) expert, recognised on numerous occasions by Legal 500, IFLR, Chambers and Best Lawyers. Dual qualified in Russia and England and Wales, he has over 20 years of experience advising corporate clients and financial institutions on complex cross-border transactions in Russia and the broader region of the former USSR. Konstantin is the Head of Russia & CIS Desk in Orrick London office.

Konstantin’s practice concentrates on M&A, joint ventures, debt and equity capital markets transactions, structured finance and derivatives. He also has significant experience in project finance, bankruptcies and restructurings. Konstantin has advised clients on some of the largest M&A transactions in the energy, manufacturing, consumer and banking sectors in the Russian market.

Konstantin is an accredited arbitrator at the Russian Arbitration Center at the Russian Institute of Modern Arbitration (RIMA).

Most recently he has represented Zarubezhneft, a major Russian state owned oil and gas company, in connection with the acquisition of a stake in the Kharyaga Production Sharing Agreement (one of only three of a kind in Russia) and the transfer of operatorship from Total.

Prior to joining Orrick, Konstantin was a partner at Jones Day and before that at Allen & Overy where he led the firm’s debt capital markets and derivatives practices in Russia.