Hillmont Partners and Astraea Group advise Tristan Oil Limited on US$ 810 million restructure to continue enforcement against the Republic of Kazakhstan
Hillmont Partners and Astraea Group acted as Global Counsel to Tristan Oil Limited (“Tristan”) for the restructure of US$ 810 million of obligations. The restructure involved a Scheme of Arrangement sanctioned by an order of the British Virgin Islands court on 1 November 2023. Shortly following the BVI order, Tristan filed a petition with the United States Bankruptcy Court for the Southern District of New York (the “SDNY Bankruptcy Court”) seeking entry of an order giving full force and effect to the Scheme within the territorial jurisdiction of the United States. This order was granted on 12 December 2023 despite a last-minute objection filed by the Republic of Kazakhstan (“Kazakhstan”).
As a result of the restructure, long term funding was secured to enable Anatolie Stati, the owner of Tristan, and certain other parties (together, the ”Stati Parties”), as well as Tristan’s international bondholders to continue enforcement of a US$ 576 million Stockholm Chamber of Commerce arbitral award against Kazakhstan.
Managing Partner James Hart and Senior Associate Iryna Nahorniak led the matter on behalf of Hillmont. Partners James Ramsden KC and Robert Bedford and Consultant Stephen Phillips led for Astraea Group. Hillmont Partners and Astraea Group also act as Global Counsel to the Stati Parties in their enforcement actions.
Tristan’s advisors in relation to the restructure also include Walkers in the British Virgin Islands and Klestadt Winters Jureller Southard & Stevens, LLP in New York.
