Shearman & Sterling advised Alpha Bank and Eurobank on the agreement they have reached with KKR Credit in which the banks agree to assign the management of certain exposures to a selected number of Greek companies into a platform managed by Pillarstone. 

The platform will provide fresh long-term capital and operational expertise to large Greek corporate borrowers helping them stabilize, recover and grow for the benefit of all stakeholders. The Greek banks will share in the upside as the businesses’ performance recovers. 

Subject to final board approval, the European Bank for Reconstruction and Development (EBRD) is considering co-investing in partnership with KKR and the banks. 

The Shearman & Sterling team was led by finance partner James Duncan and finance associate David Shennan. Finance partner Mei Lian also advised on the transaction. Tax advice was provided by partner Simon Letherman and associate Gabriel Ng. Partner Stephen Mavroghenis and associate Marixenia Davilla advised on European competition aspects. 

Shearman & Sterling has represented the issuers or the underwriters in most of the international and cross-border equity and debt offerings by Greek issuers. Recently, the firm advised Eurobank on its acquisition of Alpha Bank Bulgaria, its sale of 80 percent of Eurolife Holdings to Fairfax, and its €2.864 billion capital increase.