Ashurst advised Bank of Cyprus in relation to the financial restructuring of the c. €400m indebtedness of Leptos Group, one of Cyprus' biggest real estate and building developers.

The key elements of the agreement included the restructuring of the terms of the group's loans, including through a debt hive-up, and a comprehensive restructuring of the collateral package, accompanied by a corporate reorganisation.

The Ashurst team advising on the matter comprised restructuring partner Olga Galazoula and banking senior associate Callum McPherson, supported by restructuring senior associate Julia Abouaf, banking associates Kathryn Marle, James Riseam and Danielle Kelly. Corporate senior associate Nicola Burke and associate William Slaiding provided advice on the corporate aspects.

Cypriot law advice was provided by Tassos Papadopoulos & Associates LLC and Greek law advice was provided by Zepos & Yannopoulos (Athina Skolarikou (corporate restructuring) and Sonia Melegou (real estate)).