Cyprus: Restructuring Agreement For CHAPO Group
Last Updated: 21 March 2016

In March 2015 we were appointed to assist with the restructuring of Charilaos Apostolides Public Limited (CHAPO), one of Cyprus's largest construction groups.

Originally established in 1949, CHAPO has subsidiaries and associated companies in Cyprus and across the Middle East, and boasts a comprehensive portfolio of successfully completed projects in the Middle East, Europe, Africa and the USA, as well as in Cyprus itself. These include hotels, shopping malls, factories, military facilities, hospitals, mosques and exhibition centres as well as major civil engineering projects such as roads and bridges.

A multi-disciplinary team of restructuring specialists from our firm, including both lawyers and accountants, has worked alongside the company's management to restructure the business and its financial obligations, including amounts due to banks and to suppliers.

On 8 March 2016 a significant milestone in the restructuring was achieved, when the group announced the signing of its restructuring agreement with Bank of Cyprus. We will continue to support management in their continued endeavours to rehabilitate the group for the benefit of its investors, shareholders and creditors.

Commenting on the announcement of the restructuring agreement Andreas Neocleous said, "We congratulate CHAPO group and Bank of Cyprus on their agreement. Restructuring of debt and preservation of viable businesses is crucial to the rehabilitation of the Cyprus economy and we are proud to have played a part in this very significant achievement by the company and the bank".

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