Ashurst advised Bank of Cyprus on the successful restructuring of €300m of debts owed by the Louis Group which owns and operates hotels in Cyprus and Greece. The deal was the culmination of more than two years of negotiation between six Cypriot banks, fifty-two companies in the Group (including one company that is listed on the Nicosia Stock Exchange) and other stakeholders. It is understood that this multi-bank approach based on complex, syndicate-style documentation is the first of its kind in Cyprus.

The Ashurst team in London comprised Olga Galazoula, Dan Hamilton, Nicholas Walker, Carly Gilligan-Martyn, Mesha Ghazaleh and Louise Johnson.