Ashurst advised longstanding client Bank of Cyprus on the multimillion euro refinancing and restructuring of the Nicosia Mall development located in Nicosia, Cyprus.

The key components of the restructuring involved a reorganisation of the corporate structure with Bank of Cyprus becoming a shareholder in the parent company, NCMH Nicosia Mall Holdings Ltd, and a comprehensive restructuring of the debt facilities provided by Bank of Cyprus to assist in the development of the Mall together with a reorganisation of the accompanying collateral package.

The Ashurst team comprised restructuring partner Olga Galazoula, banking partner Callum McPherson, corporate partner James Fletcher, assisted by restructuring associate Maria Staiano-Kolaitis, banking senior associate James Riseam and banking associates Danielle Kelly and Sarah Curry, corporate senior associate Themo Georgiou and corporate associates Caroline Johansen and Sara Hamzawi.

Cypriot legal advice was provided by Papadopoulos Lycourgos & Co LLC.