MTC Advises NBP On Landmark PKR 43.822 Billion Debt Restructuring

Mohsin Tayebaly & Co. acted as transaction legal counsel with respect to the finance facility in the aggregate amount of up to PKR 43,822,496,325/- (Pak Rupees Forty Three Billion Eight Hundred Twenty Two Million Four Hundred Ninety Six Thousand Three Hundred Twenty Five), being availed by PIA Investments Limited (a company registered under the laws of the British Virgin Islands) from National Bank of Pakistan (NBP).

The facility is intended to be utilized for the purposes of funding the repayment and settlement of certain USD-denominated liabilities owed to NBP’s Export Processing Zone branch by RHC Operating LLC (a company incorporated under the laws of the State of Delaware, United States of America).

This unique transaction included various first-of-its-kind features and is expected to be a significant step in solving Pakistan’s sovereign debt crisis as a whole, reducing the government entities’ FCY-denominated debts and towards eventually facilitating the privatization of the Roosevelt Hotel as the mortgage over the same is intended to be released as part of the transaction terms.

We are truly grateful to NBP for trusting us to deliver on this complex and extremely time-sensitive mandate.

The Firm’s scope of work included full scope financier-side advisory.

MTC’s team in this matter was led by Mehreen Manto (Partner) and included Kamil Tayebaly (Senior Associate), Yawar Burki (Associate) and Zain Ansari (Associate).