Clifford Chance represented the bondholders of Elektrim S.A. (EUR 500 m eurobonds) in Poland in a prominent dispute before the commercial, bankruptcy and arbitration courts. The case was closely related to the end of the dispute concerning ownership of shares in Polska Telefonia Cyfrowa, between Elektrim, Vivendi and Deutsche Telekom.

As a result of the end to the 11-year battle, on 15 January 2011 a settlement was concluded between all the parties to the dispute, following which all Elektrim’s creditors – including the bondholders – were repaid and Elektrim rejoined the ranks of solvent enterprises.

Bartosz Krużewski, the partner who heads the litigation and dispute department of Clifford Chance’s Warsaw office and who represented Elektrim’s bondholders, said “It was one of the most interesting and challenging cases my team and I have ever handled. The myriad of disputes interspersed with the restructuring of Elektrim’s debt were conducted before courts of various instances in Poland and Europe.”