In August 2014, one of the largest agro-holdings in Ukraine suddenly defaulted on its bonds, which followed years of apparent financial strength and robust performance. Argentem Creek recognized that the company’s assets had significant intrinsic business value, were uniquely strategic and sizable for any potential agricultural market entrants. On this basis, we led the restructuring of its +$1 Billion debt and the eventual sale to a Middle Eastern buyer. In the process, we helped save 1,500 rural Ukrainian jobs.

Our deep understanding of the true potential of the company’s assets, coupled with our networks within Ukrainian business and government circles, enabled us to move forward with this carefully considered and unique investment opportunity.

Over a three-year period, Argentem Creek worked closely with the company’s new management to create a transparent agribusiness, managed to the highest Western standards of corporate governance. In 2019, Argentem Creek exited the investment when the company was sold to a strategic investor.

Not only did we exit with superior returns, but we also set legal precedents in Ukraine by being among the first group of external bondholders to take control of a Ukrainian corporate after a default.