Serhiy Chorny

Serhiy Chorny

Baker McKenzie Ukraine B.V.


Serhiy Chorny is a co-managing partner of the Kyiv office of Baker McKenzie and head of the Kyiv office's Banking, Finance and Capital Markets Group. He is highly ranked by leading international and Ukrainian legal directories, including Chambers Global, Chambers Europe, The Legal 500 EMEA and IFLR1000, in various practice areas, including banking and finance, capital markets, structured finance, securitization, restructuring and insolvency, and financial services.

Practice Focus

Serhiy's primary focus vests in cross-border lending, structured finance, securitization, debt capital markets and debt restructuring. His clients include international financial institutions, major international banks and their subsidiaries in Ukraine, Eurobond issuance arrangers, state-owned and privately owned Ukrainian commercial banks, other financial institutions, international payment systems and a broad array of significant and mid-sized Ukrainian borrowers, issuers and security providers. Serhiy has successfully led a number of landmark transactions in the Ukrainian market, including debut Eurobond issuances, pioneering international securitizations and significant debt restructurings.

Representative Legal Matters

  • Advised Bayerische Landesbank in connection with a EUR 180 million syndicated loan facility financing the construction of a 200-megawatt wind power plant in Zaporizhzhia region of Ukraine, with Primorskaya-1 and Primorskaya-2 Wind Electric Power Plants (members of the DTEK Renewables group) as borrowers.
  • Advised the Black Sea Trade and Development Bank (BSTDB) in connection with an up to USD 70 million secured loan to Limited Liability Company Epicentr K and Renvior Trading Limited, and an up to EUR 62 million secured loan to Metinvest group.
  • Advised the European Investment Bank (EIB) on its EUR 220 million credit line to the State Savings Bank of Ukraine (Oschadbank) to finance Oschadbank's lending projects to small and medium-sized enterprises in Ukraine, EUR 136 million credit facility to the National Power Company Ukrenergo and EUR 55 million loan to the Ukrainian State Administration of Railway Transport and related Ukrainian sovereign guarantee.
  • Advised Cargill Financial Services in connection with a series of loans to Ukraine totaling EUR 500 million.
  • Advised on the restructuring of Metinvest's Eurobond and bank debt, including four significant PXF facilities and a number of trade finance facilities, in an aggregate outstanding amount in excess of USD 2.3 billion.
  • Issued an expert opinion on the recognition in Ukraine of the schemes of arrangement sanctioned by the High Court of Justice of England and Wales under Part 26 of the UK Companies Act 2006, to obtain a restructuring of debts of DTEK ENERGY B.V. (the Netherlands), DTEK FINANCE PLC (UK) to certain Notes creditors and bank lender creditors, in the amounts of approximately USD 1.5 billion, USD 352 million, EUR 149 million and CHF 21 million.
  • Acted as counsel to PJSC Obolon, one of the largest breweries in Ukraine and in Europe, in connection with the restructuring and further refinancing of its approximately USD 80 million debt to international and domestic lenders under bilateral secured loan agreements.
  • Acted as Ukrainian law counsel for Aragvi Finance International DAC, member of the Transoil group, in connection with the issuance of up to USD 400 million Notes (Eurobonds) due 2026.
  • Acted for the city of Kyiv in the issuance of USD 300 million, 9.38% loan participation notes due 2016, USD 250 million 8.25 % loan participation notes due 2012, USD 250 million 8% loan participation notes due 2015, USD 200 million 8.63% loan participation notes due 2011 and USD 150 million 8.75% loan participation notes due 2008 — the first ever municipal Eurobond offerings from Ukraine.
  • Acted for Metinvest BV in an update of its USD 1.5 billion guaranteed medium-term note program and issuance of USD 290 million 10.50% notes.

Professional Honors

  • Band 1 lawyer in Banking and Finance: Chambers Global
  • Band 1 lawyer in Banking and Finance, Capital Markets and Restructuring/Insolvency: Chambers Europe
  • Eminent practitioner in Banking and Finance, Capital Markets and Restructuring/Insolvency: Chambers Global and Chambers Europe 2015-2016
  • Leading individual in Banking, Finance: The Legal 500 EMEA
  • Market leader in Banking, Capital Markets (including Structured Finance and Securitization) and Project Finance: IFLR1000 Authority in Banking & Finance, Ukrainian Law Firms: A Handbook for Foreign Clients

Professional Associations and Memberships

  • Ukrainian Bar Association - Member
  • American Chamber of Commerce - Member of Board of Directors


  • Ukraine (1987)


  • University of Essex (LL.M., Distinction) (1994)
  • Institut International des Droits del Homme, Strasbourg (Diploma International & Comparative Law of Human Rights) (1993)
  • Institute of State & Law (Ph.D. Law) (1992)
  • Kyiv State Univeristy (LL.M., Honors) (1987)


  • English
  • Ukrainian
  • Russian