Skadden is advising the Austrian province of Carinthia and Kaerntner Ausgleichszahlungs-Fonds (K-AF), a special purpose vehicle set up by the province, in connection with the landmark debt restructuring of HETA Asset Resolution AG (HETA). This is one of the largest capital markets debt restructurings in Europe in recent history and the first time a European AAA or AA+ sovereign or sub-sovereign entity has undergone a debt reduction process. The HETA restructuring is also the first-ever application of the EU's Bank Recovery and Resolution Directive (BRRD) and in effect limits the remaining exposure of the province of Carinthia to an aggregate of €1.2 billion (the statutory limitation of the underlying guarantee obligations).

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