Greece Details Payments to Advisers Used in Debt Restructuring
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Greece’s Finance Ministry detailed almost 40 million euros ($53 million) of fees to be paid to lawyers, advisers and agents hired for the largest sovereign restructuring in history.
Payments to Lazard Ltd., which acted as financial adviser to the transaction, are capped at 25 million euros, while Cleary Gottlieb Steen & Hamilton, the law firm acting on the agreement, has so far received 6.5 million euros, the ministry said in an e-mailed statement late yesterday. As much as 4 million euros will be paid to the closing agents on the transactions, which the Feb. 24 public offer document for the swap identified as Deutsche Bank AG and HSBC Holdings Plc.