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Simpson Thacher recently represented J.P. Morgan Europe Limited in connection with the restructuring of the final portion of the London Club debt of the former Socialist Federative Republic of Yugoslavia ("SFRY"), resulting in the issuance by the Republic of Serbia of U.S.$1.2 billion bonds due in 2024. Over the last 12 years, the successor Republics of the SFRY have worked with the London Club to refinance their portions of the SFRY debt. In July 2004, the International Coordinating Committee (the "ICC"), representing the creditors under the London Club debt, and the Republic of Serbia announced their agreement to restructure the portion of the SFRY debt applicable to the State Union of Serbia and Montenegro. The 2024 bonds will bear interest at a rate of 3.75% until November 2009, and thereafter at a rate of 6.75%.

J.P. Morgan Europe Limited served as Chairman of the ICC and as Exchange Agent for the debt exchange offer. J.P. Morgan Europe Limited, and its predecessors, also served as Agent under the original debt agreements with SFRY.

The Simpson Thacher team included Frank Huck, Vanessa Coke Cohen, Jaime Mercado and former associate, Jeff Lawlis.