After a delay of more than a year, an act on preventive restructuring (the "Act") implementing the EU directive on preventive restructuring frameworks finally became effective in the Czech Republic on 23 September 2023. The long-awaited Act introduces a brand-new legal tool preventing the insolvency of viable enterprises in temporary financial distress.
Asters Advises Horizon Capital on Miratech Co-Investment with IFC
Asters has advised Horizon Capital on the co-investment with the IFC in Miratech.
Clifford Chance Advises Hillwood on Warehouse Parks Construction Financing
Clifford Chance has advised Hillwood on over EUR 89 million in financing from Bank Pekao for the construction of three warehouse parks in Poland. Reportedly, CMS advised Bank Pekao.
Glatzova & Co Helps SNP Invest Obtain CNB Permission to Operate Investment Fund
Glatzova & Co has advised SNP Invest on obtaining permission from the Czech National Bank to operate as a self-managed investment fund of qualified investors.
Non-Bank Lending in Serbia
September 2023 – According to Article 5 of the Serbian Banking Act (Zakon o bankama), no person other than a bank licensed in Serbia may engage in the granting of loans unless authorised by law. One Serbian law that does allow foreign banks (i.e., banks not established and licensed in Serbia) to provide cross-border loans to Serbian entities is the Serbian Foreign Exchange Act (Zakon o deviznom poslovanju). In particular, Article 18(7) of the Foreign Exchange Act expressly allows Serbian entities to borrow cross-border from foreign banks, which are not required to obtain a banking licence in Serbia for this purpose.
Linklaters and SSW Pragmatic Solutions Advise on USD 5.2 Billion Financing for Baltic Power Offshore Wind Farm
Linklaters has advised a group of commercial lenders, export credit agencies, and multilateral financial institutions on the development and USD 5.2 billion non-recourse green financing for the Baltic Power offshore wind farm. Hogan Lovells advised the borrowers. SSW Pragmatic Solutions advised Baltic Power.
Esin Attorney Partnership Advises Denizbank on USD 109 Million Loan from EBRD
Baker McKenzie’s Turkish affiliate Esin Attorney Partnership has advised Denizbank on its USD 109 million loan from the EBRD. Reportedly, Clifford Chance and its Turkish affiliate Ciftci Attorney Partnership advised the EBRD.