CMS is reporting that, based on an amicable agreement with the majority shareholder of NV, which CMS advised, Uniqa and Raiffeisen-Holding NO-Wien have sold back their minority stakes in NV. Following the redemption of their shares, Uniqa and Raiffeisen-Holding NO-Wien are no longer shareholders of NV.
Schoenherr is reporting that on Friday, September 2, 2016, the Austrian Finance Minister gave the green light to finance a public offer by Karntner Ausgleichszahlungs-Fonds (KAF) to HETA creditors pursuant to § 2a of the Austrian Financial Market Stability Act. Wolf Theiss advised a number of international creditors, while many banks were advised on Austrian law and internationally by Linklaters.
According to Leonid Zubarev, Senior Partner at CMS, Russia, the economy in Russia continues to suffer from the wave of sanctions imposed on the country by the West in 2014 — an effect only exacerbated by the simultaneously plummeting price of oil and depreciation of the ruble. As a result, he reports, “clients are thinking twice,” and international law firms in Moscow are "fiercely competing" for work. The problem is especially potent, he believes, for firms without diverse practices, while those with the capacity to refocus on bankruptcy, restructuring, and other contentious practices are in a bit better position.
CMS Cameron McKenna in Kyiv has announced that it advised PJSC Alfa-Bank (Ukraine) on the restructuring of a multimillion dollar financing of PJSC Toronto-Kyiv, which owns and operates a mixed-use real estate property called the Toronto-Kyiv Complex, located in downtown Kyiv. Alfa-Bank Ukraine acquired the original loan from Bank of Cyprus in the course of its exit from the Ukrainian market.
CMS has advised MOL Plc. (“MOL”), the integrated international oil and gas company headquartered in Budapest, on a EUR 615 million revolving credit facility provided by a group of ten banks. Dentons advised the banks on the facility, which was coordinated by BNP Paribas and Erste Group Bank AG, with Erste Group Bank AG acting as the Facility Agent.
CMS is providing advisory services to a Chinese investor — China Everbright International Limited (CEI) — on its EUR 123 million acquisition of Novago, a Polish waste management company, from the Abris Capital Partners private equity fund. Norton Rose Fullbright advised Abris on the transaction, which awaits final approval by the Office of Competition and Consumer Protection.
CMS has announced that Dora Petranyi has been appointed CMS Cameron McKenna’s CEE Managing Director to manage and develop the firm's operations in Central and Eastern Europe. Petranyi — who begins her four year term this month — succeeds Warsaw-based Partner Andrew Kozlowski, who has managed CMS Cameron McKenna's CEE operations since 2011.
This past year has exposed our practice to a number of new challenges. To some extent, this somehow mirrored the relatively more pronounced dynamics of the Slovak economy. Ours is a law office that, owing to its size and experience, has the ability to specialize in individual areas of law, and the preceding year was characterized by a higher number of industry-specific cases compared to the past. In particular, this involved attractive project applications, restructuring and financing cases, and corporate transactions, as well as immovable property and dispute cases.
Women’s Day is behind us, but the subjects of gender equality and equal opportunity are of year-round concern. This, the first part of a special two-part CEE Legal Matters article on women in private practice in CEE, provides the numbers and percentages from leading law firms across CEE, as well as a more thorough snapshot of one representative market. Part II of the report, in the June issue, will pull back the curtain even more, providing feedback and perspectives from lawyers across the region.
Linklaters and CMS Vienna are advising investment banks JP Morgan and Citigroup on matters of Austrian law related to the Carinthian Compensation Fund’s offer to the holders of HETA (formerly Hypo Alpe Adria) instruments in the nominal amount of Euro 11.2 billion, as part of the long-awaited debt restructuring of the Heta banking crisis. Skadden Arps, Hausmaninger Kletter, and Abel & Abel are advising Carinthian State Holding, Schoenherr is advising the Austrian state, and bond creditors are being advised by Kirkland & Ellis, Binder Groesswang, Gorg, Dorda Brugger Jordis, and Wolf Theiss.