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Reading newspapers in Austria these days one could get the impression that we are in the middle of a financial crisis. Each week another Austrian company seems to be in financial difficulties – or worse – filing for insolvency. But when taking a closer look at the individual insolvency proceedings, things are not as bleak as they seem.   

Sorainen and Brandl & Talos have advised investment company Novalpina on the public offer by its Odyssey Europe AS subsidiary to acquire all the shares in the listed Estonian gaming group Olympic Entertainment Group, following which — assuming shareholder approval — Odyssey will delist OEG from the Nasdaq Tallinn Stock Exchange, then merge the two companies.

Binder Groesswang has advised Austrian electricity provider Verbund AG, on the issuance of a green bonded loan. The transaction was arranged by German bank Helaba Landesbank Hessen-Thuringen, and with a term of ten years, Verbund AG expects a volume of EUR 100 million.

Dorda has announced the appointment of a new three-person Management Committee, consisting of Partners Felix Horlsberger, who was re-elected after serving as a member in the preceding term, Martin Brodey who previously served as member from 2006 to 2014, and Axel Anderl, who was elected for the first time.

Dorda has advised EGGER Holzwerkstoffe GmbH on a EUR 150 million hybrid bond issue. The deeply subordinated notes were placed exclusively with institutional investors in the beginning of March 2018. The coupon was fixed at 4.87%. The bond has a minimum subscription volume of EUR 100,000 and perpetual maturity with an early redemption option for the issuer after five years.

Eisenberger & Herzog, Schindler Attorneys, and RTPR Allen & Overy have acted as counsels for funds managed by Deutsche Private Equity Management III GmbH in the acquisition of the majority of the shares from Austria's VTU Anlagenplanung & Lieferung GmbH and VTU Engineering Deutschland GmbH. Financial details were not disclosed.

Periodically Schoenherr will keep the crypto-community up-to-date with dedicated newsletters focusing on issues relating to initial coin offering (ICOs), initial token offerings (ITO) and Blockchain.

Cerha Hempel Spiegelfeld Hlawati has advised Fosun Industrial Holdings Limited, a private Chinese corporate conglomerate, on its takeover of the Wolford AG textile group, which is headquartered in Vorarlberg, Austria. Wolford AG was represented by Weber & Co and the selling core shareholder group was advised by Kuhn Rechtsanwalte.

Wolf Theiss has advised Bitpanda on the legal structuring of an Initial Coin Offering related to the company’s launch of its new open-source research project, Pantos.

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