Bulgaria, it seems, is in good shape. Fueled by a buoyant tech sector, the country’s economy is registering impressive growth, incomes are rising, and unemployment is down. Still, with corruption still a problem and the prospect of a global slowdown around the corner, few are willing to bet on the good times sticking around long. As always, in the Land of Roses, the thorns are not far away.
Unimpressed by Picadilly Circus and Trafalgar Square, Stela Pavlova and Katerina Kaloyanova have, in recent years, left positions with high-powered international law firms in London to return to their native Bulgaria and join Schoenherr’s office in Sofia. Both insist the trade-offs were less dramatic than many assume … and both credit Schoenherr Bulgaria’s Managing Partner Alexandra Doytchinova with making them feel right at home.
The Deal: In May, 2018, CEE Legal Matters reported that Linklaters, Kocian Solc Balastik, the BLC Law Office, Paksoy, and Tsvetkova Bebov Komarevski had provided advice on Czech, English, Georgian, Turkish, and Bulgarian law, respectively, to Energo-Pro a.s. on its EUR 250 million Eurobond issue in London. Allen & Overy, BGI Legal in Tbilisi, Boyanov & Co. in Bulgaria, and Turkey’s Gedik & Eraksoy advised the joint bookrunners, BNP Paribas, Citigroup Global Markets Limited and J.P. Morgan Securities plc, and the Trustee, Citibank, N.A., London Branch.
Boyanov & Co. has advised the lenders on a EUR 100 million syndicated financing of the Advance Media Group EAD's EUR 185 million acquisition of the Nova Broadcasting Group from MTG Broadcasting AB and Eastern European Media Holdings S.A. Advance Media was reportedly assisted by O'Melveny & Myers in London and Kambourov & Partners in Sofia. MTG Broadcasting was advised by Allen & Overy, Go2Law, and Spasov & Bratanov, and Eastern European Media Holdings was reportedly advised by Mayer Brown.
CMS has advised logistics company Fresh and Food Logistics on the acquisition of the logistics activities of Froneri, a joint venture of Nestle and R&R for production of ice-cream, frozen foods, and dairy products in Sofia and Varna, Bulgaria. Djingov, Gouginski, Kyutchukov & Velichkov advised Froneri on this deal.