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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 Sofia has helped SPM Bulgaria LLC obtain a permit to prospect and explore Block 1-25 Vratsa West, which covers a large territory in northwestern Bulgaria, and which CMS describes as "the biggest onshore block in Bulgaria tendered in the past few years."

"One of Bulgaria’s biggest challenges, but simultaneously one of the biggest positive developments, is the country’s intention to join the European Exchange Rate Mechanism," says CMS Partner Elitsa Ivanova. "This is basically the waiting area for the Eurozone and the EU banking union."

Bulgaria Knowledge Partner

Schoenherr is a leading full-service law firm providing local and international companies stellar advice that is straight to the point. With 14 offices and 4 country desks Schoenherr has a firm footprint in Central and Eastern Europe. Our lawyers are recognised leaders in their specialised areas and have a track record of getting deals done with a can-do, solution-oriented approach. Quality, flexibility, innovation and practical problem-solving in complex commercial mandates are at the core of our philosophy.

Firm's website: www.schoenherr.eu

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