The Supreme Court of Bulgaria has clarified important aspects of enforcement over real estate assets that form part of an enterprise pledge.
Ever since the CEE market opened for private practice CEE lawyers have sought to work on international mandates in collaboration with international lead counsels. Apart from the obvious (we take an oath to serve justice, but it is no secret that we also in fact work for money), the benefits of this cooperation also include the opportunity to draw on the international counsel’s expertise, particularly in transactional work. Such cooperation has greatly influenced the work of local counsel. Those who seized the opportunity had a steep learning curve and developed their practices to a level that is generally referred to, mostly in lawyers’ own pitches, as reaching an “international standard.”
In The Corner Office we ask Managing Partners across Central and Eastern Europe about their unique roles and responsibilities. The question this time around: Who was your mentor, and what was the most important lesson you learned from him or her?
CMS Sofia has advised UniCredit Bulbank on the sale of a real estate-secured NPL portfolio to Debt Collection Agency, a subsidiary of the Norwegian financial services group B2Holding. The buyer was supported on the transaction by the Bulgarian office of Schoenherr.
With Decision No.1046 issued on 20 September 2018, the Bulgarian Commission for the Protection of Competition (the "CPC") gave the green light to the acquisition of Rapido Express and Logistics OOD by its competitor Speedy AD, in accordance with Article 26(1) of the Act for the Protection of Competition (the "APC").
CMS Sofia has advised the UK-based oil and gas company Petroceltic on remedying a force majeure event related to the offshore production of natural gas in Bulgaria.
Kambourov & Partners has advised the Stillfront Group on its EUR 10 million acquisition of 100% of the shares in Imperia Online JSC. The acquisition is expected to close in early October 2018.
Former Penkov, Markov & Partners Partner Svetlin Adrianov has joined EY Law as Associate Partner and Law Leader for EY Bulgaria, Albania, and Macedonia, in a move the firm claims "strengthens one of the firm’s core practice areas – corporate and transaction law, and adds further depth to the firm’s offering."
CMS has advised ING Bank on financing provided to two companies from the Ukrainian agribusiness sector.
“It’s never boring in Bulgaria – we always have some hot topics to handle,” says Stefana Tsekova, Partner at Schoenherr Bulgaria, who reports that on August 10 the country’s trade registry collapsed and remained unavailable for 18 days, causing a “total nightmare for the business sector.”
Anna Tanova, Executive Director of the Bulgarian Broadcasters Association, has joined CMS Sofia to lead its IT & Media Practice.
Kambourov & Partners has advised PREEMZ on Bulgarian IP law and the U.S.'s DME Law has advised PREEMZ on US law regarding ROW8, a consumer premium video on-demand platform.
Does buying land make you the owner of the buildings on that land as well? In many situations, the answer is yes, but in the context of the public sale of property within enforcement proceedings, this is not always the case.
CMS has acted with lead counsel Jones Day in advising the OTP Bank Group on its acquisition of Societe Generale subsidiaries SG Expressbank Group, Sogelife Insurance Company, and SG Banka Albania, for over EUR 600 million. Schoenherr's Sofia office and Kalo & Associates in Tirana advised Societe Generale on the sale.
On 19 July, 2018 the Bulgarian Commission for the Protection of Competition (the "CPC") prohibited two concentrations. The first being the sale of the second largest media conglomerate in Bulgaria, Nova Broadcasting Group AD ("Nova Broadcasting"), (owner of Nova TV), to PPF Bidco, (owned by Czech businessman Petr Kellner), and secondly the sale of CEZ's assets in Bulgaria, which include its energy distribution business, trade business and some small renewable energy parks to a Bulgarian company, Inercom, which maintains three solar power stations in the country.
CMS Sofia has advised Austrian-based funds Universale International Realitaten, CA Immo International Holding, and CEE Realty Beteiligungs on the sale of Megapark, а 75,000 square meter office building in Sofia, to Lion’s Head Investments, a joint venture between the Bulgarian real estate holding AG Capital and the South African investor Old Mutual Group. Kinstellar advised the buyer on the deal.
After years of anticipation, the EU General Data Protection Regulation (GDPR) entered into force and took effect on May 25, 2018, bringing about several changes to Europe’s current data protection regime.
A German-Czech CMS team has advised Munich-based Leonhard Moll Betonwerke GmbH & Co KG on its acquisition of ZPSV a.s., together with its subsidiaries and production sites in the Czech Republic, Bulgaria, and Slovakia, from the Spanish OHL Group.