In The Corner Office, we ask Managing Partners at law firms across Central and Eastern Europe about their backgrounds, strategies, and responsibilities. Shifting our focus to the financial aspects of legal work, we asked: What percentage of your issued bills end up being overdue, what percentage end up never paid, and what is your firm’s/office’s standard methodology to handle both cases?

In light of the constantly and rapidly changing world climate, there was a need for changes to provisions in labor law that have not been updated for years, namely on minimum wages and payment of salary.

Schoenherr has advised Borealis AG on the agreement to purchase Bulgarian polyethylene and polypropylene recycler Integra Plastics. Boyanov & Co and CMS reportedly advised on the deal as well.

CMS has advised Astronergy on the acquisition of the Karlovo and Novi Pazar greenfield solar projects in Bulgaria, with a combined capacity of 120 megawatts. Schoenherr reportedly advised the sellers.

Eversheds Sutherland member Tsvetkova Bebov & Partners, working with Clifford Chance, has advised the Republic of Bulgaria on a dual-tranche EUR 2.3 billion sovereign bond issuance. Linklaters and DGKV reportedly advised joint lead managers BNP Paribas, Credit Agricole CIB, Deutsche Bank Aktiengesellschaft, and JP Morgan.

We're sending off 2023 with the news that by the beginning of next year at the latest we will finally have a new European regulation on artificial intelligence (AI) coming into force within two years (the EU AI Act). On 14 June 2023, the European Parliament approved its negotiating position on the EU AI Act and since then, the talks have begun with EU countries in the Council on the law's final form. The EU AI Act is intended as a fundamental and harmonizing legislative text. But is it really so and what do we read between the lines in the new regulation?

Djingov Gouginski Kyutchukov & Velichkov has advised Sofia Airport operator SOF Connect on the expansion of the airport's open parking area and refurbishment of the covered parking.

Bulgaria's Dinova Rusev & Partners has recently announced the appointment of Ivelina Cherneva as the firm's new Managing Partner. Having been with the firm for the past 17 years, Cherneva succeeds founder Anelia Dinova in the MP role.

Former Senior Associate Dragomir Stefanov was promoted to Partner at Hristov & Partners.

Why do we need an agent to hold the security in the first place?

Dimitrov, Petrov & Co has advised TPXImpact Holdings on the sale of its subsidiaries Questers Resourcing and Questers Bulgaria to Estonia-based software developer Nortal. Reportedly, Charles Russell Speechly and Konecna & Zacha advised Nortal.

Orrick has advised Ellia on its USD 1.5 million seed funding. Wolf Theiss reportedly advised Bulgarian Eleven Ventures on leading the funding round.

Boyanov & Co has advised Black Sea Property on its acquisition of Grand Hotel Varna.

Djingov Gouginski Kyutchukov & Velichkov has advised TokWise on its EUR 3 million equity investment round led by Encavis and including Vitosha Venture Partners-Fond I KD, KIC InnoEnergy SE, and Innovation Capital Fund KDA. Georgiev & Kolev advised Vitosha Venture Partners. CMS reportedly advised Encavis.

Boyanov & Co has advised the Aurelius Group on its acquisition of Lufthansa’s catering operations in Bulgaria. Schoenherr advised Lufthansa.

CMS has advised Naftogaz Slovakia – the local subsidiary of the national gas company of Ukraine – on securing a natural gas trading license in Bulgaria.

In The Debrief, our Practice Leaders across CEE share updates on recent and upcoming legislation, consider the impact of recent court decisions, showcase landmark projects, and keep our readers apprised of the latest developments impacting their respective practice areas.

White & Case has successfully represented the Bulgarian Energy Holding and its Bulgargaz and Bulgartransgaz subsidiaries before the European Union's General Court in a case that saw the full annulment of a 2018 decision by the European Commission and related EUR 77 million fine imposed for foreclosing the Bulgarian gas supply market.