Schoenherr has advised RGreen Invest on a EUR 15 million bond agreement with a Renalfa group subsidiary, for the financing of the construction of a photovoltaic plant near the town of Razlog in southwestern Bulgaria, as well as on a standard security package for it.

Karanovic & Partners has advised Abris Capital Partners and Patent Co. founders Radivoje Perovic and Miodrag Perovic on the sale of Patent Co. to RWA Raiffeisen Ware Austria. JPM Jankovic Popovic Mitic advised Patent Co.'s founders as well. Wolf Theiss advised RWA.

Schoenherr, working with Latham & Watkins, has advised Chaos on its merger with Enscape. PwC Legal reportedly advised Enscape in Germany.

At the end of November 2021 Bulgarian Competition Protection Commission (CPC) launched inquiry of the consumer goods and services e-commerce sector (The Sector Inquiry). The Sector Inquiry is part of CPC's priority in the field of antitrust for 2021 to monitor constantly digital markets for prohibited agreements or practices as well as for abuse of dominant position. CPC also defines the e-commerce sector as one of its investigations top priorities in 2022.

Bulgaria is already in delay with the transposition of Directive (EU) 2019/1937 on the protection of persons who report breaches of Union law (the “Whistleblowers Directive” or the “Directive”): like several other member states, Bulgaria has so far failed to bring into force the laws, regulations, and administrative provisions necessary to comply with the Directive. The European Commission has already sent a formal notice for non-transposition of the Directive on the grounds of Article 258 TFEU - Article 260(3) TFEU.

In 2018 the Bulgarian Stock Exchange (BSE) was granted approval by the Financial Supervision Commission (FSC) to create the new Small and Medium Enterprises (SME) Growth Market BEAM (Bulgarian Enterprise Accelerator Market), under the provisions of the Markets in Financial Instruments Directive 2014/65/EU (MiFID II). The new segment of the BSE aims to promote the development of small and medium-sized companies, which have a key role in the economic growth of the country.

Boyanov & Co, working with BDK Advokati, has advised the Eurobank Group on the restructuring of the financing to two hotels. K. Argyridou and Associates reportedly advised Eurobank as well.

Gugushev & Partners has promoted Victor Gugushev and Dafinka Stoycheva to Senior Partner.

Political stability, managed inflation, and support plans for the most vulnerable social groups and businesses could ensure a financially stable year in Bulgaria, according to Tsvetkova Bebov & Partners Managing Partner Nikolay Bebov.

Tsvetkova Bebov & Partners has advised Dronamics Capital on IPO and listing on the Beam market of the Bulgarian Stock Exchange.

Cerha Hempel has advised Pierer Mobility on the establishment of an e-bike production joint venture with Maxcom. Reportedly, Noerr advised Pierer as well and Lukanov & Gencheva advised Maxcom on the deal.

In December 2021 the Bulgarian Parliament adopted a moratorium on electricity, water supply and heating prices on the regulated market. The moratorium was imposed due to the record high electricity prices on the Independent Bulgarian Electricity Exchange ("IBEX") and the expected adjustments in the prices on the regulated market applicable to household customers. The Bulgarian Energy and Water Regulatory Commission ("Regulator") has been prevented from taking any action regarding these price increases until 31 March 2022 by virtue of the moratorium.

Komarevski, Dimitrov & Partners has advised the Eurolease Group on its acquisition of Mogo Bulgaria.

The first regular government formed after three extraordinary parliamentary elections, with pending reforms on the horizon, are a source of moderate optimism in Bulgaria, according to Djingov, Gouginski, Kyutchukov & Velichkov Partner Violetta Kunze.

Contributed by Schoenherr.

Tsvetkova Bebov & Partners has advised TBI Bank on "the first-ever regulatory T2 bond issuance on the Bulgarian public capital markets.

Tsvetkova Bebov Komarevski has changed its name to Tsvetkova Bebov & Partners, following the departure of Ilya Komarevski. Aside from the new name, the firm announced that Victoria Tzonkova and Damyan Leshev were elevated to Partner, while Eleonora Mateina was appointed to Head of Competition and Pharmaceuticals. 

Kinstellar has advised the Black Sea Trade and Development Bank on its “Framework Agreement for Pandemic Crisis Response Programme” that will be implemented together with the National Guarantee Fund.