"Bulgaria transposed the Restructuring Directive's prohibition to terminate contracts via ipso facto clauses, but also (deviating from the Directive) prohibited contractual set-off in restructuring, thus rendering the preservation of many contracts performed via contractual set-off / netting of payment meaningless. So, in drafting ipso facto clauses the impossibility to perform contracts in restructuring, due to the contractual set-off prohibition, may be utilised as an additional trigger for termination, now".
E+H, working with Simpson Thacher & Bartlett, Gleiss Lutz, Loyens Loeff, and Linklaters, has advised the Takko Fashion group on its financial restructuring and refinancing transactions that saw its bondholders acquiring a majority stake in the group. Freshfields Bruckhaus Deringer, working with Arendt & Medernach, advised the ad hoc group of noteholders.
Bulgaria's economic landscape appears to be evolving rapidly, driven by a proactive government and a series of long-overdue legislative reforms, according to Kinstellar Partner Nina Tsifudina. From changes in the available company forms to alignment with EU regulations and the anticipation of eurozone integration – all these keep the country’s markets buzzing, with movements in the banking and telecommunication sectors leading the charge.
Kocian Solc Balastik has advised the Prazska Plynarenska group on its intra-group restructuring and the creation of a new holding structure.
In the realm of legal matters in the Republic of North Macedonia, the concept of "bankruptcy for individuals" that exists in Western countries is completely unknown. Here, a person burdened with debt could find themselves perpetually trapped, facing an ever-growing debt that seems impossible to escape.