Counsels Jan Lasak and Vlastimil Pihera have joined the partnership at Kocian Solc Balastik in Prague.
BPV Braun Partners has advised Pojist’ovna Patricie on an intra-group sale of two properties from a real estate project in Prague, and on an extra-group sale of real estate in Ostrava and Usti Nad Labem to the Capexus group, which was advised by Havel & Partners and Czech solo practitioner Theodor Klan.
Pavel Gonda, Pavel Grim, Tomas Chobola, and Jiri Zapletal have joined the Skils law firm partnership in the Czech Republic — the former Weil, Gotshal & Manges office in the country, until the American firm withdraw from the market in 2018 — increasing the overall number of partners at the firm to 14.
Bond financing has recently become quite popular in the Czech Republic and companies often finance their business needs by issuing corporate bonds instead of the more usual credit financing. Obviously, the popularity of corporate bonds is also associated with the greater willingness of investors to buy them. Bonds are perceived by the general public as a safe and conservative investment instrument. Nevertheless, recent market developments show that corporate bonds issued by private companies may not always be a safe investment, as evidenced, for example, by the insolvency of online fashion store Zoot, which funded its expansion by issuing bonds.
One of the challenges of introducing class actions to the Czech legal system is the finding of a proper balance between the interests of clients and those of attorneys. While the default position is that attorneys are to protect the justified interests of their clients and place them before their own (within statutory limits, of course), a careful balancing exercise will need to be carried out if class actions are to be allowed. While class action law is still at the stage of an initial proposal in the Czech Republic, this proposal is demonstrative of the direction the Czech Ministry of Justice intends to take.
The Deal: Earlier this year, CEE Legal Matters reported that Clifford Chance Prague had advised CTP, an industrial developer in the CEE region, on a EUR 1.9 billion underwriting package agreement with Erste Group Bank AG; Ceska Sporitelna a.s.; Societe Generale S.A. and Komercni Banka a.s.; and UniCredit S.p.A. and UniCredit Bank Czech Republic and Slovakia a.s. White & Case advised the lenders on the agreement, which covered CTP’s Czech industrial portfolio consisting of over 200 buildings and covering 2.7 million square meters of industrial space.