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Clifford Chance, Dentons, and Deloitte Legal Advise on Financing and Acquisition of Krosno S.A. Glassworks

Clifford Chance, Dentons, and Deloitte Legal Advise on Financing and Acquisition of Krosno S.A. Glassworks


Clifford Chance Warsaw has advised Bank Zachodni WBK S.A. (BZ WBK) and ING Bank Slaski S.A. (ING) on the financing of the acquisition of the Krosno S.A. glasswork in liquidation bankruptcy by Krosno Glass sp. z o.o., a Warsaw company set up by Coast2Coast Capital, an investment fund from the Republic of South Africa. Dentons advised Coast2Coast on the financing, with Deloitte Legal advising it on the actual M&A, valued at over EUR 27.5 million.

Clifford Chance reports that the transaction was widely publicized in both local and national media in Poland, "because it related to Krosno S.A., one the oldest and most famous glassworks in Poland, established in 1923 in Krosno, a town and county in the Subcarpathian region of Poland. The company – being formerly one the major global glass producer – prides itself on traditional manual glass forming, offering a wide range of products from fine glasses to large bowls. The mechanically formed table glassware is also an important part of the company's product range. The glassware manufactured by the Krosno S.A. glassworks combines unique patterns, excellent workmanship, and state-of-the-art technologies. In the first decade of the 21st century, mainly due to the situation on the global glass market and falling glass prices Krosno S.A. started to lose financial liquidity. In 2009 Krosno S.A. was delisted from the Warsaw Stock Exchange and since then is a company in liquidation."

Clifford Chance advised BZ WBK and ING on "the term loans to be provided for the acquisition of an organized part of Krosno from the bankruptcy administrator by Krosno Glass sp. z o.o., a BidCo established by Coast2Coast." The firm’s team was supervised by Partner Andrzej Stosio and led by Counsel Irena Floras-Goode. Other core team members included Counsel Milosz Golab, who specialized on restructuring issues, and Senior Associate Katarzyna Jakubiak, focusing on acquisition finance aspects. The team also included the Associates Anna Miernik, Mateusz Chmura, Pawel Dlugoborski, and Piotr Weclawowicz from the office's Banking & Finance Department as well as Senior Associates Pawel Pogorzelski and Justyna Blazejczyk and Junior Associate Monika Szczotkowska from the office's Litigation & Dispute Resolution Department.

The Dentons team advising Coast2Coast on the transaction was led by Partners Piotr Dulewicz and Michal Mezykowski and included Senior Associates Martyna Markiewicz and Michal Wasiak, Counsel Michal Smiechowski and Marek Trzos-Rastawiecki, and Associate Tomasz Balawajder.

The Deloitte Legal team advising Coast2Coast on the acquisition of Krosno assets from the bankruptcy receiver was led by Partners Jan Jarmul and Pawel Moskwa.

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