Bucharest is currently going down a rocky road insofar as urban regulations are concerned, which have gone through a real odyssey, from being judicially and administratively suspended, to some of them ending up by being finally cancelled by the administrative litigation courts.

Wolf Theiss has advised AFI on a EUR 450 million credit facility for the purposes of refinancing its three shopping centers in Romania – AFI Cotroceni in Bucharest, AFI Ploiesti, and AFI Brasov.

Filip & Company, working with Linklaters’ London office, has advised Fondul Proprietatea on the sale of its entire shareholding in OMV Petrom for RON 764.1 million via an accelerated private placement.

Bulboaca & Asociatii has successfully represented insurance company Eazy Asigurari before Romania’s financial supervisory authority in obtaining its operating license.

Tuca Zbarcea & Asociatii has advised a banking syndicate on a new credit facility for MedLife, as part of the company's EUR 228 million syndicated loan. Mitel & Partners advised MedLife on the loan.

On 6 December 2022, Government Emergency Ordinance no. 163/2022 ("GEO 163/2022" or the “Ordinance”) for supplementing the legal framework on the promotion of the use of energy from renewable sources and for amending and supplementing certain regulatory acts, was published in Official Gazette of Romania No. 1165, entering into force on the same date.

CEE Attorneys Boanta Gidei si Asociatii has advised Dataware Consulting on the sale of a 70% stake in the company to the Bittnet Group for approximately RON 18.6 million.

Buzescu Ca, working with Fieldfisher, has advised Travelport on the sale of shares in its subsidiary Hotelzon Romania to TripStax Technologies. Stratulat Albulescu, working with Bird & Bird, advised the buyer.

On December 13, 2022, Schoenherr announced that Jade Power's sale of its Romanian renewable energy portfolio to Enery (as reported by CEE Legal Matters on September 9, 2022) had closed.

It is a busy time of the year in Romania, according to Bancila, Diaconu si Asociatii Managing Partner Radu Diaconu, with interesting reports of regulatory updates on the ESG, tax, and companies front.

Law No. 265/2022 on the trade register and for amending and supplementing other normative acts with impact on the registration in the trade register (“Law No. 265/2022”) was published in the Official Journal of Romania No. 750, Part I, of 26 July 2022. Law No. 265/2022 entered into force on 26 November 2022.

Coman Mindru Popescu Attorneys at Law has successfully represented construction company Ave Tebia SRL before Constanta County Court in a matter regarding the opening of the general insolvency procedure for the company.

Clifford Chance has advised Waterland Private Equity portfolio company United Petfood on its acquisition of Cargill's production facilities in Krzepice, Poland, and Karcag, Hungary. Lakatos Koves and Partners reportedly advised the buyer as well.

Schoenherr has advised the MET Group on its full acquisition of a solar photovoltaic project in Southern Romania currently in the late planning stages.

Popovici Nitu Stoica & Asociatii has advised Electromontaj on the acquisition of Hidroconstructia and its ABC Asigurari Reasigurari, Hidroturism, and Hidroedil subsidiaries.

Dentons has advised Italian footwear manufacturer MGM on its acquisition of the Rekord Group in Romania. Italy's Advant Nctm reportedly advised Clessidra Capital Credit and co-investors SIP, Smart Capital, and Brixia Finanziaria on supporting the acquisition.

On November 30, 2022, the BLS-CEE Law Firm announced that Wirtualna Polska’s acquisition of the Szallas Group from Portfolion Capital Partners and private individuals (reported by CEE Legal Matters on September 16, 2022) had closed.

On November 10, four Banking & Finance experts from Croatia, Hungary, Romania, and Serbia sat down for a virtual round table moderated by CEE Legal Matters Managing Editor Radu Cotarcea to discuss banking consolidation, financing availability, the effects of high interest rates, bank capitalization, green financing, the specter of loan restructuring, and the other challenges the sector is facing.