Restructuring & Insolvency
Our Restructuring & Insolvency Practice includes nearly 15 attorneys focused on all aspects of bankruptcy, reorganizations and debt restructurings. We have significant experience in large and difficult insolvency proceedings and a broad range of expertise in insolvency services, consisting of both advisory work, including assessment of the procedural paths for the settlement of receivables as well as representation before Courts in such judicial proceedings.
We also handle complex restructuring work with institutional lenders and other secured and unsecured creditors, creditor and equity committees, debtors and trustees. We have a multidisciplinary approach to debt-related problems by drawing on the resources of our corporate, finance, tax, litigation and real estate practices.
Our recent instructions include:
- Assisting Enel SPA (Italy), a leading European energy distributor, in the successful restructuring of its Romanian subsidiaries Enel Banat, Enel Dobrogea and Electrica Muntenia Sud in one of the most extensive unbundling of its supply and distribution divisions in Romania. Our legal work included drafting the spin-off related documentation, reviewing the applicable personnel and contractual arrangements to be split and assistance throughout the successful completion of reorganisation, including the employment restructuring scheme involving more than 5,500 employees.
- Advising the Romanian Privatisation Authority (AVAS) on the restructuring of a EUR 1,200,000,000 debt of S.C. Termoelectrica S.A. (the largest electricity producer) as a first step towards its privatisation. Legal work rendered included an extensive due diligence on the target as well as in-depth analysis of the regulatory related matters drafting the necessary legal bills to implement the strategy prepared and getting the clearance from the Competition Council and the European Commission (DG Competition) in connection thereto.
- Advising the Ministry of Economy and Finance in relation with the restructuring of the EUR 100,000,000 of Petrotrans S.A. - the leading state owned company in the oil transportation sector. Legal work rendered included an extensive due diligence on the target as well as in-depth analysis of the regulatory and state aid/competition related matters and drafting the necessary legal bills and instruments to implement the strategy prepared.
- Retained by Unilever South Central Europe, the worldwide leader of FMCG industry, in connection with a complex corporate restructuring plan of their Romanian operations. Legal work included strategic advice on the reorganization, implementation path, drafting the requisite corporate documents, as well as advising on new management structure options.
- Advising the Romanian Government and the Ministry of Communication and Information Technology (as a part of a consortium with Roland Berger), on the restructuring process of Compania Nationala Posta Romana S.A. (The Romanian Post Office) as a first step towards its privatization to a strategic investor.
- Advising Italo-Romena Leasing IFN and Banca Italo-Romena (part of the Italian financial group Gruppo Veneto), Romstal Leasing IFN (part of KBC Group) and EFG Leasing IFN in multiple insolvency and foreclosure proceedings initiated against its debtors for the recovery of various commercial debts exceeding EUR 33,000,000, arisen from leasing contracts, including prosecution of debtors in criminal proceedings.
- Assisting Roche Romania, the local subsidiary of the world’s leading healthcare groups, during the insolvency procedure initiated against a Romanian distributor of pharmaceutical products, for recovering multimillion commercial debts. This is the biggest dispute of this nature in the Romanian market, severely affected by the lack of financial resources in the public health system. Further legal work included representing Roche Romania during the insolvency proceedings initiated against two pharmaceuticals chains A&C Farm Group and 2NA Farm. Legal work included preparing the receivables claim and registering the client within the tables of receivables, providing assistance during the other phases of the insolvency procedures and drafting the necessary legal actions and other related documents.
- Advising BNP Paribas (Suisse) S.A., the Suisse subsidiary of one of the largest international banking networks, in connection with securing the loan granted to Real Oil Development – a company acting in the oil industry, during the insolvency situation of its affiliated Romanian company, DG Petrol, acting as guarantor. We have also assisted the client in connection with the breach of contract by both Real Oil Development and DG Petrol, as well as with regard to the perfection of additional security interests providing comfort to the lender.
- Assisting Caterpillar Poland, the world’s leading manufacture of construction and mining equipment, during the insolvency and criminal proceedings against its Romanian debtors with the aim to pursue the recovery of significant debts arisen from various leasing contracts for industrial equipment.
- Representing two companies from AAE Group, a leading European lessor of standard rail freight car, during the insolvency proceeding opened for two of the biggest Romanian players in freight wagon manufacturing, namely Meva SA and Astra Vagoane Arad S.A.. Our mandate included preparing the claims for the registration within creditors list of the client’s receivables deriving from acquisition contracts and related guarantees, representing the client’s interests during the other phases of the insolvency procedures and drafting all the requisite documentation.
- Representing Deutsche Bahn Group, the German national railway company, in the insolvency proceeding initiated against the railway manufacturers Astra Vagoane Arad, Meva SA and Romvag Caracal for the recovery of multimillion euro debts arisen from the performance of various services and supply agreements concluded between the parties. Legal assistance included preparing all the necessary documentation, registering our client on the list of creditors, chairing the insolvency related meetings and negotiating with the debtors our client’s interests.
- Advising Dr Reddy’s Laboratories, a leading pharmaceuticals producer, during the insolvency proceedings initiated against Montero, an important distributor of medicines, with the aim to recover a significant commercial debt. Legal work includes assistance in all procedural aspects, drafting the requisite documentation for registering the debt as well as participating at creditors’ meetings.
- Representing Biat Constructions International, a major construction company, during the insolvency procedure and reorganization process. Legal work includes assistance in connection with the creditors’ receivables, defending the client against the objections filed by the creditors with the syndic judge, settlement of the reciprocal receivables, restructuring of their activity during reorganization, etc.
- Retained by TSR Czech Republic, the Czech market leader in trading and processing ferrous and non-ferrous scrap, to represent its interests during insolvency proceedings commended against Cuprom, a Romanian company active in the same field, in view of pursuing the recovery of a multi-million commercial debt.
- Retained by IHC Hytop BV and IHC Parts & Services BV, members of IHC GROUP, a major Dutch industrial player specialized in maritime technology, with respect to the recovery of a significant debt within the insolvency procedure initiated against the largest Romanian producer of heavy machinery. We have advised IHC on the full range of legal services required to secure our client’s rights within the insolvency procedure, including representation before Romanian Courts.
- Assisting Raiffeisen Bank in the insolvency proceedings undertaken against Paneuro group of 40 companies. Our mandate included extensive due diligence on the financing documents and related securities, thorough legal analysis of the activity and conditions which triggered the insolvency, preparing, sustaining and implementing the strategy for restructuring, negotiations with the debtors, drafting the restructuring plan and overseeing its observance by the debtors, overseeing the proceedings concerning the selling of the assets and the allotment of the proceeds, chairing the insolvency related meetings, drafting and negotiating the final documentation meant to close the insolvency proceedings.
- Representing the paper producer Saber Swiss Quality Paper throughout the insolvency procedure against Holdmann Europe SRL, a local supplier of hygiene products, in view of recovering commercial debts. Legal assistance included preparing the receivables claim and registering the client within the tables of receivables, as well as providing assistance during the other phases of the insolvency procedure.
- Assisting the State Ownership Fund and Bancorex S.A., as part of an international consortium including NM Rothschild and Clifford Chance, for restructuring Bancorex S.A., (the former largest Romanian state-owned bank) as a first step towards privatisation. The firm performed an extensive legal analysis over the non-performing assets of Bancorex, as well as over the restructuring options and their feasibility under Romanian law, with a view to clean up Bancorex’s asset portfolio.
- Assisting Indian England / Ghcl Upsom with respect to the recovery of a receivable exceeding EUR 15,000,000 against Uzinele Sodice Govora. Our mandate included the whole range of legal assistance rendered in the course of the insolvency proceedings, as well as assistance in connection with the restructuring scheme identified for full recovery of the claims through receivable and related collateral assignment to a third party.
- Assisting Liberis Publications Romania, the local subsidiary of the Greece-based company active in the publishing sector, during the insolvency proceedings initiated against our client by a creditor. Legal work included advising and assisting the client during the negotiations with the creditor until reaching a mutual consent, preparing of the necessary documentation and representing the client before the court in order to close-down the insolvency proceedings.
- Advising Electrocentrale Bucuresti S.A., a leading state owned provider of electricity, in connection with restructuring the generation capacity, together with Dalkia International S.A. Our advice was sought for an in-depth analysis of the regulatory related matters, drafting the necessary documentation needed to implement the restructuring strategy, assessing the pre-requisite conditions for obtaining clearance from the Competition Council, putting in place adequate corporate structures, share capital funding, shareholders agreements and corporate governance matters.
- Successfully representing the Authority For State Assets Recovery (AVAS), as civil liable party, in the insolvency proceedings exceeding EUR 100,000,000 and involving the National Investment Fund (NIF). Our mandate included in-depth analysis of the regulatory matters concerning the organization and functioning of NIF, the legal mechanism used for the conversion of fund units into payments to subscribers and compliance of such payments with the regulations in force, the role and involvement of several banks and state institutions as guarantors, the legal measures taken by the supervisory authority i.e., National security Commission, aimed at preventing the insolvency, the capital markets implications, representing and protecting the interests of AVAS during the insolvency proceedings by drafting the relevant claims, counter-claims, cross-examination reports, pleas, etc..
- Representing S.C. Petrom S.A., the largest Romanian oil company, during the insolvency proceedings exceeding EUR 30,000,000 undertaken against a refinery. Our mandate included extensive due diligence on the financing documents and related securities, thorough legal analysis of the oil and gas supply agreements, activity and conditions which triggered the insolvency, negotiations with the debtors, drafting and negotiating the final documentation meant to close the insolvency proceedings.
- Acting for Dieselservice Papendrecht B.V., during the insolvency proceedings for debts exceeding EUR 20,000,000 of a Romanian shipyard company. Our involvement focused on the legal means, steps, procedures and contractual framework implemented by our client with a view to restructure and recover the shipyard from the insolvency state as grounds for a joint venture thereafter. The legal work included extensive due diligence on the target status and debts regime, in-depth analysis of the regulatory related matters aimed at identifying the most appropriate restructuring and recovering strategy, drafting the contractual framework and negotiations with the creditors for taking over and/or rescheduling the shipyard’s debts and related securities, obtaining clearances from various authorities involved, namely the Competition Council and the Authority for State Assets Recovery.
- Successfully representing Phoenix S.A., the primary copper smelter and refinery company, in complex insolvency proceedings. Our mandate included extensive due diligence on the financing documents and related securities, thorough legal analysis of the activity and conditions which triggered the insolvency, negotiations with the debtors, representing the client interests by drafting the relevant claims, counter-claims, cross-examination reports, pleas, overseeing the proceedings concerning the selling of the assets and the allotment of the proceeds, chairing the insolvency related meetings, drafting and negotiating the final documentation meant to close the insolvency proceedings.
- Retained by East Bridge Group, a leading Central European fund acting in the real estate sector, in connection with the preparation and approval by the auditors and the Court of a restructuring plan for a local State-owned company undergoing EUR 50,000,000 insolvency proceedings with a view to turn around the company via establishment of a joint venture for the operation of a large real estate property located in Bucharest.
- Assisting Thyssen Krupp throughout the insolvency proceedings declared against several of its significant commercial debtors in connection with the recovery of multimillion euro secured and unsecured receivables. Our work included chairing the insolvency related meetings, negotiating our client’ interests with its debtors, drafting the relevant claims, counter-claims and cross-examination reports in order to maximize debts recuperation.
- Advising a Romanian food and drinks producer, in drafting and implementing the strategy for the restructuring of various companies within the group. Legal work rendered included an extensive due diligence, in-depth analysis of all regulatory related matters, up to identify available restructuring options and their respective benefits and shortcomings (from a corporate, employment and corporate standpoints) and documenting the implementation of the strategy agreed with the client.
- Representing State Patrimony And Protocol Administration Agency (RAAPPS), during the insolvency proceedings undertaken against TBNI (Transporturi Bucurestii-Noi International). Our mandate included extensive due diligence on the financing documents and related securities, activity and conditions which triggered the insolvency, negotiations with the debtors, drafting and negotiating the final documentation meant to close the insolvency proceedings.
- Assisting Tchibo Kft during the restructuring & insolvency proceedings against Eurocafe. Our mandate included drafting the insolvency petition, representation before the court and at the insolvency related meetings, preparing and presenting the strategy for recovering Eurocafe’s debts, overseeing the proceedings concerning the selling of the assets existing in the debtor’s patrimony, drafting the petition regarding the patrimonial liability of Eurocafe’s administrator, administrating evidences supporting the afore - mentioned petition.
- Retained by Romkuvert in connection with the restructuring of its core business among other companies within the group. Legal work included drafting the memorandum and restructuring-related documentation.
- Retained by Glaxosmithkline Hungary in connection with insolvency proceedings related to certain commercial debts arising out of several distribution contracts concluded with local distributors.
- Advising Alpha Leasing Romania IFN, part of the Greek financial services conglomerate Alpha Group, in multiple insolvency and foreclosure proceedings initiated against its debtors for the recovery of various commercial debts arisen from leasing contracts.
- Assisting Sometra, part of Mytilineos Holding – the Greek-based industrial conglomerate active in the sectors of metallurgy, energy and engineering, during the insolvency procedure initiated against Darcom in order to recover various debts arisen from unpaid commercial dues.
- Assisting Highton Trading in the insolvency proceedings against Refortech QR regarding the recovery of a multi-million commercial debt. We have advised Highton Trading on the full range of legal services required to secure our client’s rights within the insolvency procedure, including representation before Romanian Courts.
- Representing Trust Corporation in a dispute concerning the challenging, during the insolvency procedure, of the validity of a sale-purchase agreement concerning a real estate, which the client concluded with the debtor. Legal work included the representing the client during various negotiations and before the court, drafting the procedural deeds required during the settlement of the case, as well as drafting the settlement agreement concluded by the parties.
