Overview & Experience

Our Restructuring & Insolvency practice stands for the highest professional standards in restructuring and insolvency.

Acting both as lawyers or insolvency practitioners, we advise and represent various leading national and international companies, commercial banks and public institutions, both on the debtor and creditor side, on the full spectrum of restructuring and insolvency matters.

Our practice covers all industry sectors, such as pharmaceuticals, real estate, oil and gas, maritime technology, ferrous and nonferrous industry, transportation or constructions and is tightly integrated with our M&A, Corporate & Commercial, Banking & Finance, Taxation, Litigation & Arbitration and Real Estate & Construction practices.

Mihai Popa_resize

Deputy Managing Partner

Areas of practice: Restructuring & Insolvency / Bankruptcy, Dispute Resolution, Labour & Employee Benefits, Corporate & Commercial Law, Insurance

Phone: +40 21 202 59 00

Fax: +40 21 223 04 95

E-mail: mihai.popa@musat.ro

Address: 43 Aviatorilor Boulevard, 1st District, Code 011853, Bucharest, Romania


Practice Highlights. A selection of our deal highlights includes advising / representing:

  • Termoelectrica S.A., the largest Romanian electricity producer during its’ voluntary winding-up and bankruptcy. Our mandate covered the complete liquidation process, including the assets realization strategy and addressing all concerns relating to the company and debt recovery. So far, more than EUR 17 million were paid to the creditors.
  • Energoconstrucția S.A., one of the largest local construction companies, during the bankruptcy procedure with a total amount of creditor’s receivables requested during the procedure amounting to EUR 100,000,000.
  • Servicii Energetice Oltenia S.A., one of the largest Romanian companies operating in the field of maintenance of electrical networks, both in the judicial reorganization procedure and in the bankruptcy procedure stage. The assistance during the reorganization phase was aimed at preparing the restructuring strategy, drafting the reorganization plan, carrying out a comprehensive analysis of the legal and economic activity of the company in order to maximize the debt recovery process, managing the assets problems and capitalizing the assets. During the bankruptcy period, the mandate consisted in preparing the strategy of liquidation of the company’s assets, successfully completing the collective dismissal procedure, debt recovery actions and the management of current operations.
  • Sermedic, the Romanian subsidiary of Servier, the largest French manufacturer in the pharmaceutical field, in the insolvency procedure of two important Romanian distributors of pharmaceutical products, namely ADM Farm and A&G Med Trading. Our mandate in both procedures includes drafting the receivables claims, representing the client before the syndic judge and creditors’ meetings, writing and defending appeals regarding the registration of debts in the list of debts. The global debts requested by all the creditors amount to approximately EUR 63,000,000 in the case ADM Farm, respectively EUR 58,000,000 in the case of A&G Med Trading.
  • Kaufland Romania SCS, a subsidiary of the Schwarz Group, the world’s fourth largest retailer, during the insolvency procedure against an important entrepreneurial and project management company in the field of constructions and installations located in Brașov, in order to recover significant secured receivables.
  • The Romanian Government and the Ministry of Communication and Information Technology (as a part of a consortium with Roland Berger), in connection with a complex restructuring process involving Compania Națională Poșta Română S.A. (The Romanian Post Office) as a first step towards its privatization to a strategic investor.
  • The Romanian Financial Supervisory Authority, in connection with the bankruptcy procedure of Lig Insurance, an important insurance/reinsurance company. The counselling covers complex legal issues arising from the special procedure applicable to insurance companies facing financial difficulties.
  • Belaria Hotels (former Complex Onyx), a major local service provider in the hospitality industry. We assisted with all steps of the restructuring process, leading to a successful outcome.
  • Anchor Group, a leading real estate investment group, during the insolvency procedures initiated against debtors, arising from the infringement of a FIDIC construction agreement, with aggregate claims of approx. EUR 21,000,000.
  • Teamnet International (a major Romanian IT company), throughout its insolvency procedure, restructuring the company and optimizing its core activity.
  • Abbott GmbH & Co.KG, a world-renowned company in the field of pharmaceuticals and medical devices, in the insolvency proceedings of two healthcare companies, in order to recover a series of debts arising from non-payment of bills and re-possession of the rented medical equipment.
  • Deutsche Bahn Group, the German national railway company, in the insolvency proceedings against the railway manufacturers Astra Vagoane Arad, Meva and Romvag.
  • Ansett Worldwide Aviation Services (AWAS) – Dubai Aerospace Enterprise, one of the world’s largest commercial jet aircraft leasing companies, managing at least 329 aircrafts, during the bankruptcy procedure of a major low-cost airline.
  • Enel S.p.A., the major European energy distributor, in the successful restructuring of its Romanian subsidiaries in an unbundling process of its supply and distribution divisions in Romania.
  • Caterpillar Financial Services, the local subsidiary of the financing division of the world’s leading manufacturer of construction and mining equipment, in more than 30 cases of insolvency procedures and enforcement actions for the repossession of industrial equipment against its’ Romanian debtors.
  • ThyssenKrupp, during the insolvency proceedings declared against several of its’ significant debtors for the recovery of multi-million Euros receivables.
  • Roche Romania, the local subsidiary of the world’s leading healthcare group, in the recovery of multi-millions of Euros during the insolvency procedure initiated against a major Romanian distributor of pharmaceutical products and two local pharmaceuticals store chains.

Other representative mandates of our practice includes advising:

  • Biotest, the Germany-based global provider of plasma proteins therapies and diagnostics, in recovering multi-millions of Euro of commercial debts from a Romanian pharmaceuticals distributor, including the assistance and representation against the former management of this company within the liability claim.
  • Platinum Equity LLC, a U.S. private equity group, on a restructuring plan involving three factories, producing spare parts for Volkswagen, Audi and DAF, owned by its local affiliate (AEES Power Systems S.R.L.). Following the restructuring process, three asset sale transactions to different purchasers (Sumitomo, Leoni and Kromberg & Schubert) emerged.
  • Sony Europe, the leading global manufacturer of audio, video, communications and information technology, with regard to restructuring its activities in Romania.
  • Romstal Leasing IFN (part of KBC Group), EFG Leasing IFN, Italo-Romena Leasing IFN and Banca Italo-Romena (part of the Italian financial group Gruppo Veneto), during multiple successful insolvency and foreclosure proceedings initiated against its debtors for the recovery of various commercial debts exceeding EUR 33,000,000.
  • Dieselservice Papendrecht B.V., during insolvency proceedings for debts exceeding EUR 20,000,000 of a Romanian shipyard company. We advised our client in preparing for the recovery of the shipyard from the insolvency state, as grounds for a joint venture thereafter.
  • Monsanto Company, a major U.S.-based agricultural company, in connection with the restructuring process of the group activities in Romania.
  • PV IPPS Cyprus, the official receiver of a Cypriot holding company with the purpose to protect the assets against being sold by the former managers. The biggest challenge is to bring back under the companies’ property the assets that were already sold.
  • Emon Electric, an important company that activated in the transport and distribution of electricity sector, during the liquidation process, in order to cover as much of the total amount of claims of more than RON 14 million.
  • Avantaj MS, one of the most successful real estate company in Northern Romania, on the implementation of an unprecedented strategy to cover the entire amount of claims within the observation period.
  • Grup 4 Instalații, one of the most important infrastructure construction companies in the Romanian region of Transilvania, on the development of a reorganization plan that can lead to payments of approximately EUR 10 million. The company currently pays all taxes and keeps an important number of employees.
  • Terra Business and Fastener Distribution, companies dealing with buying/selling/renting real estate. We supervised the companies’ activities throughout the observation period, analysing the feasibility of a reorganization plan and the bankruptcy proceeds.
  • Asset Portfolio Servicing Romania, a member of APS Holding group, in recovering many millions of Euros of commercial debt in a diverse type of cases.
  • The service companies of the Auto Car Group, in connection with the request to open the bankruptcy procedure against one of the largest insurance/reinsurance companies in Romania, City Insurance, and the recovery of a significant debt.
  • Wärtsilä Voyage Sweden AB (former Transas Marine International), a leading Swedish company, provider of navigation systems and integrated bridge solutions, recognized training and simulation solutions, VTMS and coastal surveillance systems. Important commercial debts were requested and significant amounts were recovered from the insolvent company, Asesoft International.
  • AerSale, the global leader in the supply of aftermarket aircraft, engines, OEM material and asset management services, in relation to the recovery of an approximately EUR 4,500,000 commercial debt against Bata Sky Imobiliare – the former major low-cost airline carrier Blue Air – Transport Aerian S.A.
  • Aegean Airlines, a major air carrier in Greece, in the insolvency proceedings of the Paravion Tour, a company operating as a tour operator in Romania, as well as in connection with an action filed by passengers.
  • Mundipharma Medical CEE GmbH, an Austrian company in the field of pharmaceuticals, in the insolvency and bankruptcy procedure of a major company in Romania dealing with the import and distribution of pharmaceuticals and medical equipment, with the purpose of recovering the value of some pharmaceutical products delivered under a distribution contract.
  • București Mall Development and Management, an affiliate of Anchor Group, throughout the debt recovery process against its tenants of București Mall and Plaza Romania. We helped with successful pre-judicial proceedings and negotiations with the tenants’ representatives.
  • Europejskie Biuro Ochrony Finansów Sp. z o.o., Sp. K. (The European Bureau for Finance Protection), a company with long-standing experience in the debt collection industry, in the recovery of significant debts from Glass Com AR & AD, a major car parts distributor.
  • Cooperative Centrale Raiffeisen-Boerenleenbank BA, a Dutch multinational company specialized in financial and banking services, during the insolvency procedure of Oltchim, one of the largest State-owned companies in the chemical industry for the recovery of important commercial debts.
  • Petrom S.A., the largest Romanian oil company, during the insolvency proceedings of a company who owned a processing plant for the recovery of a debt exceeding EUR 30,000,000.
  • Sigvaris, a Swiss-based manufacturer of compression socks and stockings, on the successful recovery of its commercial debt, during the insolvency proceedings of Flebexpert, a Romanian distributor of medical products.
  • Tricon Energy, a U.S.-based global company, specialized in complex transactions and logistics related to the petrochemical field in the recovery of commercial debts exceeding USD 1,000,000 during the insolvency procedure of the largest Romanian chemical producer, Oltchim S.A.
  • Sefi, a leading French fire safety company, in relation to the insolvency procedure of the main manufacturer of electronic security systems in Romania. This resulted in the recovery of significant debts and the repossession of equipment granted to the debtor.
  • Trust International Insurance and Reinsurance Company B.S.C., a major insurance broker, in the bankruptcy proceedings of Astra Asigurari S.A. and Carpatica Asig in order to recover important debts.
  • ECE Projektmanagement Romania, during the insolvency/bankruptcy proceedings of MYO-0 and River Invest companies, providing a full service and securing the recovery of significant debts.
  • First Bank S.A., a major local bank, on the complex legal issues to recover important receivables during the insolvency procedure against one the bank’s clients.
  • Teamnet Business Services, a major Romanian IT – HUB Company, throughout its preventive arrangement proceedings and in negotiating a mutual arrangement in court with the Company’s creditors, including major local banking entities.
  • Ferro Performance Pigments Romania (part of the group of international companies Ferro), in the recovery of an important claim in the insolvency procedure of Eco-Rom Ambalaje.
  • Compania de Apă Târgoviște, a water supply services provider, in filing all legal actions and claims in order to recover a commercial debt, exceeding EUR 4,000,000, from the companies Confort and Vel Service, both well-known Romanian infrastructure contractors.
  • Rizzo Ecologic, an Italian-based multinational company active in the field of waste-water collection, treatment and disposal, during the insolvency procedure of a Romanian debtor following a multi-million Euro commercial litigation.
  • JTEKT Corporation, a Japan-based global manufacturer of bearing, steering, driveline and machine tools, during the insolvency proceedings initiated against Rulmentul S.A. Brașov, the former largest Romanian manufacturer of bearings and automotive bearings, in relation to several significant commercial claims.
  • Biat Constructions International, a major construction company, during the insolvency proceedings and reorganization process.
  • TSR Czech Republic, the Czech market leader in trading and processing ferrous and non-ferrous scrap, during insolvency proceedings initiated against Cuprom, a Romanian company active in the same field, in view of pursuing the recovery of a multimillion commercial debt.
  • Raiffeisen Bank, during the insolvency proceedings undertaken against the Paneuro group of 40 companies.
  • Electrocentrale București S.A., a leading State-owned electricity provider, together with Dalkia International S.A., in connection with restructuring its generation capacity. Our advice consisted in an in-depth analysis, drafting the required documentation for implementing the restructuring strategy, assessment of 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.
  • Tchibo Kft, during the restructuring & insolvency proceedings against Eurocafe. We drafted the insolvency request and represented the client before the court and during insolvency-related meetings. We also prepared and presented the strategy for claim recovery.
  • Remco România, the local subsidiary of the Dutch construction company Remco Ruimtebouw, during the insolvency procedure against Spicul S.A., for the recovery of important receivables.
  • Banca Transilvania during the insolvency proceedings initiated against various debtors, such as Foraj S.A., Rovimet, Drilling Service and Bat Service, for the recovery of significant claims.
  • Avicola Mihăilești, one of the largest Romanian poultry farming and meat processing companies, during the insolvency procedure against Petcu Trans Company S.R.L and Neferu Intercom.
  • Alex Bega Comimpex, Greek PR S.R.L and Gaz Sud, during multiple insolvency procedures. We drafted the due diligence reports regarding the financial debts, negotiations with creditors, mediation between companies, as well as assistance and representation during insolvency proceedings before the competent Courts.
  • Atlas Telecom, the local subsidiary (currently undergoing insolvency) of an international group active in the telecommunication sector, in connection with the restructuring and sale of its fibre-optic network to First Class Telecom.
  • Axor Europe S.R.L., a member of the reputed real estate developer Extensa Group, during the insolvency procedure initiated by Prodesign Engineering S.R.L. in order to recover important receivables.
  • Dr Reddy’s Laboratories, a leading pharmaceuticals producer, during the insolvency proceedings initiated against Montero, an important distributor of medicines, for the recovery of significant commercial debt.
  • 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.


Ranked as leading in Restructuring & Insolvency by the prestigious British legal publishers Chambers Global.

“The client approach is flawless, the responsiveness is prompt and accurate, and the expertise is very extensive, covering a full range of legal practices.” Source: Chambers & Partners

“The lawyers provide solutions, undertake proactive initiatives, provide ongoing support, are quick to answer and are very efficient and knowledgeable.” Source: Chambers & Partners

Clients believe the firm to be “professional, with a great team of lawyers displaying depth of knowledge”. Source: Legal 500

Mușat & Asociații: “A firm with international standards and an important local player”. Source: Chambers & Partners

Clients say: “The lawyers have a good legal understanding and communicate in a proactive and timely manner.” Source: Chambers & Partners

“Market sources agree the firm is one of the leading outfits in the field and single out its large litigation department as a particular strength.” Source: Chambers & Partners

Clients say: “The team has an excellent coverage of insolvency, and works very well together”. Source: Chambers & Partners

“This firm is involved in some of the biggest cases, which are often the first of their kind”, say peers. Source: Chambers & Partners

Mușat & Asociații has “a dominant share of the country’s business” and “garners much respect from its competitors and clients”. Source: IFLR 1000

Clients are quick to praise the firm’s flexible service: “They are there when we need them, even at very short notice”. Source: Chambers & Partners

“Easily compete with any international firm in terms of presence, expertise and vision.” Source: Legal 500

Clients of Mușat & Asociații say that for energy work, the firm’s “level of service is very high”. Source: Legal 500

Interviewees highlight the firm's ability to “meet the deadlines and the expectations of the client,” adding “they understand what we want from them”, “they are reactive in answering,” and offer “a high quality of services”. Source: Chambers Europe

Sources say “it was able to provide specialized lawyers in no time - the firm is outstandingly reactive”. Source: Chambers & Partners

“Mușat & Asociații’s full involvement in cases is really appreciated.” Moreover, “Muşat combines deep technical knowledge and a high level of business awareness”. Source: Chambers & Partners

Clients appreciate the lawyer’s “vast industry knowledge and excellent services”. Source: Chambers & Partners

“The team is innovative, creative and dedicated to finding the best solution.” Source: Chambers & Partners

Clients recommend Mușat & Asociații for “its impressive business attitude and the energy and time it devotes to clients”. Source: Chambers & Partners

Clients are impressed by the team at this “incredibly responsive” firm, noting that “it seems like someone is available 24 hours a day”. Source: Chambers & Partners

“Excellent on all fronts”, Muşat & Asociații is “highly rated, has a lengthy track record” and “well-trained and professional lawyers”. Source: IFLR 1000


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