Overview & Experience

MUŞAT & ASOCIAŢII – Restructuring & Insolvency stands for the highest professional standards in restructuring and insolvency practice. Over the years, Muşat & Asociaţii – Restructuring & Insolvency has rendered tailored professional advice to and represented various leading national and international companies, as well as commercial banks and public institutions. Our portfolio best illustrates the sheer expertise and know-how of our practitioners, as well as the clients’ appreciation of our commitment and determination in achieving the underlying goals at all times. The expertise of Muşat & Asociaţii – Restructuring & Insolvency spans over the most diversified sectors, such as pharmaceuticals, real estate, oil and gas, maritime technology, ferrous and nonferrous industry, transportation or constructions.

Muşat & Asociaţii – Restructuring & Insolvency has one of the finest practices and unparalleled expertise needed to guide its clients through complex and extensive restructuring and insolvency procedures, as well as to assist during elaborated negotiations or performing complex, legal and financial audits in large-scale restructuring, by taking advantage of the group’s solid experience in Corporate, Finance, Taxation, Dispute Resolution and Real Estate.

MIHAI POPA
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Partner

Areas of practice: Restructuring & Insolvency, Corporate & Commercial Law, Mergers & Acquisitions /Privatization, Litigation & Arbitration

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

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A selection of our recent instructions includes advising:

  • The largest Romanian electricity producer during the voluntary winding-up as the last stage of its reorganization, including drawing up the assets realization strategy and plan, legal due diligence over the assets and addressing on-going concerns pertaining to the company and recovery of debts.
  • A leading European energy distributor in the successful restructuring of its Romanian subsidiaries in an unbundling process of its supply and distribution divisions in Romania. Our professional advice and assistance included drafting the spin-off related documentation, reviewing the applicable personnel and contractual arrangements to be split and assistance throughout the successful completion of reorganization.
  • The restructuring of a EUR 1,200,000,000 debt of the largest electricity producer in Romania as a first step towards its reorganization. Professional advice and assistance included due diligence on the target, in-depth analysis of the regulatory-related matters, drafting the necessary bills to implement the strategy, as well as clearance from the Competition Council and the European Commission (DG Competition).
  • Global leader in the supply of aircraft, engines, OEM material and asset management services in relation to the recovery of EUR multimillion commercial debts against a major low-cost airline carrier with operations in Romania.
  • A water supply services provider controlled by a local territorial authority in relation to the recovery of a commercial debt exceeding EUR 4,000,000 against its main debtor and its guarantor, both well-known Romanian infrastructure contractors, currently undergoing insolvency proceedings. Our mandate includes drafting statements of receivables and opposition to judicial administrators’ decisions, representing the client before the syndic judge and in the creditors’ assemblies, etc.
  • A central public authority, as civil liable party, in the insolvency proceedings exceeding EUR 100,000,000 and involving two major local financial institutions. Our mandate included in-depth analysis of the regulatory matters concerning their organization and functioning, the 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 measures taken by the supervisory authority aimed at preventing the insolvency, the capital markets implications, representing and protecting the interests of the client (acting as shareholder creditor) during the insolvency proceedings by drafting the relevant claims, counter-claims, cross-examination reports, pleas, etc.
  • A number of local leasing subsidiaries, members of well-known European financial groups, in multiple insolvency and foreclosure proceedings initiated against its debtors for the recovery of various commercial debts exceeding EUR 33,000,000.
  • A leading real estate investment group during the insolvency procedures initiated against the local subsidiary of a well-known contractor, arisen from the infringement of a FIDIC construction agreement, with aggregate claims of approx. EUR 21.000.000.
  • A Dutch industrial machinery provider 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 frameworks implemented by our client with a view to restructuring and recovering the shipyard from the insolvency state, as grounds for a joint venture thereafter.
  • The largest Romanian oil company during the insolvency proceedings exceeding EUR 30,000,000 undertaken against a processing plant.
  • 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.
  • A Germany-based global provider of plasma proteins therapies and diagnostics in the insolvency proceedings initiated against a Romanian pharmaceuticals distributor for the recovery of EUR multimillion commercial debts.
  • The local subsidiary of the world’s leading healthcare groups, during the insolvency procedure initiated against a major Romanian distributor of pharmaceutical products and two local pharmaceuticals store chains, for the recovery of multimillion euro commercial debts.
  • A Swiss-based manufacturer of measured, controlled efficacy graduated compression socks and stockings for treatment of venous disorders, legs’ well-being, and sports activities, in relation to the recovery of its debts against a Romanian distributor of medical products undergoing insolvency proceedings.
  • A leading French company acting in the field of fire safety, a subsidiary of an international Swiss-based group of companies, in relation to the insolvency procedure of the main manufacturer in the Romanian electronic security system, as well as in the OEM system production market.
  • A S.-based global company, specializing in complex transactions and logistics related to the petrochemical field, during the insolvency procedure of the largest Romanian chemical producer for the recovery of commercial debts exceeding EUR multimillion.
  • The world’s leading manufacturer 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.
  • An international group active in the telecommunication sector (currently undergoing insolvency), in connection with the restructuring and sale of its fiber-optic network to one of the major Romanian internet services providers.
  • The sole shareholder (as a part of a consortium), on the restructuring of the Romanian national post services company, as a first step towards its privatization to a strategic investor.
  • A US private equity group with regard to the restructuring plan involving three plants owned by its local affiliate, factories producing spare parts for a well-known German group in the automotive industry. Following the restructuring process, three asset sale transactions to different purchasers emerged, all major players in the automotive electrical components industry.
  • A Dutch multinational company, specialized in financial and banking services, on the strategy and actions to be adopted within the insolvency procedure in respect of the largest company in the chemical industry in relation to the recovery of a significant commercial debt.
  • The leading Romanian food and drinks producers, in drafting and implementing the strategy for restructuring various companies within the group. Professional advice and assistance included an extensive due diligence, in-depth analysis of all regulatory-related matters, up to identifying available restructuring options and their respective benefits and shortcomings (from employment and corporate standpoints) and documenting the implementation of the strategy agreed with the client.
  • The leading Romanian food and drinks producers, in drafting and implementing the strategy for restructuring various companies within the group. Professional advice and assistance included an extensive due diligence, in-depth analysis of all regulatory related matters, up to identifying available restructuring options and their respective benefits and shortcomings (from employment and corporate standpoints) and documenting the implementation of the strategy agreed with the client.
  • A global healthcare pharmaceutical and medical devices company in insolvency procedures against two Romanian healthcare medical services companies for the recovery of outstanding commercial debts and repossession of leased medical equipment.
  • A leading pharmaceuticals producer during the insolvency proceedings initiated against an important distributor of medicines, with the aim of recovering a significant commercial debt.
  • The German national railway company in the insolvency proceeding initiated against three local railway manufacturers for the recovery of multimillion euro debts arisen from the performance of various services and supply agreements concluded between the parties.
  • A Japan-based global manufacturer of bearing, steering, driveline and machine tools during the insolvency proceedings initiated against the former largest Romanian manufacturer of bearings and automotive bearings in relation to several significant commercial claims.
  • One of the largest global companies acting in the steel industry throughout the insolvency proceedings declared against several of its significant commercial debtors in connection with the recovery of multimillion euro secured and unsecured receivables.
  • A major S.-based agricultural company in connection with the restructuring process of its Romanian subsidiaries.
  • A major construction company during the insolvency proceedings and reorganization process.
  • The Czech market leader in trading and processing ferrous and non-ferrous scrap, to represent its interests during insolvency proceedings commenced against a Romanian company active in the same field, in view of pursuing the recovery of a multi-million commercial debt.
  • The leading global manufacturer of audio, video, communications and information technology with regard to restructuring its activities in Romania following the merger between two of its subsidiaries.
  • A major Austria-based financial institution with operations in CEE during the insolvency proceedings undertaken against an important group of 40 companies.
  • A leading State-owned electricity provider in connection with restructuring its generation capacity. Our advice was sought for 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.
  • A Germany-based multinational chain of coffee retailers and coffee shops during the restructuring & insolvency proceedings against a Romanian operator of city coffee shops. Our mandate included drafting the insolvency request, representation before the court and during insolvency-related meetings, preparing and presenting the strategy for claim recovery and other related legal issues.
  • An Italy-based multinational company active in the field of waste water collection, treatment and disposal against a Romanian debtor during the insolvency procedure following multimillion commercial litigation.
  • The local subsidiary of a well-reputed Dutch contractor, during the insolvency procedure against one of the largest wheat products processors.
  • An important commercial bank during insolvency proceedings initiated against various debtors for the recovery of significant claims.
  • A Romanian affiliated company of a reputed Belgium-based real estate developer during the insolvency procedure initiated by one of its main consultants.
  • One of the largest Romanian poultry farming and meat processing companies during the insolvency procedures.
  • Romanian and multinational companies during multiple insolvency procedures. Our mandate included drafting 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.

Accolades 
“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 Global

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

The firm is “praised by sources for deep knowledge of restructuring projects”. One client describes it as “meticulous and analytical”. Source: Chambers Europe

“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 Europe

Clients say: “The team has an excellent coverage of insolvency, and works very well together.” Source: Chambers Europe, 2013

Clients applaud the team’s “innovative preparation of the legal strategy,” asserting that “they take the time to consider all possible courses of action.” Also noted was the lawyers’ “timely and responsive” style, with interviewees reporting that “they answer all enquiries promptly and concisely.” Source: Chambers & Partners

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

„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.” Sursa: Chambers Europe

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

Muşat & Asociaţii 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

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

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

The firm has a “large team, highly respected for its restructuring and insolvency expertise”. Department head Ana-Maria Plăcintescu is “praised by sources for her deep knowledge of restructuring projects”. One client describes her as “meticulous and analytical”. Source: Chambers Europe, 2014

“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 Europe

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

Clients applaud the team’s “innovative preparation of the legal strategy,” asserting that “they take the time to consider all possible courses of action.” Also noted was the lawyers’ “timely and responsive” style, with interviewees reporting that “they answer all enquiries promptly and concisely.” Source: Chambers & Partners
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