searchsearch

Bulgaria


Banking Law

  • Privatization of:
    • the Bulgarian Post Bank, ranked as the best deal among the top ten foreign investments in 1998,
    • Hebrosbank, ranked among the best ten deals for 1999, and
    • Bulbank, the biggest privatization to date in Bulgaria.
      Performed due diligence on five of the largest Bulgarian banks:
      • Bulgarian Post Bank
      • Expressbank
      • Hebrosbank
      • Bulbank
      • United Bulgarian Bank.
      • Advised on the establishment and licensing of a local branch of ING Bank;
      • Advised on the incorporation of a local subsidiary of Demirbank, Turkey;
      • Advised a syndicate of major international banks and financial institutions (including EBRD and Citibank) in connection with the financing of the privatisation of the Bulgarian Telecommunications Company (BTC) (2003-2004);
      • Advises a banking syndicate, which finances BTC’s operations post-privatization (2005);
      • Advising on the provision of a syndicated loan by international banks to an international group of companies operating in the oil and gas sector in Bulgaria;
      • Look after custodian issues for:
        • Bank of New York
        • Citibank
        • JP Morgan Chase
        • Northern Trust
        • Bank of America
        • State Street Bank
        • Brown Brothers Harriman,
        • Melon Trust.
          Corporate secretary for Bulgarian Post Bank and Bulbank;
        • Advise on various regulatory and internal compliance for local and international banks in respect of their activity in Bulgaria (including for instance on legal implications of Internet based online banking services by Citibank in Bulgaria);
        • Draft rules and procedures for major local banks such as Board Rules, Credit Rules, Banking Secrecy Procedures, Money Laundering Procedures;
        • Advised:
          • on the rescheduling of the Bulgarian state debt owed to the London Club, the institutional creditor,
          • JP Morgan and Salomon Smith Barney as Joint Lead Managers on the global exchange by the Republic of Bulgaria of its Brady bonds for US Dollar-denominated and EURO-denominated bonds and cash (value EURO 2 billion).
            Advised Chase Manhattan and Morgan Stanley as the lead managers of the first issue by the Republic of Bulgaria of Eurobonds of aggregate principal amount EURO 250 million;
          • Advised the Ministry of Finance of the Republic of Bulgaria on derivative transactions under the ISDA Master Agreement with the IBRD and JP Morgan;
          • Advised on the inaugural issue of Bulgarian Eurobonds, the first major private placement of corporate bonds by a Bulgarian corporation;
          • Advised on:
            • the first lease of a Western aircraft to the Bulgarian national air carrier;
            • the financings of motor vessels;
            • the financings of Neftochim;
            • equity and debt trading in Bulgaria by foreign banks including Citibank.
              Advised ENEL on a €580 million project finance transaction involving the modernization of existing power generation units (Maritsa East 3 Project) and on ENEL’s potential interest in the € 1 billion Maritsa East 1 Project involving the construction under project finance terms of a new power generation plant
            • Advised a consortium of Italian and local banks in respect of the financing (under project finance terms) of the successful bidder in a tender for issuance of a regional license for gas distribution.
            • Advised AIG, Inc. on the incorporation and/or licensing of their life and general insurance operations in Bulgaria;
            • Advised Deutsche Structured Finance GmbH on lease agreements for two Boeings 737 with the national flag-carrier (Bulgaria Air) (2004);
            • Advised Bulbank on the financing of the private acquisition of the largest department store in Bulgaria (TZUM) (2004);

            Bankruptcy

            • represented 14 creditors holding over 65% of foreign banks' claims in bankruptcy against Mineralbank and Economic Bank,
            • advised the Spanish Credit Insurance Agency and the Italian state-owned foreign credit insurance agency, SACE, on the transformation of the debt of the insolvent debtor into debt of the Bulgarian government,
            • represented several large creditors in the bankruptcy proceedings of the Balkan Bulgarian Airlines, the largest air carrier in Bulgaria,
            • represented export credit insurance agencies, such as
              • Turk Exim Bank,
              • MEHIB (the Hungarian exports insurance agency)
              • SACE
                in insolvency proceedings against Bulgarian debtors.

            Company Law

            • established more than 300 different companies and branch offices in Bulgaria,
            • act as outside corporate counsel to companies such as
              • AIG Bulgaria Insurance and Reinsurance,
              • AIG Life Bulgaria,
              • Coca Cola Bulgaria,
              • Kraft Jacobs Suchard Bulgaria,
              • McDonald's Bulgaria,
                assist in obtaining required licenses and act as corporate secretary for companies. 

              Competition Law

              • obtained anti-trust clearance in Bulgaria for
                • General Electric in its acquisition of Honeywell and the acquisition of BetzDearborn Division of Hercules,
                • for Phillip Morris in its acquisition of food manufacturer Nabisco,
                • for Nestle in its acquisition of the pet food company Ralston Purina,
                • for IBM in its acquisition of the global business and technology consulting business of PricewaterhouseCoopers,
                • for UniCredito Italiano S.p.A. and Allianz AG in their acquisition of 98% of the largest Bulgarian bank, Bulbank,
                • for Kraft Foods in its acquisition of ESPRESSO EAD
                • for Seaboard Corporation in its merger with Domaine Boyar AD resulting in the creation of the largest Bulgarian wine producer and exporter, and
                • Interbrew S.A./N.V. in its acquisition of the controlling stake in its fourth brewery in Bulgaria, the merger of its three other breweries, and its acquisition of Becks.

              Criminal & Administrative Law

              • since 1990 has assisted with multiple administrative cases in front of the tax and customs authorities and government agencies,
              • advises in white collar crime cases.

              Energy, Utilities & Natural Resources

              • Advised the Bulgarian government on the construction of the Bourgas – Alexandroupolis trans-national oil pipeline;
              • Advised international bidders in connection with the building of a new thermal power plant and the rehabilitation of an existing thermal power plant;
              • Acted for a large U.S. company to establish a joint venture with Bulgargas for exploration of natural gas resources;
              • Involved in the modernization of Kozloduy Nuclear Power Station;
              • Advised on research and exploration agreements and joint venture arrangements;
              • Drafted the first concession for:
                • mining and exploration of underground natural resources in Bulgaria;
                • the largest copper and pyrite mine in Europe;
                • for exploration of underground natural resources for two of the cement manufacturers in Bulgaria.
                  Advised bidders on obtaining a concession for the operation of the water utility in Sofia;
                • Worked for the EBRD on the legal regime of local water supply and disposal in Bulgaria;
                • Advised a local private company on obtaining a concession for one of the largest mineral water springs in Bulgaria;
                • Advised American Standard, Inc. and its local subsidiaries on:
                  • the construction of the first private pipeline for natural gas in Bulgaria, and
                  • the establishment of a gas distribution company.
                    Provide consultancy services to the Bulgarian government on the legal issues arising from the privatization of the seven electricity distribution companies operating in Bulgaria;
                  • Advised international bidder in the process of privatization of several district heating companies;
                  • Advise one of the bidders in the ongoing privatization of three major thermo-electric power plants in Bulgaria (TPP Varna, TPP Rousse and TPP Bobov Dol).

                  Finance

                  • Privatization of:
                    • the Bulgarian Post Bank, ranked as the best deal among the top ten foreign investments in 1998,
                    • Hebrosbank, ranked among the best ten deals for 1999, and
                    • Bulbank, the biggest privatization to date in Bulgaria.
                  • Performed due diligence on five of the largest Bulgarian banks:
                    • Bulgarian Post Bank,
                    • Expressbank,
                    • Hebrosbank,
                    • Bulbank,
                    • United Bulgarian Bank.
                  • Advised on the establishment and licensing of a local branch of ING Bank;
                  • Advised on the incorporation of a local subsidiary of Demirbank, Turkey;
                  • Advised a syndicate of major international banks and financial institutions (including EBRD and Citibank) in connection with the financing of the privatisation of the Bulgarian Telecommunications Company (BTC) (2003-2004);
                  • Advises a banking syndicate, which finances BTC’s operations post-privatization (2005);
                  • Advising on the provision of a syndicated loan by international banks to an international group of companies operating in the oil and gas sector in Bulgaria;
                  • Look after custodian issues for:
                    • Bank of New York,
                    • Citibank,
                    • JP Morgan Chase,
                    • Northern Trust,
                    • Bank of America,
                    • State Street Bank,
                    • Brown Brothers Harriman,
                    • Melon Trust.
                  • Corporate secretary for Bulgarian Post Bank and Bulbank;
                  • Advise on various regulatory and internal compliance for local and international banks in respect of their activity in Bulgaria (including for instance on legal implications of Internet based online banking services by Citibank in Bulgaria);
                  • Draft rules and procedures for major local banks such as Board Rules, Credit Rules, Banking Secrecy Procedures, Money Laundering Procedures;
                  • Advised:
                    • on the rescheduling of the Bulgarian state debt owed to the London Club, the institutional creditor,
                    • JP Morgan and Salomon Smith Barney as Joint Lead Managers on the global exchange by the Republic of Bulgaria of its Brady bonds for US Dollar-denominated and EURO-denominated bonds and cash (value EURO 2 billion).
                  • Advised Chase Manhattan and Morgan Stanley as the lead managers of the first issue by the Republic of Bulgaria of Eurobonds of aggregate principal amount EURO 250 million;
                  • Advised the Ministry of Finance of the Republic of Bulgaria on derivative transactions under the ISDA Master Agreement with the IBRD and JP Morgan;
                  • Advised on the inaugural issue of Bulgarian Eurobonds, the first major private placement of corporate bonds by a Bulgarian corporation;
                  • Advised on:
                    • the first lease of a Western aircraft to the Bulgarian national air carrier;
                    • the financings of motor vessels;
                    • the financings of Neftochim;
                    • equity and debt trading in Bulgaria by foreign banks including Citibank.
                  • Advised ENEL on a €580 million project finance transaction involving the modernization of existing power generation units (Maritsa East 3 Project) and on ENEL’s potential interest in the € 1 billion Maritsa East 1 Project involving the construction under project finance terms of a new power generation plant;
                  • Advised a consortium of Italian and local banks in respect of the financing (under project finance terms) of the successful bidder in a tender for issuance of a regional license for gas distribution.
                  • Advised AIG, Inc. on the incorporation and/or licensing of their life and general insurance operations in Bulgaria;
                  • Advised Deutsche Structured Finance GmbH on lease agreements for two Boeings 737 with the national flag-carrier (Bulgaria Air) (2004);
                  • Advised Bulbank on the financing of the private acquisition of the largest department store in Bulgaria (TZUM) (2004);

                    Foreign Investments

                    • advised international bidders on
                      • Bulgarian regulatory and contractual issues in connection with their acquisition of interest in the two major Bulgarian energy sector investment projects,
                      • the building of a new thermo-power plant Maritsa East I and the rehabilitation of the existing thermo-power plant Maritsa East III.
                    • advised
                      • international investors in acquiring equity interests in the Sheraton and Radison hotels in Sofia,
                      • on the merger between beer manufacturing companies Kamenitza AD and Plevensko Pivo AD,
                      • on the public offering of the Pioneer Unit Funds in Bulgaria through Bulbank,
                      • Navan Mining PLC on the restructuring of Navan Group's debt to Deutsche Bank Group,
                      • potential buyers in connection with the privatization of the Bulgarian tobacco giant Bulgartabac AD,
                    • advised EBRD in connection with the privatisation of the Bulgarian Telecommunications Company in the private acquisition of Mobiltel.

                    Insurance Law

                    • advised American Life Insurance Company on the establishment and licensing of a life-insurance subsidiary in Bulgaria,
                    • helped Munich Reinsurance Company on the acquisition of an equity participation in a Bulgarian holding company controlling several insurance companies,
                    • represented CGNU plc. in the successful liquidation of their local subsidiary, Berlinische Leben Bulgaria Pension Assurance Company,
                    • act as Corporate Counsel and Corporate Secretary for the local property-insurance and life-insurance subsidiaries of American International Group, Inc.

                    Intellectual Property

                    • terminated infringements of clients’ intellectual property by closing down illegal production facilities, confiscating or destroying fake products,
                    • represent a multinational client in the first trademark infringement litigation against a parallel import in Bulgaria,
                    • participated in the campaign against CD piracy in Bulgaria – acknowledged by the UN Trade Organization as the major success in Central and Eastern Europe fight against IP infringements,
                    • assisted with the protection of intellectual property for many major companies including
                      • Adidas Salomon AG,
                      • Allied Domecq,
                      • amazon.com,
                      • American Standard Inc.,
                      • Cadbury Schweppes plc,
                      • SmithKline Beecham plc,
                      • Coca-Cola,
                      • Diageo/UDV,
                      • Interbrew S.A.
                      • Kraft Jacobs Suchard,
                      • Philip Morris,
                      • Procter & Gamble.

                      Litigation & Arbitration

                      • represented a major foreign bank in litigation against a private Bulgarian bank – the claim exceeded EUR 4 million,
                      • advised one of the largest multinational companies investing in Bulgaria in patent infringement proceedings,
                      • successfully defended the rights and interests of the American investor Home Dynamix in the largest Bulgarian carpet maker Decotex AD - a landmark case in Bulgaria,
                      • represented over 40 corporate clients in solving their labour disputes,
                      • assisted a foreign bank in litigation against a local company.

                      Privatization

                      • part of a consortium of advisers led by BNP Paribas in the privatization of the seven electricity distribution companies operating in Bulgaria,
                      • advised potential buyers in two major investments
                        • the privatization of the Bulgarian tobacco giant Bulgartabac AD,
                        • the Bulgarian Telecommunication Company,
                      • assisted in
                        • the successful privatisation of the largest Bulgarian bank Bulbank by UniCredito Italiano – one of the largest privatisation projects up to date,
                        • the privatisation of the second largest bank in Bulgaria United Bulgarian Bank by a strategic investor,
                        • the privatisation procedure of the tobacco monopolist Bulgartabac Holding AD,
                        • the acquisition of the Sofia flour mill Melnichen Kombinat AD by foreign investors,
                        • the acquisition of the third largest electric hoists manufacturer in Europe Podem AD, Gabrovo by a foreign investor,
                        • the privatisation of the company exploiting the biggest operational gold-copper-pyrite mine in Europe Chelopech EAD,
                        • the acquisition of one of the major state-owned banks in Bulgaria Hebrosbank AD,
                        • the privatisation of Expressbank AD.

                      Property Law

                      • assisted in
                        • the leasing of Western aircraft to the Bulgarian national air carrier Balkan - the first leasing of Western aircraft,
                        • the sale of Bell helicopters to the Bulgarian government - the first sale of Western helicopters,
                        • the establishment of the McDonald’s franchise,
                        • many real estate deals for local and international clients.

                      Public Procurement

                      • advised the KPN/OTE Consortium on the public procurement laws in connection with the privatisation of the Bulgarian Telecommunications Company, including drafting amendments to the Public Procurement Act,
                      • advised the first private national TV-broadcasting channel in Bulgaria bTV, owned by News Corporation of Rupert Murdoch, on public procurement rules,
                      • advised AIG Bulgaria Insurance and Reinsurance Company AD in connection with their participation in public procurement procedures.

                      Taxation

                      • assist in tax disputes on behalf of
                        • the largest Bulgarian bank Bulbank,
                        • one of the major investors in Bulgaria American Standard,
                        • Glenco.

                      Telecommunications & Media

                      • Advised a consortium of KPN (The Netherlands) and OTE (Greece) on the first attempt to privatize the Bulgarian Telecommunications Company (BTC), the incumbent’s fixed operator BTC (1998-2000);
                      • Advised a syndicate of major international banks and financial institutions (including EBRD and Citibank, as well as a syndicate of mezzanine lenders) financing the privatization of BTC by Advent, which successfully closed in June 2004;
                      • Advised Vodafone and its Greek subsidiary Panafon in connection with a public tender for the second GSM license in Bulgaria (2000);
                      • Advised Turkcell in connection with its potential interest in participating in tenders for UMTS licenses in Bulgaria (2005);
                      • Acted on behalf of several international investors in the preparation for acquisition of the first Bulgarian GSM mobile telephone operator Mobiltel;
                      • Acted for the international shareholder in the establishment of the first national mobile operator in Bulgaria;
                      • Advised on the transfers of shares of Radio Telecommunications Company OOD;
                      • Advised on the establishment and licensing of the first private national TV channel in Bulgaria – bTV;
                      • Corporate secretary and outside counsel to bTV;
                      • Acted for several radio broadcasters, newspaper and magazine publishers in their local operations;
                      • Advised foreign companies in connection with their interest in the acquisition of local radio and cable TV operators;
                      • Advises Globul (the second GSM operator in Bulgaria) on regulatory issues;
                      AthensBelgradeBucharestIstanbulLjubljanaPodgoricaPristinaSarajevoSkopjeSofijaTiranaZagreb
                      Copyright © 2004 SEE Legal Group. All rights reserved. Please read our Disclaimer.