Carpatica Asig SA, the insurance company that now makes object to several intervention measures on the basis of insurants’ resolution and redressing law, was acquired by International Insurance Consortium, an investments company from the Netherlands, with a focus on the insurance companies from Eastern and South-Eastern Europe. IIC was represented by Wolf Theiss in this transaction. The team of lawyers led by Ileana Glodeanu claims the transaction to have been a true challenge, considering the suspensive conditions, certain criminal law ramifications, the changes in the legislation in the past months and, finally, regulations on the way to be enacted. The seller was advised by a team of lawyers led by Dumitru Rusu from Voicu Filipescu....more »

MedLife and other group entities were granted 56 million EUR from a syndicate of banks made up of Banca Comercială Română, as coordinator, BRD-Groupe Société Générale, ING Bank N.V Amsterdam – Bucharest Branch, and Raiffeisen Bank. MedLife will use the resources in order to develop its business and consolidate its position on the Romanian market.  The banks were provided legal assistance by the RTPR Allen & Overy team: Victor Pădurari (Partner), Andreea Burtoiu (Counsel), Poliana Naum (Senior Associate), Andreea-Ramona Chiriac (Associate) and Petru Ursache (Junior Associate), who declare to be “happy to assist local credit institutions  on every occasion, these institutions being one of the most important pillars in supporting and developing investments in Romania”. ...more »

bpv Grigorescu Ştefănică advised the Chinese company Ningbo Joyson Electronic Corporation (Joyson Electronics) in a transaction valued at $920 million, by which the company acquired Key Safety Systems. This is one of the largest transactions in the automotive sector of the early 2016. Joyson Electronics, one of the world’s leading suppliers of automotive components, has signed the agreement for the acquisition of the auto supplier Key Safety Systems. Key Safety Systems, a US manufacturer of security systems for the automotive industry, such as airbags, steering wheels, seat belts, is operating in 32 locations around the world, including Romania, where it is present with facilities in Arad and Hunedoara. ...more »

Biriș Goran law firm announces the successful closure of a new stage in the lawsuit between Farmec SA and ANAF. On 18 February 2016, the litigation team headed by Mihai Nusca obtained in court the annulment of the taxation decision issued by ANAF for Farmec SA, amounting to approximately EUR 13 million. The decision can be appealed. Previously, in the settlement phase of the tax appeal, Biris Goran team managed to partially annul the taxation, amounting to approximately EUR 2 million. In December 2014, ANAF decided to compel Farmec to pay approximately EUR 15 million, an amount which represented the recalculation of the payment of excise duties related to the alcohol used in the product networks included in the company’s portfolio. In the first phase, Biriș Goran team obtained in court the admission of the claim for suspension of the exercise of the taxation decision issued by ANAF until the settlement on the merits of the action requesting the annulment of the said decision....more »

Veranda shopping center, located in the Obor area in Bucharest, attracted funding of EUR 25.5 million from Raiffeisen Bank SA and Raiffeisen Bank International AG, that will be used fort the project development.  In this transaction, Veranda ...more »

After three years of delays, energy trader Alpiq Romindustries and aluminum producer Alro SA lose law suits in favor of Hidroelectrica. Alro and Alpiq were requesting damages worth of 146 million EUR for not being registered in the preliminary table of claims after Hidroelectrica entered insolvency.  From October 2011 to December 2012, Hidroelectrica faced extreme dryness and therefore, the low debits of the Danube could not provide the foreseen amount of energy to its creditors. At first, it tried to compensate by buying thermic energy and selling it for an even lower price. But, when the financial resources were exhausted, the company invoked force majeure, which allowed them to diminish the quantity of energy provided to its commercial partners. The Court entitled Hidroelectrica to the reimbursement of the trial expenses, approx. 28.600 EUR. Alro was represented by Tuca Zbarcea & Asociatii, and Alpiq by law fir, Schoenherr. ...more »

Alro, the biggest aluminum producer in Central and Eastern Europe finalized a 137 million dollar revolving loan approval with a bank syndicate consisting of Raiffeisen Bank International, Raiffeisen Bank România, UniCredit Bank, OTP Bank, Eximbank, Garanti Bank, Intesa Bank and Banca Transilvania. The measure was approved by the Alro Slatina shareholders in late 2015 in order to refinance a previous 120 million dollar loan, released by the European Bank for Reconstruction and Development (EBRD), in 2010. Alro ensures the loan with their immovables, mortgages for security of personal property, for their civil rights for damages caused by insurance policies, personal stocks and shares of Alum and Conef, also owned by Alro. Zamfirescu Racoti & Partners is the law firm that successfully assisted Alro into contracting the credit....more »

Banca Transilvania has purchased a portfolio consisting of performant loans, granted by the Bank of Cyprus in Romania to some retail customers. The transaction will be finalized at the end of February this year and, as a result, it will increase the retail customers database of Banca Transilvania. Thus, the Bank continues its’ acquisitions on the local market, subsequently to the taking over and integration of Volksbank Romania in 2015. ...more »

Local law firm RTPR Allen & Overy advised the private equity fund Enterprise Investors in relation to the sale of Smartree Romania, an important player on the market providing outsourcing payroll and personnel administration process services. RTPR Allen & Overy assisted Enterprise Investors in relation to several transactions such as the exit from Siveco Romania, the acquisition of Macon and Simcor or the acquisition and subsequent sale of Artima. ...more »

Țuca Zbârcea & Asociații assisted McDonald’s in a complex transaction finalised on 22 January 2016 whereby the shares of McDonald’s System of Romania, Inc., a Delaware company which owns its Romanian subsidiary were sold to Premier Capital SRL, a subsidiary of the Maltese company Premier Capital plc. The transaction also included a franchise pursuant to which the former Romanian subsidiary of McDonald’s will continue to operate the restaurants and use the McDonald’s brand, a developmental licensee concept previously implemented by McDonald’s with Premier Capital group of companies in several other countries (Malta, Greece and the Baltic countries). The team of lawyers at Țuca Zbârcea & Asociații involved in the project included Cornel Popa (Partner) and Andreea Lisievici (Managing Associate), who have assisted McDonald’s in the negotiation, execution and closing of the transaction documents. The buyers, Premier Capital and Daniel Boaje, were represented in this transaction by Musat & Asociatii...more »