While the economic recession has shadowed the development of several sectors of the domestic economy and, consequently, has affected the activity of law firms in terms of consultancy, disputes, which have flourished in those troubled times, have continued blooming in recent years.  Probably the sole practice area that lawyers cannot complain about, litigation, has seen great effervescence over the past years, having a major contribution to the increase of the revenues posted by law firms. This trend will be maintained, at least in 2014, hence confirming that “in general, dispute resolution is a safe haven for law firms in times of economic distress”, as Robert Rosu, Partner of Tuca Zbarcea & Asociatii, says. ...more »

Aversa Manufacturing has won the lawsuit filed by the State Assets Management Authority in September last year which disputed the tendering procedures of the takeover bid for Aversa. In April 2014 the Bucharest Court rejected the SAAA’s appeal and on September 23, the Court of Appeal also rejected the final appeal confirming that the centrifugal pumps manufacturer complied with all legal requirements of the tender offer in accordance with the related specifications. Biris Goran acted as representative of the company member of the Benevo group, offering ongoing assistance in this litigation. The law firm also advised Aversa in the acquisition transaction, as well as in insolvency and real estate matters....more »

The company in charge with the management of the State’s interest in the energy sector (SAPE) has been admitted the request for arbitration in the Enel case, by the International Court of Arbitration from Paris (ICA), reads a news release from the Department for Energy. SAPE requested Enel to pay nearly 522 million euro, claiming the “Put” option as provided by the Government Ordinance no. 1163/2012....more »

BCR has concluded a financing agreement of 32 million with AFI Europe, funds which will be directed to AFI Park 2 and 3 office buildings. Part of the loan, 17 million euro, is destined to investment in AFI Park 2, while the remaining amount of 15 million euro will be used for the development of AFI Park 3, reads a press release of the company. “Getting this loan will allow AFI Europe to recover the entire capital invested in AFI Park 2, whose development was supported through own funds and complete AFI Park 3, whose inauguration is scheduled to take place by the end of this year”, commented David Hay, CEO AFI Europe Romania. ...more »

Romanian independent outfit Tuca Zbarcea & Asociatii landed a key role advising UniCredit Tiriac Bank on acquiring the corporate business of RBS Romania (the Romania branch of The Royal Bank of Scotland plc, Edinburgh). The deal follows a previous agreement between the same financial institutions signed in April 2013. At the time, UniCredit Tiriac Bank announced it had acquired the Retail and Royal Preferred Banking business from RBS Romania, representing approximately 315 million euro in assets and 230 million euro in liabilities....more »

Marubeni Corporation and ELCEN have agreed to form a JV to build a 250 MW gas-fired electricity plant in the central Romanian county of Mures worth roughly 170 million euro, they announced in a statement released. Romanian law firm Tuca Zbarcea & Asociatii has advised Marubeni Corporation, one of the largest and most profitable of Japan's unique and powerful “sogo shosha”, according to this statement. The legal team was led by Sorin Vladescu, Partner with the firm. The Japanese company will control 90 percent of the newly formed company, SC Fantanele Gas Power SA, and it will bring an in-kind contribution of 30 percent to the share capital of the NewCo, with the rest stemming from loans. ...more »

The Austrian Do It Yourself chain bauMax has reached an agreement for selling its domestic chain comprising 15 stores to French-based Adeo Group, the sale, whose price has not been disclosed, being concluded through a “share deal” transaction, pending competition approval. Popovici Nitu & Asociatii has assisted the French party in this transaction, while Noerr acted as legal advisor of bauMax. The stores, subject of this transaction, are located in Bucharest (2), Bacau, Brasov, Constanta, Craiova, Cluj Napoca (2), Iasi, Pitesti, Ploiesti, Sibiu, Suceava, Targu-Mures and Timisoara....more »