ZAMFIRESCU RACOTI VASILE & PARTNERS

Address: 12 Plantelor Street, 2nd District, Bucharest, RO-023974, Romania
Tel: +40 21 311 05 17
Fax: +40 21 311 05 19
E-mail: [email protected]
Web: www.zrvp.ro
Most senior representative: Ioana Racoti, Senior Partner and Founder; Calin-Andrei Zamfirescu, Senior Partner and Founder; Stan Tirnoveanu, Senior Partner and Founder
No. of local partners: 17
No. of lawyers: 66
Offices in Romania: Bucharest, Cluj-Napoca
Representative clients include: Alro/Vimetco, OMV Petrom, Romanian Banks Association (ARB), The National Agency for Mineral Resources, Kronospan Trading, UniCredit Romania, Bucharest Stock Exchange (BVB), The State of Romania, Immofinanz/CPI Pproperty Group, Menzies Aviation Romania.

Partners and heads of practice

Cosmin Vasile, Managing Partner

Practice Areas: Dispute Resolution, Investment Arbitration, Civil Procedure, Private International Law, Enforcement, Intellectual Property

Dr. Cosmin Vasile, managing partner of Zamfirescu Racoti Vasile & Partners and head of the firm’s Arbitration Practice Group, has extensive experience of more than 22 years in handling crossborder disputes and boasts already an outstanding track-record of around 100 international arbitration proceedings as counsel and arbitrator conducted under various laws and sets of arbitration rules, including ICC, LCIA, CAM, SCC, VIAC, UNCITRAL, ICSID and CICA. In court, Dr. Vasile has an impressive record, being popular among major domestic and international corporations for advice in high-profile commercial, administrative-contentious, public procurement, enforcement and capital markets disputes.

Calin-Andrei Zamfirescu, Senior Partner & Founder

Practice Areas: Dispute Resolution, International Arbitration, Intellectual Property, Restructuring & Insolvency, Corporate & Commercial, Criminal Law 

Senior Partner and founder of Zamfirescu Racoti Vasile & Partners, Calin-Andrei Zamfirescu is Head of the Dispute Resolution department. Calin is a leading Romanian expert in litigation and arbitration, acting as counsel for major clients in important domestic and international litigation and arbitration proceedings, being praised for his experience in banking, finance, insolvency, liquidation, and bankruptcy-related contentious matters. He is Honorary President of the National Union of Romanian Bars, the National Union of Liberal Professions as well as Head of the Romanian Delegation before CCBE (Council of Bars and Law Societies of Europe).

Ioana Racoti, Senior Partner & Founder

Practice Areas: Banking & Finance, Capital Markets, Energy & Natural Resources, Corporate & Commercial, Mergers & Acquisitions, Competition

Ioana Racoti, Senior Partner and founder of ZRVP, heads the Energy & Natural Resources, Banking & Finance and Capital Markets departments. A seasoned business lawyer, Ioana belongs to the group of professionals that pioneered the world of business law in Romania back in 1995. Highprofile mergers & acquisitions deals and privatization projects propelled her to the international elite of the legal profession. Since then, she has been growing longlasting business partnerships with clients from different industries, providing trusted legal counsel for over 29 years in multibillion-dollar projects.

Stan Tirnoveanu, Senior Partner & Founder

Practice Areas: Restructuring & Insolvency, Enforcement & Debt Recovery, Banking & Finance, Dispute Resolution, Fiscal Litigation, Real Estate Litigation

Mr. Tirnoveanu leads the Restructuring & Insolvency practice as well as the Banking Litigation practice, being one of the most reputed lawyers in Romania in the area of liquidation and reorganization in the banking system. He has broad expertise in representing clients in insolvency and bankruptcy, debt recovery and dispute resolution, ensuring legal assistance and representation for both creditors and debtors. Stan Tîrnoveanu is a member of the European Association for Banking and Finance Law, Romania Branch and deputy editor of the Banking and Finance Law Magazine.

Anca Danilescu, Senior Partner

Practice Areas: Corporate & Commercial, Mergers & Acquisition, Real Estate, Employment Law, Banking & Finance

Anca Danilescu has developed a significant practice in project finance, corporate, commercial and mergers and acquisitions. She has been involved in intricate financing transactions, including bank facility agreements, syndicated international loans and securitizations. Anca was also involved in complex transactions ranging from cross-border business ventures to private stock and assets acquisitions for major domestic and international corporate clients in various fields, such as multinational lime and glass producers, leading companies in telecommunications, shipping and aviation areas.

Andrei Dumitrescu, Partner

Practice Areas: Litigation, Administrative Contentious, Public Procurement, Competition, Labor Disputes

Andrei is an experienced dispute resolution lawyer focusing on complex commercial litigation and contentious administrative disputes, including public acquisitions, tax and competition law. Furthermore, Andrei specializes in the settlement of court and pre-court matters, assisting clients in mitigating imminent litigation or amiably solving open court procedures. Andrei has completed several postgraduate courses in Intellectual Property held by WIPO in association with the University of Bucharest (2006, 2007).

Mihai Bajenaru, Partner

Practice Areas: General Corporate, Mergers & Acquisitions, Environmental Law

Mihai has coordinated during the last 17 years an interdisciplinary team of attorneys providing ongoing legal assistance to big industry clients in daily business matters. He has extensive experience in business start-ups, corporate housekeeping, collaterals, debt restructuring and asset securitization. As a trademark of his professional expertise, he specializes in brokering commercial agreements and acting on behalf of clients in negotiations with third parties ranging from commercial partners and financial institutions to public authorities.

Alina Tugearu, Partner

Practice Areas: Litigation, Arbitration, Intellectual Property, Contentious-Administrative, Labor Disputes, Construction & Infrastructure Disputes

Alina Tugearu, coordinator of the firm’s Intellectual Property Litigation practice, specializes in civil and commercial litigation, with a focus on international arbitration and administrative/contentious disputes. She has solid experience in trying arbitration cases before national and international arbitral panels in arbitration proceedings held under the auspices of the ICC, LCIA, VIAC, the Court of International Commercial Arbitration (Bucharest) and under the UNCITRAL arbitration rules in ad hoc arbitration, in complex projects involving construction disputes, including matters regarding FIDIC contracts, post privatisation-related disputes and energy related disputes.

Elena Iacob, Partner

Practice Areas: Banking & Finance, Public Procurement, Capital Markets, Competition, Corporate & Commercial

Elena has extensive experience in banking and finance, capital markets and competition. She has assisted numerous banks and non-banking financial institutions in statutory and regulatory matters, being involved in complex transactions ranging from project finance, restructuring, assignment of portfolios, mergers, acquisitions and regulatory projects. Elena successfully coordinated the project for the European Investment Bank regarding the transposition of the new EC Procurement Directives and Remedy Directives into Romanian legislation, and acts for clients in all matters of public procurement law.

Catalin Micu, Partner

Practice Areas: Labor Law, Corporate & Commercial, Public Procurement, Energy & Natural Resources

Catalin has an unsurpassed practice in employment law with an exceptional reputation for advising clients on all aspects of individual and collective labour law. Having thorough and solid knowledge of the Romanian corporate regulations, Catalin is popular among major domestic and international corporations for advice on agreements negotiation, implementation of sophisticated management organization systems, important business transfers, corporate restructurings and collective bargaining agreements. Catalin has also a notable reputation for advising on medical law and commercial law matters, acting for a client roster encompassing companies acting in a variety of industry sectors.

Monica Strimbei, Partner

Practice Areas: Dispute Resolution, International Arbitration, Corporate Law, Capital Markets, Contentious-Administrative Law, Public Procurement

Monica is specialized in civil litigation and administrative-contentious disputes across a variety of business sectors, including capital markets litigation, public procurement, energy & natural resources, partnerships and corporate governance. Monica coordinates complex disputes between issuers and shareholders, investors and authorities, as well as litigation matters concerning listings, delistings, public offerings. Monica assists also with a variety of public procurement disputes. During the last years, she has been also involved in international arbitration mandates referring to complex commercial, public international and private international law matters.

Cosmin Cojocaru, Partner

Practice Areas: Arbitration, Litigation, Construction Disputes, Energy Disputes, Public Procurement, Contentious-Administrative Law

With legal experience of more than 20 years, Cosmin Cojocaru is a partner in the dispute resolution team of the firm. He has extensive experience in the field of construction disputes, including disputes arisen from the non-performance or inappropriate performance of FIDIC agreements. Cosmin also handles high-profile disputes in the energy field, covering both court litigation and international arbitration.

Marina-Crenguta Florea, Partner

Practice Areas: Real Estate & Construction, Commercial Contracts, Employment & Regulatory, Corporate Governance

Crenguta has over 14 years of professional experience and is specialized in real estate and corporate & commercial law. She advises local and international clients on urban and industrial development projects, construction (including FIDIC contracts), leasing transactions, regulatory and licensing matters. Crenguta has also extensive experience in corporate governance, being involved in highly strategic commercial projects and providing legal assistance regarding the day-to-day business activity of clients.

Ovidiu Serban, Partner

Practice Areas: Family Law, Fiscal Litigation, Civil & Commercial Law, Labor Law

Ovidiu Serban is coordinator of the civil law and family law practice of ZRVP. A litigator with over 17 years of experience, Ovidiu specializes in civil and family disputes and currently handles, together with his team, over 100 mandates, mainly divorces with children, division of assets, international abduction, adoptions and inheritance. Ovidiu’s practice focuses also on administrative and tax law, including disputes between professionals.

Robert Oancea, Partner of Counsel

Practice Areas: Real Estate, Agricultural Law, Construction Law (FIDIC), Energy & Natural Resources

Robert’s practice covers a broad range of corporate and commercial matters, being well versed in real estate and agriculture matters. He has assisted clients in a wide variety of transactions covering legal issues regarding land acquisition, development and concession, public and private construction, public works and leasing of properties.

Violeta Saranciuc, Partner

Practice Areas: International Arbitration, Construction Law, Real Estate Litigation, Competition Disputes, Administrative-Contentious

Violeta is specialized in international arbitration and litigation across a wide range of industry sectors and variety of projects, such as construction and engineering, plant manufacturing, turn-key projects , FIDIC-based projects, large-scale privatization matters and other disputes in relation to share sales, real estate sector etc., as well as in competition disputes.

Alexandru Iorgulescu, Partner

Practice Areas: Banking & Finance, Insolvency, Insurance Law, Civil Law, Labour Law, Bill of Exchange Law

Alexandru Iorgulescu is a seasoned expert in financial and banking law, bills of exchange, insolvency, and enforcement, providing legal counsel to some of the most prominent companies on the Romanian market. He has extensive experience with financial payment instruments, advising clients in complex disputes arising from cross-border transactions. Additionally, Alexandru plays a key role in advancing the firm’s insurance law practice, representing leading Romanian companies in numerous high-stakes disputes.

List of the most representative projects

Corporate and M&A

Provided legal assistance to Societatea de Administrare a Participatiilor in Energie (“SAPE”), the Romanian State’s Energy Fund, in its capacity as minority shareholder, in securing its rights and signing all relevant agreement required under the applicable privatization contracts in all Romanian companies controlled by Enel during the sale process of Enel’s participations to PPC Greece.

Provided legal assistance to Alro, one of the largest vertically integrated aluminium producers in Europe, in negotiating with its partner, a state-owned company, Complexul Energetic Oltenia, the settingup and the successful incorporation of a project company for the development of a project selected to be financed from the Modernization Fund consisting in the construction of a plant of 850 MW natural gas combined cycle in Isalnita, which will replace block 7 and block 8.

Provided legal assistance to several companies in the renewable energy sector in negotiating and finalizing the sale of their share capital. 

Specialist lawyers: Anca Danilescu, Ioana Racoti, Elena Iacob, Lidia Trandafir, Alexandra Nania, Denisa Neamtiu.



Banking

Provided legal assistance to Alro, in their capacity as borrower, in extending a $150 million working capital credit facility until 2026 from a syndicate of banks including Exim Banca Romaneasca, Banca Comerciala Romana, OTP Bank Romania, CEC Bank, UniCredit Bank, Alpha Bank Romania, and Banca Transilvania. Revision of the full package of retail lending model documentation and tailored compliance advice for Garanti BBVA Romania.

Provided legal assistance to DHB Bank in a cross border financing project involving legal teams from Romania, the Netherlands and Turkey, in relation to a loan for investment purposes to a Romanian company subsidiary of an international group, for a photovoltaic panels project.

Provided legal assistance to First Bank on the amendment of a complex servicing agreement loan portfolio originated by Bancpost and transferred to Eurobank.

Provided legal assistance to Alum in relation to the extension of a non-cash facility for working capital purpose from Garanti Bank. 

Specialist lawyers: Ioana Racoti, Elena Iacob, Lidia Trandafir, Laura Retegan, Adina Rotaru, Denisa Neamtiu.



Energy and Natural Resources

Legal assistance to Alro in negotiating with its partner, a state-owned company, the setting-up of an SPV for the development of a project selected to be financed from the Modernization Fund consisting in the construction of a plant of 850 MW with natural gas combined cycle in Isalnita. Value of the project amounts to €506 million.

Advising a bank established in the Netherlands on various legal aspects of development and sale/acquisition of a renewable energy project.

Advising Vimetco Trading regarding the construction of a new natural gas-fired combined cycle power plant in Slatina with an installed capacity of 470 MW.

Provided legal assistance to several companies in the renewable energy sector in negotiating and finalizing the sale of their share capital.

Provided legal assistance to a Turkish company active in the development of solar energy projects as potential buyer and a Romanian bank as potential financier of the project, in performing legal due diligence on a renewable energy project in Braila county. 

Specialist lawyers: Ioana Racoti, Elena Iacob, Lidia Trandafir, Madalina Marineanu.



Competition

Advised TTS (Transport Trade Services) in the notification to the Competition Council of an acquisition of a port operation company active in the most important sea and inland port of Romania, Constanta Port.

Advises Menzies Aviation Romania in all competition law matters in Romanian, assessment and advice on potential abuse 
of dominance by airport operators in the market for management and operation of airports, „secondary line discrimination” in relation to ground handling services providers.

Representing the Romanian Forestry Association in a challenge against a decision of the Romanian Competition Council.

Legal assistance to the Romanian Banking Association in all competition law matters.

Specialist lawyers: Elena Iacob, Catalin Micu, Denisa Neamtiu.



Litigation and Dispute Resolution

Representation of Fondul Proprietatea in connection with a corporate dispute related to the share capital increase of National Company Bucharest Airports. Shareholding structure of National Company Bucharest Airports is 80% shares of Romanian State – through Ministry of Transports and 20% shares of Fondul Proprietatea. Project value - approx. €950 million.

Currently offering legal assistance and representation in over 100 case files pending before Romanian court aimed at cancelling the orders by which the special pension right of the former members of the Romanian Parliament have been cancelled. Out of the total number of 827 former members of the Romanian Parliament who attended public service since 1990 to date, they are assisting a total number of 426 former members, i.e. over 50%.

Representation of the Romanian State in the claim for partial annulment filed by Alpiq against the favorable award issued in November 2018 by an ICSID tribunal fully dismissing Alpiq’s claims of over €400 million and ruling that Romania observed its undertaken obligations as host State and did not breach the investor’s rights.

Representation of OMV in two separate ICC disputes against the Ministry of Environment for the recovery of environmental costs of approx. $110 million stemming from the privatization of the largest Romanian oil company, SNP Petrom, following remedial actions undertaken by their client OMV in relation to historical pollution.

Represented the National Agency for Mineral Resources in an ICC arbitration related to a dispute arising from a petroleum agreement. The dispute entailed complex aspects related to the fulfilment of the exploration obligations undertaken by the title holder overlapped with various legal matters.

Specialist lawyers: Dr. Cosmin Vasile, Calin-Andrei Zamfirescu, Alina Tugearu, Violeta Saranciuc, Cosmin Cojocaru, Andrei Dumitrescu, Silvia Gogan.



PPP Public Procurement

Legal assistance to Alro, in its capacity of shareholder of the contracting authority – CCGT Power Isalnita, during the award procedure of the contract related to an energy block of cca. 850 MW on natural gas in Isalnita ("CCGT Isalnita") - design, procurement, execution of works, commissioning and long-term maintenance services. Value of the project - over €550 million.

Successfully represented Lukoil Romania in contesting a large public tender, trying to cancel the entire Award Documentation prepared under the procedure for awarding a framework agreement for the fuel supply of the entire national network of the National Company for Administration of Road Infrastructure. Value of the project – €34 million.

Successfully represented Impact Developer & Contractor, Clearline Development and Management (the project company) in two cases stemming from a public-private contractual relationship entered into in 2007, when Impact Developer & Contractor concluded an association agreement with the Local Council of Cluj-Napoca Municipality, based on which the client was to develop a residential project on the huge plot of land which the Cluj Local Council had to bring as contribution – the “Lomb Project” (over 270 ha) – one of the first PPP projects in Romania. Value of the project – €50
million.

Provided legal assistance to one of the local administrative districts of Bucharest regarding the performance, potential termination and applicable public procurement laws and rules of a construction works contract.

Legal assistance and representation of Institutul Clinic Fundeni in all public procurement matters.

Specialist lawyers: Elena Iacob, Monica Strimbei, Cosmin Vasile, Denisa Neamtiu.



White Collar Crime

Successfully representing the consortium of banks (Alpha Bank Romania, Unicredit Bank Romania, Unicredit SpA Italia, NBG Malta) that financed the Baneasa project, in the criminal case in which the Prosecutor's Office and the Ministry of Public Finance requested the cancellation of the real estate transactions and demanded the return of the lands to the public ownership of the state, in a matter estimated over $300 million. The Buchaest Court of Appeal rejected all claims in July 2024.

Successfully representing 45 survivors and persons close to the victims of the Colectiv Club fire in the enforcement of the provisions of the criminal decision and the payment by the state authorities of €8.5 million in compensation. This pro bono project is still ongoing after 9 years.

Representing Compania Romprest Service, in the highly publicized case opened by the National Anti-Corruption Directorate, whose directors were indicted, togheter with former mayor, in relation to the approval of the new tariffs for the contract concluded in 2008, on the delegation of management of the provision of sanitary services in the administrative area of 1st District of Bucharest.

Representation of a company active in the gas distribution services sector in over 20 criminal procedures all over the country involving the investigation of explosions, outbreaks of fire, intoxications – causing death, harm, damages – in the context of the core business of the company.

Representation of the employees of a Romanian bank, member of an international banking group, in over 18 criminal procedures all over the country involving the investigation of banking transactions from the perspective of the duties of the employees or associated with money laundering accusations towards the clients of the bank or third parties.

Specialist lawyers: Calin-Andrei Zamfirescu, Doru Cosmin Ursu, George Avram.



Employment

Advised Capgemini on various aspects related to the execution of individual employment contracts, such as facilitating workplace changes and mitigating potential implications. Additionally, successfully implemented a group-level process for granting equipment to support remote work, ensuring a seamless transition to a flexible work environment.

Advised Pirelli Tyres in connection with various aspects pertaining to the employment relations, such as changing employee responsibilities or recovering part of the amount paid for vocational training dismissal procedures; advice related to specific areas of employment law (telework, differentiated working program, suspension of the employment contract for unjustified absence, assistance during the procedure further to a work accident etc).

Advised a Romanian bank, member of an international banking group, on employment related matters, the assistance being focused on sensitive disciplinary investigations in respect of certain employees working in the agencies of the Bank.

Advised Deli Group Professional Services during a complex negotiation process involving a substantial number of employees, each affiliated with different labor unions. In the absence of an overarching collective bargaining agreement, they devised a method to formalize and regulate the terms of these negotiations and agreements.

Advised Compania de Navigatie Fluviala Romana Navrom on all employment law aspects, including the review of the individual employment agreements and related compensatory system in what concerns navigation personnel, the accommodation of the specificity of the navigation activity with the strict requirements of the Labour Code, in the absence of a special national legislation addressing the matter, and aspects related to professional training.

Specialist lawyers: Catalin Micu, Marcela Brie, Georgiana Vladescu.



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