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Albania underwent a substantial overhaul in its approach to insolvency and restructuring proceedings with the enactment of Law No. 110/2016 “On Bankruptcy” in 2017. This legislative stride replaced a prior law that had been in effect since 2002, often leading to disputes and difficulties in uniform enforcement.

Competition law reform in Albania is underway, marked by several important changes to Law no. 9121, dated 28.07.2003, “On Protection of Competition” (“Competition Law”). Within the context of harmonizing with the EU acquis, last November, the Albanian Competition Authority (“ACA”) launched a public consultation phase for the proposed amendments to the Competition Law (“Draft Law”). However, the final version of the Draft Law has not yet been submitted to Parliament.

The Law no. 55/2015 “For strategic investments in the Republic of Albania”, determines the procedures and rules applied by state bodies for the examination, approval, and support by the Albanian government of strategic investments in Albania, both domestic and foreign. The deadline for obtaining ‘Strategic Investment’ status, after being postponed several times, expired on 31 December 2023, however now a new amendment pending approval by the parliament, aims – among other things – to extend the benefits of the law until 31 December 2027.

Schoenherr has advised Austrian green technology scale-up Neoom on the structuring and implementation of its "impact invest" customer financing scheme for decentralized energy projects as well as related project debt financing arranged by Solas Capital in an amount of up to EUR 30 million.

DSC Doralt Seist Csoklich has advised the DSR Hotel Holding on the long-term lease agreement to take over the Thurnher's Alpenhof hotel in Zuers, Arlberg, from its owner, the Zarges family office. Barnert Egermann Illigasch Rechtsanwaelte advised the owner.

Schoenherr has successfully represented Tehnoexport in trademark cancellation proceedings before the EU Intellectual Property Office.

Belarus's Revera law firm has teamed up with Adamante Management to open the firm's Cyprus office.

On July 9, 2021, substantial amendments to Belarusian currency legislation entered into force. We will briefly review the key amendments.

Economic optimism in the face of adversity, the introduction of English law instruments, and some new potential for growth are the highlights in Belarus, according to Aleinikov & Partners Senior Partner Denis Aleinikov.

Did you know that the early 2024 deal leaderboards are already available via the Activity Rankings function of the CEELMDirect website?

Harrisons, Maric & Co, Lambadarios, and Wolf Theiss, working with Linklaters, have advised a banking consortium led by UniCredit Bank London on the United Group's EUR 1.7 billion issuance of four tranches of senior secured and PIK notes as well as on the increase and extension of its EUR 410 million revolving credit facility. Selih & Partnerji, working with Paul Weiss, advised the United Group. Schoenherr, Koutalidis, De Brauw Blackstone Westbroek, and Elvinger Hoss Prussen reportedly advised the United Group as well.

Did you know that, using the Activity Rankings function of the CEELMDirect website, you can look up the 2023 deal leaderboards in each CEE market, including Bosnia and Herzegovina, Moldova, Montenegro, North Macedonia, and Slovenia?

How M&A lawyers add value to our clients deals? That’s our job and primary goal.

One of the significant questions concerning ESG issues is the cost of transitioning to a more sustainable business environment. Will it result in increased financing costs and restricted access to new borrowing, or will it, on the contrary, lead to the development of new market segments and gradual change? While we cannot provide definitive answers to these questions, in this article, we will examine five ESG drivers and regulatory changes that will be pivotal in 2024. From the introduction of the New Green Asset Ratio to the Corporate Sustainability Due Diligence Directive (CSDDD/CS3D), we will explore the conditions associated with these new requirements and the potential penalties for non-compliance.

Regulatory updates – mostly driven by EU acts – keep lawyers on the toes in Bulgaria with digital markets being at the forefront of the country's Competition Protection Commission according to PPG Lawyers Partner Mariya Papazova.

Vukmir & Associates, working with the German offices of Taylor Wessing, Reimer Rechtsanwaelte, and White & Case, has advised Ludwig Pfeiffer Hoch- und Tiefbau on the hive-down of all Croatian assets to the newly established Ludwig Pfeiffer Adria and its full sale to Croatian construction companies AMM and Vodoprivreda Vinkovici. Bradvica Maric Wahl Cesarec Skerlev advised the buyers.

Former Miskovic & Miskovic Attorney-at-Law Maja Seat has been promoted to a Partner position with the Zagreb-based firm.

BDV has advised Gideon on its strategic cooperation agreement for new automated logistics solutions with Toyota Material Handling Europe.

Clifford Chance has advised Ceskoslovenska Obchodni Banka and Ceska Sporitelna on the financing for Kofola Group's joint acquisition of the Pivovary CZ Group together with the RSJ investment group and the Usovsko agricultural group. Nedelka Kubac Advokati advised Kofola on the acquisition.

Kinstellar has advised the Genesis Private Equity Fund IV on the acquisition of a majority stake in Czech specialized metal product manufacturer GAF. Moore Legal advised Ludek Fofonka on the sale.

Kocian Solc Balastik has advised the Corinthia Group on the long-term lease for the Corinthia Prague hotel with a company from the Czech Inn Holding group. FMK Florian Michalek Kvasnicka reportedly advised the counterparty.

Greece is doing a solid job of showcasing its economic resilience, according to Machas & Partners Partner Ioannis Charalampopoulos, who takes a closer look at its intricacies and spotlights the banking sector’s revival, booming real estate opportunities, and a promising horizon for mergers and acquisitions.

CMS has advised the Greek Sfakianakis Group on its acquisition of Ajar Car Rental from the Saudi Arabian Al Jomaih Group. PHH reportedly advised the seller.

Reed Smith has advised PPC Renewables subsidiary Phoebe Energy on a EUR 294.4 million financing from the EU, Eurobank, and Piraeus Bank for the construction and operation of a 550-megawatt solar photovoltaic project in Western Macedonia. Karatzas & Partners advised Eurobank and Piraeus Bank.

Miklos Klenanc – a former Attorney at Law with PwC Legal in Hungary – has joined the Budapest office of Schoenherr as a Senior Attorney at Law to lead the firm's local M&A practice.

Since early 2024, Hungarian legislative efforts have brought about several updates to consumer protection regulations. Ranging from novelties in consumer complaints and related processes, increased consumer protections fines, expanded rights of the consumer protection and competition authority to an unexpected obligation imposed on e-commerce providers to include the local postal delivery provider as a delivery option, changes to the sector have been diverse.

Schoenherr has advised Switzerland-based MET Group subsidiary Oberon Solar Park on its acquisition of 52 hectares of land in Kaba, eastern Hungary. Sole practitioner Zsolt Gaal reportedly advised an undisclosed agricultural entrepreneur on the sale.

Former Senior Associate Liis Konn has been promoted to a Partner position with Ellex in Estonia. In her new role, she will co-lead the Dispute Resolution practice at the firm.

Lextal, working alongside Finnish Dittmar & Indrenius, has advised Dasos Capital on its sale of a forest asset portfolio to Ingka Investments.

Tallinn's Rask law firm has announced it signed a strategic cooperation agreement with environmental consulting firm Hendrikson DGE to offer the best possible service to clients based on a "unique combination of information and experience [resulting from] the daily interaction of our specialists."

In Kosovo, there has been a diverse blooming of local and international companies. In the daily transactions of these companies, financial institutions continue to act as a catalyst that affects industries’ development. However, as opposed to these companies, financial institutions in Kosovo are regulated exclusively by the Law on Banks and the Law on Insurances. One important aspect of these laws is the procedures for the establishment, recovery, and liquidation of financial institutions in Kosovo, where an active role is foreseen for the Central Bank of the Republic of Kosovo (CBK) as a regulatory body in issuing guidelines and also approvals in cases of restructuring and voluntary dissolution of the financial institutions.

Did you know that the early 2024 deal leaderboards are already available via the Activity Rankings function of the CEELMDirect website?

Delving into the impacts of the EU's recent visa liberalization for Kosovo citizens and the country's ambitious strides towards legal and sustainable energy reforms, Deloitte Legal Senior Legal Manager Ardian Rexha shares his insights on the easing of travel restrictions, pioneering steps in renewable energy, and the overhaul of the tax administration system.

Lextal, working alongside Finnish Dittmar & Indrenius, has advised Dasos Capital on its sale of a forest asset portfolio to Ingka Investments.

TGS Baltic, working with Cederquist, has advised Kinnevik on the sale of its entire holding in Tele2 to Freya Investissement for a total of SEK 13 billion.

It is a time of transformative change for the Baltic region, according to Spridzans, Snipe & Hramcenko Partner Ansis Spridzans, considering important developments like the Rail Baltica project connecting Tallinn, Riga, and Vilnius in the Baltic states with Central Europe, the growth of fintech and cutting-edge finance, and the impact of ESG on the Latvian banking and finance sector.

Family law specialist Mindaugas Vaiciunas has joined Ilaw Lextal as an Associate Partner.

Ellex has advised issuer Capitalica Z114 Real Estate Fund on the preparation and approval process with the Bank of Lithuania for the prospectus underpinning its EUR 20 million bond issuance, with up to EUR 17.6 million in bonds secured with a real estate collateral to be publicly offered in Lithuania, Latvia, and Estonia.

In our Looking In series, we talk to Partners from outside CEE who are keeping an eye on the region (and often pop up in our deal ticker) to learn how they perceive CEE markets and their evolution. For this issue, we sat down with Slaughter and May Partners Jonathan Marks and Richard Jones.

In The Corner Office, we ask Managing Partners at law firms across Central and Eastern Europe about their backgrounds, strategies, and responsibilities. As we bid farewell to 2023, this time around we turn our attention forward: What is your one main wish for 2024 and what do you see as the biggest potential risk?

As a result of the challenges that the local market has been facing over the past years brought on by the recent pandemic, wars, and other changes in the market, the majority of businesses are faced with losses and accumulating high levels of debt. Consequently, enormous pressure is imposed on businesses, including on their viability, which, in turn, pushes the need to explore methods for overcoming these obstacles.

CMS has advised the Linamar Corporation on its acquisition of Dura-Shiloh’s battery enclosures factory in North Macedonia. The acquisition also included factories in the Czech Republic and the US, with a total transaction value of USD 325 million.

This Section includes information on legal acts implementing new rules or amendments, published in the Official Journal of the Republic of Moldova, referring to corporate, employment, social, taxation, customs, environment, and other matters. This Section also includes draft legislation of any direct or indirect relevance to the Company; as well as the temporary legislative measures approved pursuant to the state of emergency in the Republic of Moldova.

In The Debrief, our Practice Leaders across CEE share updates on recent and upcoming legislation, consider the impact of recent court decisions, showcase landmark projects, and keep our readers apprised of the latest developments impacting their respective practice areas.

Moldova faces significant challenges in terms of insolvency in the future. In exploring the factors influencing this area of law, we examine the current state of affairs, anticipate trends, and look at how legal practitioners are gearing up to meet the expected rise in demand. Let’s break down the key points.

A huge new infrastructure project, a historical first USD-denominated bond issuance, and potentially transformative news on price controls and concessions make for interesting times in Montenegro, according to JPM & Partners Senior Partner Lana Vukmirovic Misic.

Montenegro's Law on Games of Chance (the "Law") was enacted in 2004 and has undergone multiple amendments since. The most recent ones came into effect on 1 January 2024. The aim of the amendments, as stated by the competent authorities, is to ensure a sustainable regulatory system for organising games of chance via the internet or other telecommunication means, as well as to generate additional revenue from these activities.

In The Debrief, our Practice Leaders across CEE share updates on recent and upcoming legislation, consider the impact of recent court decisions, showcase landmark projects, and keep our readers apprised of the latest developments impacting their respective practice areas.

White & Case has advised the State Treasury of the Republic of Poland – represented by its Minister of Finance – on an USD 8 billion issuance of notes registered with the US Securities and Exchange Commission under its shelf registration statement. Rymarz Zdort Maruta and Latham & Watkins advised the underwriters.

KWKR, working with Lippes Mathias, has advised Software Mind on obtaining a PLN 150 million financing from BNP Paribas Bank Polska and the subsequent acquisition of US-based company Prosoft in a transaction valued at almost USD 50 million. Dentons advised the lender. Schoenherr, working with Roetzel & Andress, reportedly advised on the loan agreement as well.

Sobczynscy i Partnerzy FSG Prawo has advisd Minde on the development of the SEA Resort project in Miedzyzdroje, with Szczecin-based Assethome to commercialize the investment, WPIP Construction as the general contractor, and Europlan Artur Koziei to operate the facility.

In March the European Commission approved a EUR 3bln (RON 15.22bln) Romanian scheme to support installations producing electricity from onshore wind and solar photovoltaic. The approval relates to an initiative launched for consultations by the Ministry of Energy in August 2023, aimed at implementing a Contracts for Difference (CfD) support mechanism for low-carbon technologies (the "CfD Scheme").

As everybody knows, grid connection is a big challenge, perhaps the biggest challenge, the renewables encounter nowadays in Romania and elsewhere. According to the data available on the Romanian TSO website, over 20 GW of wind and solar projects seem to have obtained grid connection endorsement (Romanian: aviz tehnic de racordare – “ATR”) to the extent the total installed capacity in the country is about 18.5 GW and the consumption does not expect a serious take-off in the foreseeable future. An even bigger capacity might be in the queue to obtain ATR.

Clifford Chance has advised Nofar Energy on the engineering, procurement, and construction agreement and the operation and maintenance agreement with CJR Renewables for two photovoltaic projects in Romania with a capacity of 315 megawatts.

The truth is rarely pure and never simple. But in the case of Russia's military operation in Ukraine, it just might be. Russia breached Article 2(4) of the UN Charter, which prohibits the use of force against the territorial integrity or political independence of any state. Russia's acts have prompted the EU, the UK and the US to impose economic sanctions, such as freezing assets and disconnecting Russian banks from the SWIFT international payments network. Whilst the number of private businesses that are halting their activities in Russia is steadily growing, Russia has adopted a law paving the way for expropriations of assets of foreign firms that leave the country following economic sanctions. But what can foreign companies do if Russia proceeds to take their assets, if they are unable to freely transfer returns from investments out of Russia or if their profits collapse?

Baker McKenzie and DLA Piper have joined the plethora of firms announcing their exit from the Russian market.

Debevoise & Plimpton, Dentons, Dechert, and CMS have announced they are closing their Russian offices and exiting the market.

The Parliament of Montenegro has adopted again the Law on Amendments to the Companies Act with 43 votes in favor, at the extraordinary session of the Parliament held on January 19, 2024, and the Amendments entered into force on January 23, 2024.

The luxury design company Hermès is facing allegations of engaging in unlawful practices by “tying” the purchase of its popular Birkin bags to the purchase of other luxury clothing and accessory items, as claimed in a class-action lawsuit filed in the US. According to the lawsuit, two California shoppers stated that they were compelled to buy additional Hermès products from various categories such as apparel, scarves, and homeware before being allowed to purchase Birkin handbags from the Paris-based brand.

Kruna Savovic – until recently the Head of the Media and IP Litigation team and a Partner at Zivkovic Samardzic – left the firm in March 2024.

Allen & Overy has advised Raiffeisen Bank International and a syndicate of lenders on their EUR 100 million financing package for ITIS Holding to support the acquisition of Vitronic Machine Vision. BBH reportedly advised the borrowers.

Slovakia is witnessing an increased number of vital amendments across legal sectors, from construction to cybersecurity, tax law, and criminal law, according to Legate Managing Partner Peter Vrabel, who posits that these changes aim to streamline processes, enhance transparency, and bolster investor confidence.

In The Debrief, our Practice Leaders across CEE share updates on recent and upcoming legislation, consider the impact of recent court decisions, showcase landmark projects, and keep our readers apprised of the latest developments impacting their respective practice areas.

In The Corner Office, we ask Managing Partners at law firms across Central and Eastern Europe about their backgrounds, strategies, and responsibilities. As we bid farewell to 2023, this time around we turn our attention forward: What is your one main wish for 2024 and what do you see as the biggest potential risk?

On November 1, 2023, the amendment to the Slovenian Insolvency Act (ZFPPIPP-H) entered into force and introduced a series of significant changes that should not be overlooked.

Former ODI Law Partner and Head of Transactions Suzana Boncina Jamsek has launched BJK Law, a specialist boutique law firm in Ljubljana.

Turunc has advised Bogazici Ventures on its investment in Retter.io, in a round that also included Inveo Ventures. Moroglu Arseven reportedly advised Retter.

Allen & Overy and Turkish affiliate Gedik & Eraksoy have advised the joint bookruners on Akbank's USD 600 million issuance of 9.37% perpetual fixed rate resettable additional tier 1 notes. Baker McKenzie and Turkish affiliate Esin Attorney Partnership advised Akbank.

Herguner Bilgen Ucer has advised the TaiwanCement Corporation on its indirect acquisition of an additional 20% equity interest in OYAK Cimento Fabrikalari as part of a wider low-carbon cement investment transaction.

On 8 March 2024, the Law of Ukraine “Introducing Amendments to Certain Laws of Ukraine on the Enhancement of Corporate Governance” (the “Law” or the “SOE Law”) entered into force. This Law is a significant step towards the alignment of the Ukrainian legal framework for state-owned enterprises (“SOEs”) with international best practices, particularly the OECD Guidelines for Corporate Governance of SOEs (“OECD Guidelines”).

Integrites has provided pro bono defense representation to a soldier of the Armed Forces of Ukraine concerning criminal charges brought against him by the military command. The firm also advised the soldier's family on obtaining monetary compensation.

Considering Ukraine’s legal landscape against the backdrop of the ongoing war, Hillmont Partners Senior Partner Valentyn Zasukha delves into planning, client relationships, sector-specific issues, strategic adaptations to new realities, and economic prospects.