Lately, the tech industry seems to have taken a major hit, with more and more companies deciding to lay off hundreds or even thousands of employees and/or implementing a hiring freeze until next year. When we see FAANG (Facebook, Amazon, Apple, Netflix, Alphabet) announcing such massive layoffs, there is no point asking whether this will affect the entire tech industry. However, the question remains whether this will trigger a domino effect in the market, or even if it is the start of a new HR layoff trend and how companies should approach this situation.
Romania: Financing Cinematography
Romania benefits from being one of the EU countries with lower cinematographic production costs, and that is why it is on the radar of many international studios. The cumulative annual turnover of the film industry in Romania is approximately EUR 53 million, derived mainly from foreign productions in Romania.
Cytowski & Partners Advises on GoodLegal Pre-Seed Investment
Cytowski & Partners has advised GoodLegal on a EUR 1.2 million pre-seed investment led by the Earlybird Digital East Fund. Cohen & Ostler reportedly advised Earlybird.
Stratulat Albulescu and The Law Chamber Advise on Keys REIM Sale of Bucharest Building to One United Properties
Stratulat Albulescu has advised Keys REIM on its EUR 13.5 million sale of an unfinished building in Bucharest to One United Properties. The Law Chamber advised the buyer.
Clifford Chance Advises UniCredit Bank on RON 488.5 Million Corporate Bond Issuance
Clifford Chance Badea has advised UniCredit Bank in Romania on its RON 488.5 million corporate bond issuance.
Bulboaca & Asociatii Helps Investimental Obtain Financial Investment Services Authorization
Bulboaca & Asociatii has supported Investimental in obtaining its financial investment services authorization from the Romanian Financial Supervisory Authority.
BDK Advokati Advises Sandberg Capital on Investment in Quantox
BDK Advokati has advised Sandberg Capital on its EUR 20 million investment in Quantox. Nestor Nestor Diculescu Kingston Petersen and Polenak reportedly advised Sandberg as well.
PNSA Advises Romanian Business Consult on Acquisition of Fullscreen Digital
Popovici Nitu Stoica & Asociatii has advised Romanian Business Consult on its acquisition of Fullscreen Digital. Filip & Company reportedly advised the seller.
Closer Look: Popescu & Asociatii's Loredana Popescu on Successfully Representing the City of Sinaia in a Construction Dispute
On November 16, 2022, CEE Legal Matters reported that Popescu & Asociatii had successfully represented the interests of the City of Sinaia in a construction dispute. CEELM reached out to Loredana Popescu, Partner at Popescu & Asociatii to learn more about the matter.
Romania: New Regulations Regarding Social Dialogue
Law 367/ 2022 on social dialogue was published in the Official Gazette of Romania, Part I, no. 1238 of 22 December 2022 ("Law 367/ 2022").
The Odyssey of Urban Planning in Bucharest
Bucharest is currently going down a rocky road insofar as urban regulations are concerned, which have gone through a real odyssey, from being judicially and administratively suspended, to some of them ending up by being finally cancelled by the administrative litigation courts.
Wolf Theiss Advises AFI on EUR 450 Million Credit Facility
Wolf Theiss has advised AFI on a EUR 450 million credit facility for the purposes of refinancing its three shopping centers in Romania – AFI Cotroceni in Bucharest, AFI Ploiesti, and AFI Brasov.
Filip & Company Advises Fondul Proprietatea on Sale of OMV Petrom Shareholding
Filip & Company, working with Linklaters’ London office, has advised Fondul Proprietatea on the sale of its entire shareholding in OMV Petrom for RON 764.1 million via an accelerated private placement.
Bulboaca & Asociatii Successful for Eazy Asigurari in Obtaining Operating License
Bulboaca & Asociatii has successfully represented insurance company Eazy Asigurari before Romania’s financial supervisory authority in obtaining its operating license.
Tuca Zbarcea & Asociatii and Mitel & Partners Advise on MedLife Credit Facility
Tuca Zbarcea & Asociatii has advised a banking syndicate on a new credit facility for MedLife, as part of the company's EUR 228 million syndicated loan. Mitel & Partners advised MedLife on the loan.
Recent Changes to the Legal Framework for Promoting the Use of Energy from Renewable Sources
On 6 December 2022, Government Emergency Ordinance no. 163/2022 ("GEO 163/2022" or the “Ordinance”) for supplementing the legal framework on the promotion of the use of energy from renewable sources and for amending and supplementing certain regulatory acts, was published in Official Gazette of Romania No. 1165, entering into force on the same date.
CEE Attorneys Boanta Gidei si Asociatii Advises Dataware Consulting on Sale of 70% Stake to Bittnet
CEE Attorneys Boanta Gidei si Asociatii has advised Dataware Consulting on the sale of a 70% stake in the company to the Bittnet Group for approximately RON 18.6 million.
Buzescu Ca and Stratulat Albulescu Advise on Travelport Sale of Hotelzon Romania to TripStax Technologies
Buzescu Ca, working with Fieldfisher, has advised Travelport on the sale of shares in its subsidiary Hotelzon Romania to TripStax Technologies. Stratulat Albulescu, working with Bird & Bird, advised the buyer.