The Legal 500

Headed by the ‘knowledgeable and systematic’ Yordan Naydenov, Borislav Boyanov & Co represents both domestic and international financial institutions across the gamut of transactions, from regulatory compliance to new money financings and restructurings. The team is advising a senior steering committee led by RBS on the restructuring of a €1.4bn loan provided to AIG for the purposes of its acquisition of the Bulgarian Telecommunications Company in 2007. Damian Simeonov is praised for his ‘outstanding intellect and analytical skills’, and as well as advising on the aforementioned mandate, also recently acted for UBS on the restructuring of a $40m loan provided to a local metal trading company. The firm also has a significant niche in advising on aircraft finance transactions and acts for a plethora of leading foreign lessors including AerCap, Macquarie Aircraft Leasing Services and CIT Aerospace.

Headed by local partner Reneta Petkova, CMS Cameron McKenna in cooperation with Petkova & Sirleshtov Law Office’s ‘well-balanced’ banking and finance team advises financial institutions and corporates on corporate, real estate and project financings. New money deals included advising the IFC on the project financing of a regional group of companies active in the wood-processing industry; the EBRD has also continued to keep the firm busy. Restructuring mandates have also informed many of the matters handled by the practice, such as its work for MKB Bank on issues relating to the enforcement of a real estate facility and related security documentation.

‘Very responsive and pragmatic’, Djingov, Gouginski, Kyutchukov & Velichkov provides a ‘very solution-orientated approach’ for borrowers and lenders engaged in acquisition, project and financings for working capital purposes. New money deals have included advising ING on the €125m acquisition financing of CableTEL and Eurocom. Milan Pandev is regularly involved in energy financings and recently represented DEG Invest on the financing of a wind power plant in Bulgaria. The ‘knowledgeable and solution-orientated’ Nikolai Gouginski is a key member of a team that also includes Vessela Stancheva-Mincheva and ‘responsive and pragmatic’ associate Borislav Atanasov. Banking clients include Credit Suisse, Unicredit, OTP Bank, ING and HYPO Investmentbank.

Spasov & Bratanov’s adaptable practice handles a wide range of transactions including asset, project and corporate finance for a largely international roster of banks. The firm has a strong pedigree in the energy sector and this accounts for a significant amount of the financings handled by the team. Past work has included advising a leading international bank on its €30m loan to a major foreign-based multinational company to support its greenfield investments. Formerly in-house at the EBRD, Vassil Hadjov is well regarded in the banking and finance community, as is managing partner Georgi Spasov.

Andrey Delchev and Partners – Eurolex Bulgaria provides a ‘personalised, flexible and prudent approach’ to a fairly even split of corporates and lenders. The team recently advised Dedeman Holding on the extension of two credit facilities, while on the bank side the firm has been particularly active in debt collection work. Although new money financings have been much scarcer, the team has handled some significant work in the energy sector including its work for Alfa Finance Holding on the financing of a 25MW solar power plants. Stoyan Barzakov is praised for his ‘strategic thinking’.

Dinova & Rusev provides ‘commercial, prompt and clear advice’ to many of the largest domestic and international banks and corporates including Alpha Bank, United Bulgarian Bank, CEZ Bulgaria, Sofia Hotel Balkan, Assos Capital and EFG Eurobank Ergasias. Having broken its ties with Ernst & Young, the firm continues to blaze a trail in the region and advises clients across the spectrum of matters including acquisition, asset, real estate and project financings. Given the relative paucity of new-money deals in the market, the team has been increasingly busy advising on regulatory matters. The group represented IsBank on opening its Bulgaria branch, and advised United Bulgarian Bank on MiFID compliance. The ‘efficient’ Anelia Dinova leads the team.

The ‘responsive’ and ‘highly professional’ team at Dobrev, Kinkin & Lyutskanov Law Firm provides a full-service approach to a loyal cadre of banking institutions including BNP Paribas Fortis, ING Bank and KBC Bank. The team remains the sole adviser to Dexia Kommunalkredit Bulgaria and has recently been busy advising it on a bond issuance and a syndicated loan facility. The ‘professional and experienced’ Roumen Lyutskanov is responsible for the aforementioned relationship and is head of a ‘strong team’ that also includes the ‘very experienced and reliable’ Grozdan Dobrev.

Georgiev, Todorov & Co’s banking clients include Investbank and Alfa Finance Golding. Alexander Pachamanov advised the Bulgarian Telecommunication Company on the preparation of a due diligence report for the purposes of the €350m sale of a portfolio of 70 properties.

Kambourov & Partners provides ‘prompt, well-grounded and appropriate advice’ to an eclectic mix of banks, corporates, sponsors and venture capital firms. Best known for its project and real estate finance expertise, the firm continues to advise the partners of Carrefour Marinopoulos on the development of all Carrefour sites in the country to date. Yavor Kambourov and Mitko Karushkov display a ‘quality of service and level of sympathy that is extraordinary’. Managing partner Vladimir Rangeloff is recommended.

Penkov, Markov & Partners’ lender-side practice has handled a mix of restructuring and general financing. The EBRD has provided a fertile source of instructions across a range of matters including on the financing of the state-owned company FLAG, a fund for financing municipal infrastructure projects. Other work has included advising SACE on the security of loan agreement obligations. Vladimir Penkov heads a strong team that includes Ivan Markov. Clients include Citigroup, BNP Paribas and the Kardan Financial group.

Schoenherr provides ‘very customer-orientated advice’ to banks and borrowers engaged in financings, as well as regulatory matters. The firm advised JPMorgan on sovereign cross-currency swaps, domestic derivative securities offerings and certain ISDA-related financial collateral issues. Increasingly active on restructuring matters, for example, the firm advised private equity sponsor Advent International on the restructuring of the KAI Group. Ilko Stoyanov heads the team and is praised for his ‘excellent leadership qualities’.

Tsvetkova Bebov & Partners (Landwell) advises a predominantly international client base across a varied mix of regulatory, transactional and commercial matters. Such a mix has insulated the firm to some extent from the vagaries of the continued economic downturn. As well as traditional areas of finance, it also handles some of the more niche areas, such as asset finance – where it recently acted for BH Air, the largest domestic charter air carrier and aircraft carrier on the renegotiation of the leasing arrangement for two Airbus A-319 aircrafts. Nikolay Bebov led on this matter and is recommended.

Andonov & Radinska advises a vibrant mix of corporates and banks on project finance, working capital loans and asset leasing. As well as handling transactional work for the likes of Cinema City International – which it recently advised on the securitisation of a €150m loan from Bank Leumi, Israel – the firm also represents United Health Insurance and Scania Finance on an ongoing basis.

Antoaneta Dimolarova, Rozalina Gradinarova and Partners – Attorneys at Law provides regulatory and transactional advice to clients seeking loans, letters of credit, bank guarantees and licence procedures. Hristo Hristov and Antoaneta Dimolarova are recommended.

Arsov Natchev Ganeva is active across an array of transactional and regulatory banking work for both financial institutions and corporates. Recent highlights include advising the Bulgarian branch of a major Greek bank on the restructuring of a loan, and representing Jordan International Bank on various matters. Managing partner Vladimir Natchev is a pivotal member of a team that acts for a significant portfolio of banks including BNP Paribas, the EBRD and Société Générale.

Atanassov & Ivanov Law Firm provides an ‘honest and dedicated service’ to banks in connection with their activities in Bulgaria. The firm continues to advise United Bulgarian Bank on debt recovery matters. Also active on the borrower side, it advised a food-and-beverages company on the extension and refinancing of a €6m loan.

Borissov & Partners has a strong and distinguished track record for handling finance transactions for both banks and corporates. Leveraging off its strong relationships with some major UK law firms including Norton Rose LLP, the firm has secured work from some notable new sources including Barclays Capital and BNP Paribas. Recent highlights include advising the German branch of the Japanese bank Sumitomo Mitsui Banking on the provision of cross-border financial services to Bulgarian residents. The firm also has asset finance and securitisation expertise, recently advising BNP Paribas on security options for asset finance in Bulgaria. Managing partner Plamen Borissov has a good reputation within the market and was one of the founding members of EuroCollectNet an association of European lawyers who offer a comprehensive service for the collection of debts throughout Europe.

Small two-partner Sofia-based firm Boteva & Kantutis has a niche specialisation advising clients on money-laundering compliance programmes. Other more mainstream banking work includes advising banks and corporates on project financing and on loans for working capital purposes. Recent work includes advising FAMA SERDIKA on a long-term credit facility and restructuring of corporate debt. Clients include the EBRD, Bank Austria, Nordvestbank and Eteva Bank. Managing partner Nina Boteva is one of the country’s foremost money-laundering authorities and sits on the advisory board of the Association of Certified Anti-Money Laundering specialists.

Overseen by Peter Hoffmann from the firm’s Vienna head office and assisted by the ‘responsive and knowledgeable’ Boyko Guerginov in Sofia, CHSH Cerha Hempel Spiegelfeld Hlawati EOOD’s banking and finance group advises a balanced mix of corporates and banks. As well as receiving a regular pipeline of work from Kaufland Bulgaria including financing mandates, the team has also handled regulatory work for Commerzbank.

CMS Reich-Rohrwig Hainz in cooperation with Pavlov and Partners Law Firm has handled a raft of refinancing and debt recovery matters for Austrian and international banks active in Bulgaria. Recent highlights include advising UniCredit Bank Austria on a €70m senior refinancing loan for a real estate portfolio in Bulgaria held by Landmark. Gentscho Pavlov heads a team that also acts for Erste Bank, MKB and OTB.

Aided by its complementary finance and accounting arm, Gugushev & Partners has an ‘excellent pedigree’ in the market. As well as handling a continuing steady flow of refinance transactions, the team has rapidly developed a strong reputation for advising on energy finance, particularly within the renewables sector. Managing partner and founder Stefan Gugushev is a pivotal figure and is regularly involved in many of the practice’s key transactions.

At Kalaidjiev and Georgiev, managing partner Angel Kalaidjiev is undoubtedly one of the foremost authorities on banking law and ‘literally wrote the book on it’.

Law Firm Kolcheva, Smilenov, Koev and Partners advises a number of German banks, including Deutsche Investitions- und Entwicklungsgesellschaft, and Landesbank Berlin. Petya Kolcheva is the main contact.

The ‘proactive, very thorough and solution-orientated’ team at Penev LLP currently represents Lewis Charles Sofia Property Fund Bulgaria in its claim for declaration of insolvency of a major Bulgarian developer. Managing partner Sergey Penev is a ‘pleasure to work with’ and has ‘big experience as an international business lawyer with a capacity for focusing on the problem and establishing a strategy’.

‘Flexible, responsive and very professional’, Sabev & Partners Law Firm has a good reputation for project financing. ‘Highly efficient’ managing partner George Sabev is also praised for his ‘ability to lead negotiations’.

Banking and finance has been an area of focus for Simeonov & Dermendjiev since it was founded in 1991.

Boutique finance-focused firm Tocheva & Manadazhieva Law Office provides a ‘high level of competence in the financial markets’. Recent work has included advising clients such as Elana Fund Management on the establishment of a number of savings schemes. Department head Zhulieta Mandazhieva has ‘deep knowledge and a professional approach’.

At Varna-based Law Office Amudzhiev and Yalnuzov (LGK & Co Law Office), Zhelimir Yalnuzov is often engaged in shipping finance mandates for banks and shipowners.

Greek-headquartered firm IKRP Rokas & Partners OOD is often involved in work for Greek and other foreign clients on their inward investment into Bulgaria.

While two-partner firm Ilieva, Voutcheva & Co Law Firm does not pick up many instructions from banks on financings, it does handle a regular flow of compliance matters and corporate matters for banks such as Marfin Popular Bank. On the borrower side, the firm has significant prowess in the medical, real estate and energy sectors, and recently advised Semitech on a €6.5m loan. Managing partner Rossitsa Voutcheva is recommended.

Leveraging off the expertise of its Greek headquarters, KLC Bulgaria EOOD’s nine-lawyer Sofia office is often instructed by Greek corporates investing in Bulgaria.

LEGACOM Antov & Partners Law Firm advises banks, corporates and public bodies on acquisition, asset, real estate and project financings.

Driven out of Sofia and aided by an office in Romania, McGregor & Partners is in a strong position to advise both banks and corporates in the region. The firm provides expertise across a broad spectrum of finance transactions including project finance and general lending.

Led by the ‘excellent and responsive’ Nedialko Nedialkov, Popov & Partners’ receivables collection department continues to represent some of the largest banks on the Bulgarian and European market including United Bulgarian Bank, ALFA Bank and UniCredit Bulbank.

Led by Tzvetelina Dimitrova out of Sofia, Italian-headquartered firm Studio Legale Sutti is instructed by domestic and international banks and corporates.

Tokushev and Partners Law office provides a ‘detailed and user-friendly service’ to a growing roster of financial institutions including leasing companies and credit card companies seeking the collection of receivables. Clients include Hypo Alpe Adria Leasing and Intercard Finance.

Financial consultancy and legal team Toncheva & Partners/Modus Consult/ provides a range of services, including restructuring and insolvency advice. It also offers the financial optimisation of investments by using European funding.

Vladimirov Law Office largely handles ship finance matters from banks and shipowners including the likes of DSK Bank, Bulbank, Raiffeisen Bank and Cosmos Shipping.

Wolf Theiss represented the EBRD on the financing for hypermarket Kaufland’s expansion on the Bulgarian market. The January 2011 addition of a number of former Rizova & Partners Law Firm (part of DLA Piper) lawyers with banking and finance experience, including Anna Rizova-Clegg, bodes well for the future and adds additional weight to a team that already included senior associate Jasmina Uzova.

Well integrated with other practice areas within the firm including real estate, public procurement and tax, Yonev Valkov Nenov’s banking and finance practice handles acquisition, project and real estate finance matters for both banks and corporates. The firm also has a strong reputation for undertaking insolvency matters.