The Legal 500

Partner Yordan Naydenov heads the banking practice at Borislav Boyanov & Co, which continues to lead the field in Bulgaria. In 2008, the firm acted for Allied Irish Banks – Ireland’s leading banking and financial services organisation – on the €215m acquisition of a 49.99% stake in the Bulgarian American Credit Bank. Another highlight of the year was advising a consortium of Piraeus Bank, Piraeus Bank Bulgaria, Corporate Commercial Bank and Emporiki Bank Bulgaria, responsible for financing the Bulgarian Maritime Fleet privatisation, valued at in excess of €220m. Other clients included the Bank of Scotland, Société Générale and BNP Paribas, whom the firm advised in relation to the refinancing of a syndicated loan and the extension of an additional subordinated loan to Melrose Resources. Clients are unambiguous in their praise: ‘in our experience, no other Bulgarian firm can touch them for banking work’.

The practice at CMS Cameron McKenna in cooperation with Petkova & Sirleshtov Law Office is headed by local partner Reneta Petkova. A key client for the team continues to be Alpha Bank, whom the firm has advised on two loans with a combined value of €8.4m to Quadrant Bulgaria Beverages and also in relation to credit facilities provided to Alfa Developments and Sofia Central Park. During the year, the firm advised Moto-Pfohe Bulgaria with respect to a €135m syndicated credit facility agreement and security package, and advised a syndicate of Bulgarian and Austrian banks on the refinancing of a portfolio of seven real estate companies for a total of €70m. Clients note that the firm delivers work that ‘always hits the mark and gives great peace of mind’.

It is a clear indication of what one client described as the ‘indisputable quality and precision of advice’ given at Djingov, Gouginski, Kyutchukov & Velichkov that its banking and finance client base includes major European financial institutions such as Hypo Investmentbank, Bayerische Landesbank and First Investment Bank. In 2008, the practice acted for KBC Bank and Insurance Holding Company on the acquisition of 80% of the share capital in the Economic and Investment Bank (EIBank) and also on the acquisition of a 70% stake in DZI Insurance. The firm advised the Royal Bank of Scotland on the provision of €150m secured bridge financing for AES’s construction and development of the Kavarna wind farm. The team is lead by partner Vessela Stancheva, supported by partners Viara Todorova and the four name partners of the firm: Assen Djingov; Nikolai Gouginski; Stephan Kyutchukov and Marius Velichkov.

Georgi Spasov, managing partner of Spasov & Bratanov, is highly recommended, praised by the market as ‘a fine legal mind’ and for being ‘able to handle any transaction, no matter how complex’. The firm is a favourite for multinationals, advising on the Bulgarian elements of cross-jurisdiction transactions. Clients in 2008 included Bank of America and Credit Suisse.

Andrey Delchev and Partners – Eurolex Bulgaria has expertise acting on the borrower side in financing agreements, and has been particularly active in real estate financing. In 2008, the firm advised Mercury, an affiliate of LS Properties, on a syndicated credit facility for €138m from Unicredit Bulbank for the construction of a shopping mall and office development in Sofia. The firm also acted for long-standing client Orchid Development Group on a €12m loan from DSK, to fund the construction of a residential complex in central Varna. The firm has acted for leading international organisations such as the EIB, EBRD and World Bank. For clients, the firm represents ‘reliability, honesty and a commitment to the client’.

Four-partner firm Dobrev, Kinkin & Lyutskanov Law Firm services banks and financial institutions, both domestic and international. In 2008 the firm acted for Sparky in securing a €60m syndicated bank loan from Bulgarian and international banks for the construction of a new factory. A new mandate for the firm was the International Investment Bank Moscow, whom the firm advised on the credit for financing an expansion and modernisation project for the production of polythene and polypropylene pipes in Bulgaria and also in relation to credit for the construction of a logistics centre near Bourgas airport. Other banking clients include the Corporate Commercial Bank, DePfa Bank and ING Bank. Clients describe the firm as ‘professional and precise – they deliver superb execution’.

Managing partner Ivan Todorov heads the banking and finance team at Georgiev, Todorov & Co. In 2008, the firm advised Raiffeisenbank Austria on a range of transactions, including syndicated loans to the International Asset Bank and the Bulgarian America Credit Bank. The firm provides ongoing advice to UBS Switzerland on how to ensure their banking agreements conform to Bulgarian legislation. Another important client is the European Bank for Reconstruction and Development (EBRD), whom the firm advised on a consultancy project for the Bulgarian government relating to the construction of the Hemus motorway. The team ‘knows the local law and how to handle the demands of foreign clients’.

The banking and finance team at Kambourov & Partners ‘displays a certainty of legal knowledge and confidence of advice that allows you to make business decisions effectively’. Managing partner Vladimir Rangeloff leads the practice, supported by partners Emil Emanuilov and Mitko Karushkov. In 2008, the firm advised on two bank sales. First, the practice was part of the consortium appointed to provide consultancy services relating to the privatisation of the share participation of Sofia Municipality and six municipality-owned enterprises in the Municipal Bank. Secondly, the team advised the Economic and Investment Bank (EIBank) throughout its sale, from drafting the SPA right through to negotiations with bidders and closing the deal. The firm also continues to provide legal assistance to Emporiki Bank in relation to internal restructuring and advised on the €80m+ financing of a real estate acquisition and office-centre construction project.

Dinova & Rusev Law Office is the Bulgarian office of the Greek firm and is headed by managing partner Anelia Dinova, who also leads on banking and finance for the firm. This regional player, with its network of offices across several SEE jurisdictions, is capable of handling significant cross-border financial transactions, and can consequently boast a long history of advising Alpha Bank, a major local bank. In 2008, the team also acted for Untied Bulgarian Bank in relation to the Markets in Financial Instruments Directive implementation. Other financial clients for the year include EFG Eurobank Ergasias and EFG Factors. The firm is lauded by clients for its ‘professionalism, industry-knowledge, and resourcefulness’ and is considered a ‘fine team of young lawyers’.

Penkov, Markov & Partners advises on loan agreements and debt financing on both the borrower and lender sides. In particular, the firm has experience advising on real estate financing for foreign property investments and resort developments. In 2008, the firm continued advising TBI Group on the restructuring of its Bulgarian holdings. Highlights of the year included acting for Drujba Glassworks in securing a loan agreement with the International Finance Corporation for €8.6m. Partner Vladimir Penkov is recommended for finance work, and partner Ivan Markov is also praised.

Schönherr’s practice is headed by partner Ilko Stoyanov. In 2008, the firm advised private equity house Advent International on the financing of the acquisition of a leading Bulgarian ceramics manufacturing plant. The firm acted for insurance company Uniqa on a subordinated dematerialised bond issue and shareholder’s loan, subscribed by Equest PEF. Additionally, the firm advised Deutsche Bank on new cash management services offered to Bulgarian customers. Clients believe that the firm offers ‘central European quality in a reliable Bulgarian context’.

Formerly known as Landwell Bulgaria, Tsvetkova Bebov & Partners (Landwell) is a four-partner practice headed by Irina Tsvetkova. In 2008, the practice advised First Investment Bank in relation to a loan from KfW worth €10m and acted for Holding Roads on a borrowing arrangement with UBS with a value of €1.7m. Other clients included SogeLife Bulgaria – the local operation of the French insurance company Sogécap – and Société Générale Asset Management. The firm also advised Eurobank EFG Bulgaria on the implementation of the Markets in Financial Instruments Directive. Partner Nikolay Bebov is described as ‘competent, effective, without doubt a strong legal brain on the banking side’.

Two-partner Andonov & Radinska is a ‘quality boutique outfit’. Partner Hristo Andonov is the principal lawyer for banking and finance work. In 2008, the firm advised Raiffeisen Leasing Bulgaria on the development of a new lease product and acted for Belvedere Bulgaria on the restructuring of its €12m debt to the ERBD and Raiffeisenbank Austria. The firm continues to advise Scania Finance Bulgaria on the financial and operational leases of motor vehicles, loan financing, securitisation and debt collection.

Banking and finance form an important part of the practice at Antoaneta Dimolarova, Rozalina Gradinarova and Partners – Attorneys at Law, formerly known on the market as DLA Consult. Partner Hristo Hristov works with the two name partners.

During 2008, Arsov Natchev Ganeva continued to work for the Jordan International Bank in association with Thomas Cooper, in relation to financing a significant industrial real estate acquisition within Bulgaria by an English investor. The firm also provided the bank with general corporate legal advice. Partner Stoil Hristov is recommended.

Atanassov & Ivanov Law Firm is a two-partner firm with many years’ experience in debt recovery. The firm has provided debt recovery services to two large local banks, Unicredit Bulbank and the United Bulgarian Bank – part of the NBG Group – for several years and, in 2008, were engaged by Hypo Alpe-Adria-Leasing Bulgaria. Also in 2008, the firm began advising Darko and Ice Line on a complex financial transaction, involving the extension of new loans and refinancing of old loans with a total value of €6m. Clients appreciate the ‘always friendly, always helpful, always knowledgeable’ approach of the two partners.

In 2008, Borissov Law Office advised Raiffeisen Zentral Bank on a proposed multi-million-Euro syndicated forfeiting facility to Huawei Tech. Investment. The bank also assisted Lehman Brothers’ Special Situations Group on the acquisition of a large portfolio of distressed debt.

Partner Nina Boteva of Boteva & Kantutis has a reasonable claim to be the foremost specialist in anti-money laundering (AML) in Bulgaria, if not the whole SEE region, and has sat on the Board of the Association of Certified Anti-Money Laundering Specialists since 2004. In addition to advising local banks on AML compliance and their own programmes, the firm has also represented the Commercial Bank of Greece on sector acquisitions and acts for the Small Enterprises Assistance Fund in relation to its investments in Bulgaria.

In 2008, CHSH Cerha Hempel Spiegelfeld Hlawati advised Commerzbank on its merger with Dresdner Bank. The firm also acted for the shareholders of DZI Bank in the sale of a controlling stake in the bank and advised Alfa Finance on the creation of a joint venture, including the cooperation agreement and ongoing advice.

Gugushev & Partners’s practice is headed by managing partner Stefan Gugushev, described by clients as having a ‘very wise and fine legal head on his shoulders’. The firm has considerable expertise advising on real estate financing and, in 2008, acted for investor Diamond Properties in relation to a €2.5m loan facility from MKB Union Bank for a construction project in Sofia. The firm also acted for Build Invest on the €3m restructuring of a loan facility and re-financing of an existing loan from the Bulgarian American Credit Bank, with the refinancing facility to be provided by Allianz Bank.

Kalaidjiev, Georgiev and Minchev specialises in assisting foreign financial institutions on incorporating and licensing with the National Bank of Bulgaria. Past clients have included Greek entity, Piraeus Bank. The practice is led by managing partner Angel Simeonov Kalaidjiev.

Law Firm Kolcheva, Smilenov, Koev and Partners has a client base of sizable European financial institutions including Deutsche Investitions-und Entwicklungsgesellschaft, and Landesbank Berlin.

The CMS alliance has a second firm in Bulgaria – Pavlov and Partners Law Firm in cooperation with CMS Reich-Rohrwig Hainz Rechtsanwälte GmbH – which runs a small operation in Sofia. Gentscho Pavolv is the partner for banking and finance work and the practice has acted for important European banking clients such as Erste Bank and Bank Austria Creditanstalt.

The main contact for banking work at Penev & Partners Law Offices is senior partner Sergey Penev. The firm has a history of advising on loans and financing for large national and international companies, including Boliari, the holding group for major Bulgarian supermarket retailer Piccadilly Supermarkets. Other clients include Bridgepoint investment fund and ING Bank.

Rizova & Partners Law Firm (part of DLA Piper) has a small banking and finance practice, mainly orientated towards lender-side real estate financing. Katerina Kraeva is the practice head and is supported by SEE regional partner Peter Valert, ‘a well-known and respected figure in the Eastern European legal market’. The firm acted for Bayerische Landesbank on the financing of the Serdica Center Sofia real estate development during 2008. The firm also advised Bain Capital on financing the acquisition of the Bulgarian Ideal Standard companies.

In 2008, Sabev & Partners Law Firm advised on an auto lease receivables securitisation transaction in the domestic market, worth €196m. Clients praise managing partner George Sebev for his ‘legal clout, which inspires confidence, and his commitment to discretion’.

Simeonov & Dermendjiev’s banking team is led by senior partner Konstantin Simeonov, and has acted for a handful of domestic banking clients in the past, including Raiffeisen Bank, Tokuda Bank and DSK Bank. Senior partner Ivaylo Dermendjiev is a ‘pre-eminent Bulgarian litigator; possibly the best in the country’. He was appointed by the International Bank for Reconstruction and Development (IBRD) and the Ministry of Finance as a permanent exclusive arbitrator for the reconstruction of Bulgarian customs and border-control projects.

The Sofia office of Greek regional firm IKRP Rokas & Partners OOD mainly acts for Greek and other foreign clients of the firm’s broader network, advising on inward investment into Bulgaria. Kafetzidis Evagelos is the main contact.

Ilieva, Voutcheva & Co Law Firm is the legal counsel of Cypriot bank Marfin Popular. The firm advised them on establishing a presence in Bulgaria, and continues to assist on day-to-day operational issues.

KLC Bulgaria EOOD is a Greek practice with a small branch office in Sofia. In 2008, the firm advised Greek entity EFG Eurobank.

LGK & Co Law Office does some shipping finance work, operating out of port town Varna. Zhelimir Yalnuzov is the prominent figure.

LEGACOM Antov & Partners Law Firm is headed by partner Christo Antov.

McGregor & Partners is a small four-partner firm, split across offices in Bucharest and Sofia. It is best known for its strength in the renewable energy field, and advises foreign bankers as creditors for energy projects. Partner Julian Spassov is the primary Bulgarian lawyer.

Popov & Partners has established a new department specialising in receivables collection and enforcement, and now services the Bulgarian branch of a leading European bank.

Italian firm Studio Legale Sutti has a small office in Bulgaria led by Tzvetelina Dimitrova. The team provides advice under Bulgarian law for clients across the region and from Italy and western Europe.

Tokushev and Partners Law Office advises real estate investment companies on securing finance for acquisitions and developments. In 2008, the firm acted for Intercapital Property Development, Forucom Real Estate Fund and Puldin Lion Group.

Financial consultancy and legal team Toncheva & Partners/Modus Consult/ has acted for clients such as Capitalbank. It offers a range of services, including restructuring and insolvency.

Vladimirov Law Office has a market-dominating shipping practice that also performs shipping finance work. Hamburgische Landesbank and Societe Generale are both clients.

In 2008, Yonev Valkov Nenov acted for KfW and KfW IPEX-Bank in relation to the €200m financing of 25 diesel and 25 electric multiple unit trains for the Bulgarian state railway.