Rising Stars

Firms To Watch: Restructuring and insolvency

Avramopoulos & Partners has a growing restructuring and insolvency practice, advising on NPL settlement agreements and portfolio acquisitions, restructuring agreements and disposals of assets. The team is led by Barbara Angelopoulou and Athanassios Avgeros.

Restructuring and insolvency in Greece

Koutalidis Law Firm

Koutalidis Law Firm is very strong in debt restructuring, a field in which the firm has focussed much energy since the Greek financial crisis. Indeed, the firm has previously advised the Greek government itself in the context of Eurogroup’s bailout package to Greece. The group continues to advise major Greek banks, including the central National Bank of Greece, and liaises on behalf of these with EU financial institutions. Corporate reorganisation and restructuring for specific industry groups, mostly notably the steel industry, is a specialism of the firm. Managing partner Nikos Koritsas leads the practice jointly with project financing lawyers, Ioannis Kaptanis, and Effie Papoutsi. Senior associate Chrysanthi Karlou, an NPL (non-performing loan) transactions expert, is also key.

Practice head(s):

Nikos Koritsas; Ioannis Kaptanis; Effie Papoutsi


Other key lawyers:

Chrysanthi Karlou; Dimitris Kalyvas


Testimonials

‘Readiness to review legal questions.’

‘Very experienced team.’

 

Key clients

Alpha Bank S.A.


Eurobank S.A.


National Bank of Greece S.A.


Piraeus Bank S.A.


Waterwheel Capital Management LP


B2Kapital Holding S.á.r.l.


Intrum Investments Greece S.M.S.A.


DenizBank


Attica Bank S.A.


Work highlights


  • Advised National Bank of Greece S.A., Eurobank S.A., Piraeus Bank S.A., Alpha Bank S.A. and Attica Bank S.A. on the corporate reorganization and debt restructuring of Sidma and Bitros.
  • Advised Waterwheel Capital Management as purchasers of a 95% stake of securitisation notes, issued in the context of the securitisation of a portfolio of residential mortgage loans, small business loans and consumer loans with a gross book value of €3.2bn by Eurobank S.A..

Platis – Anastassiadis & Associates Law Partnership

As part of the EY Law network, Platis – Anastassiadis & Associates Law Partnership is capable of handling of cross-border work and can advise concurrently on the tax elements of restructuring. The practice specialises in work for clients which have gone into special administration, including prominent high-net-worth individuals and manufacturers such as Hellenic Vehicle Industry (ELVO). The firm has also been contracted for work in the insolvency field by European Bank for Reconstruction and Development. Founding partner Eirinikos Platis and senior manager Vassileios Mavrommatis lead the team. Junior managers Paola Mammou and Evangelia Nikolopoulou are also key.

Practice head(s):

Eirinikos Platis; Vassileios Mavrommatis


Other key lawyers:

Evangelia Nikolopoulou; Paola Mammou


Testimonials

‘It is very well organized and all the employees have significant experience and capabilities. Also one of the most important strengths is the efficiency in delivering the legal products.’

‘It was a valuable experience working with this firm and its employees.’

‘Extremely good knowledge of the law of insolvency.’

‘Very good communication skills. Very good planing and preparation for the subsequent legal actions.’

Key clients

G. Lazaridis Marmor S.A. Under Special Administration


FESSAS S.A. Under Special Administration


Hellenic Vehicle Industry S.A. (ELVO) Under Special Liquidation


Creta Farm S.A.


TEMKA S.A. Under Special Administration


Maria AVEE Under Special Administration


KATSIAMAKAS ANONYME INDUSTRIAL AND COMMERCIAL COMPANY Under Special Administration


ALEX. P. PALAIOLOGOS S.A. Under Special Administration


INTRUM HELLAS SA – Project Salamis Shipyards


Work highlights


POTAMITISVEKRIS

POTAMITISVEKRIS, headed by Stathis Potamitis, an insolvency expert who has advised on the development of European Commission insolvency directives, represents the Hellenic Ministry of Finance, the Bank of Cyprus and several major liquidators. The firm has particular expertise in restructuring matters and the execution of rehabilitation agreements in the healthcare and entertainment sectors. Associate Konstantinos Rachianiotis, hailed as ‘always available to answer any complicated legal questions‘, supports on much of the firm’s key restructuring and insolvency work. Fellow associate Eleana Baya is also recommended, noted by clients for her ‘precise legal judgement‘.

Practice head(s):

Stathis Potamitis


Other key lawyers:

Konstantinos Rachianiotis; Eleana Baya; Konstantinos Papadiamantis; Alexandros Metallinos


Testimonials

‘Extremely High quality professionals.’

‘Rachaniotis Konstantinos is a high quality lawyer and he makes the client feels sure concerning his legal advice. He also is always available to answer any complicated legal questions.’

‘Excellent knowledge of restructuring and insolvency matters Immediate response to questions Business view’

Perfect cooperation and service provided by Mr. Potamitis and Mr. Papadiamantis.’

‘The most renowned Firm in this field in the Greek market, having contributed significantly in drafting the new insolvency law regime. Active in many of the recent major cases’

‘Stathis Potamitis is the best expert in this field in the Greek market. He has contributed significantly in drafting the new insolvency law and is active in most of the major cases of the recent years and beyond. Excellent expertise, communication and negotiation skills.’

‘Eleana Baya has worked on one of  the most difficult rehabilitation cases of the recent years and has shown exceptional stamina, precise legal judgement, willingness to learn and to review all possible aspects, all in all excellent.’

‘Stathis Potamitis was very good.’

Key clients

Hellenic Ministry of Finance


Folli Follie


Agricultural Bank of Greece Liquidator


PWC


Hellenic Post Bank Liquidator


Alpha Bank / Cepal


Bank of Cyprus


Piraeus Bank / Intrum


EBRD


Eurobank/Dovalue


DIAS Aquaculture


Varangis Societe Anonyme


Farallon Capital Management LLC


ODEON SA / ODEON CINEMAS SA


Work highlights


  • Advised Folli Follie in the execution and implementation of its rehabilitation agreement, a restructuring of more than €0.5bn debt with cross-border elements.
  • Advised Farallon Capital in the restructuring of a Euromedica healthcare group with a total debt of €0.5bn and the transfer of its business to a new viable entity.
  • Advised ODEON Group, a major group of companies operating in the entertainment sector through the distribution of movies and management of cinemas in Greece, in the negotiations for the execution of a rehabilitation agreement with its largest creditors.

AKL Law Firm

AKL Law Firm is adept at handling contentious matters in this space, including injunction applications, enforcement proceedings, negotiations with regulators and debt portfolio auctioning. Founding partners Constantine Alexiou and Alexandros Kosmopoulos lead the practice jointly with debt litigation expert, Sotiris Foteas. The firm’s clients include major Greek banks such as Piraeus Bank.

Practice head(s):

Constantine Alexiou; Alexandros Kosmopoulos; Sotiris Foteas


Testimonials

‘My main contact is Sotiris Foteas but my understanding is that the whole team constitutes a perfect “one-stop-shop” for any matter of domestic commercial transaction, litigation and corporate affairs.’

‘I have exclusive day to day cooperation with partner Sotiris Foteas and secondarily with other members of his team. He has an outstanding ability to handle complex transactional issues and especially very complicated contractual frameworks and relations as well as to provide business friendly solutions in the field of equity restructuring and corporate transformations.’

Key clients

Piraeus Bank


Eurobank


Alpha Bank


Do Value Greece


Silverton Greece


Work highlights


  • Advised Silverton Greece S.A. on a portfolio of SME debt, including auction re-arrangements, issuance of executory titles and other enforcement proceedings against various debtors.
  • Advised Eurobank S.A., Alpha Bank S.A. and Piraeus Bank S.A. on the status, impact and consequences of a long series of pending proceedings between the owner of a landmark hospitality unit in the island of Crete and the concessionaire of a landmark hospitality asset in the wider Athens area.
  • Represented Eurobank S.A., in its capacity as agent for a syndicate of bondholders under a €33m project loan, in injunction and interim judgment proceedings before the Athens Court of First Instance.

Bernitsas Law

The ‘exceptional team‘ at Bernitsas Law advises on internal reorganisations, financings and NPL portfolios. The team, notable for its energy sector work, is jointly led by M&A lawyer and corporate restructuring expert Lambros Belessis and the highly recommended Athanasia Tsene, who advises on securities and hedging arrangements. Since publication, Dionysis Flambouras left the firm.

Practice head(s):

Lambros Belessis; Athanasia Tsene


Testimonials

‘Exceptional team.’

‘Athanasia Tsene really stands out in the market. Really knowledgeable, always available to support, real business partner. she is the most exceptional lawyer I have worked with in the Greek market.’

Key clients

Aegean Marine Petroleum Network Inc.


Apollo Capital Management LLC – Lapithus Group


CPPIB


Eurobank Ergasias


Hellenic Petroleum SA


Hoist Hellas SA and Hoist Finance (publ) AB


Intrum AB (publ)


Intrum Hellas SA


Piraeus Bank


PIMCO


Sealed Air


The Hellenic Republic Asset Development Fund (HRADF)


Thomas Cook Group Tour Operations Limited (in liquidation)


Vivartia


Work highlights


  • Advised Apollo Global Management LLC and its servicing arm (Lapithus Group) in the recovery process for the securitised Jupiter portfolio of receivables from non-performing corporate and SMEs loans originated by Alpha Bank, in various restructurings and secondary sales of restructured exposures, as well as in the financing arrangements for the Jupiter portfolio.
  • Advised Sealed Air in the implementation of the Greek leg of its global internal reorganisation.
  • Advised Hoist Finance in connection with its participation in PQH SA, the single liquidator appointed by the Bank of Greece, in respect of credit and financial institutions placed into liquidation.

Karatzas & Partners

Karatzas & Partners has a strong reputation in the restructuring arena, assisting with the issuance of senior secured notes and advising bidders in tender processes. JP Morgan and Eurobank are key clients. Vassiliki Salaka, who has significant expertise in securitisation and NPLs, leads the team. Dionysis Flambouras was a new arrival in September 2023.

Practice head(s):

Vassiliki Salaka


Other key lawyers:

Dionysis Flambouras


Key clients

JP Morgan


Eurobank Ergasias


KKR / Pillarstone Greece


B2Holding


Alantra


Work highlights


  • Advised Antenna Group with respect to its participation and successful selection as thepreferred bidder in a tender process organised and conducted by Eurobank SA.
  • Advised B2Holding as participant bidder throughout the two-stage bidding process on alllegal matters pertaining to the auction process and the transaction.
  • Acted for doValue SpA in respect to Project Duette: the issuance of new senior securednotes due 2026 for an amount up to €300 million.

KBVL

KBVL advises on high value restructuring projects in several key industry sectors including mining and mineral extraction, shipbuilding and retail. Described as ‘a unique and specialised law firm offering innovative solutions to its clients‘, the firm assists multinational companies operating in and investing in Greece, as well as domestic clients. Ilias Koimtzoglou and Michalis Pattakos lead the team.

Practice head(s):

Ilias Koimtzoglou; Michalis Pattakos


Testimonials

‘KBLV is a unique and specialised law firm offering innovative solutions to its clients. Its key capabilities include flexible collaboration as well as the experience of its staff. The uniqueness of its services also stems from the tailored made solutions according to your needs.’

‘Partners and associates are always on stand by to solve your emerging problems and produce accurate answers to any legal needs.’

‘The team has all skills that a client needs: knowledge, professional behaviour, special skills and expertise.’

‘Individuals focus to client’s issues and manage every issue in a special way. They are always updated on clients’ cases and use their best endeavours to give solutions.’

Key clients

Hellenic Shipyards


Larco SA


Compo Expert Hellas


Fosun International


Lime Capital


Work highlights


  • Representing mining company Larco in a restructuring project with a deal value of circa €70 million.
  • Advising HSY, a large shipyard, in a restructuring with a deal value of circa €40 million.
  • Advising Chinese private investment fund Fosun International on a large retail restructuring project, the Folli-Follie restructuring, with a deal value of over €130 million.

Kyriakides Georgopoulos Law Firm

Kyriakides Georgopoulos Law Firm provides support in debt recovery and bankruptcy proceedings, rehabilitation applications and debt acquisitions. The practice is led jointly by Konstantinos Issaias, skilled in both restructuring strategy and contentious work, and Theodore Rakintzis, who specialises in restructuring work for clients in construction, mining and heavy industry. Senior associate Zaphirenia Theodoraki, an insurance specialist, is also key.

Practice head(s):

Konstantinos Issaias; Theodore Rakintzis


Other key lawyers:

Zaphirenia Theodoraki


Lambadarios Law Firm

A ‘great team with energetic individuals‘, Lambadarios Law Firm is known for its expertise in non-performing loans and internal restructurings. The team is headed by commercial and M&A lawyer Constantinos Lambadarios and Prokopis Dimitriadis, who has specific expertise in collateralised NPLs. Melina Katsimi, who is highly experienced in restructuring projects and tax related matters, is also key.

Practice head(s):

Prokopis Dimitriadis; Constantinos Lambadarios


Other key lawyers:

Melina Katsimi; Katerina Gini


Testimonials

‘Great team with energetic individuals.’

‘Constantinos Lambadarios is a star, highly recommended. Melina Katsimi very knowledgeable and approachable. All associates highly professionalism.’

Key clients

Piraeus Bank


National Bank of Greece


Davidson Kempner Capital Management LP


Baker McKenzie


Lone Star


Alpha Bank


Cana Pharmaceutical Laboratories SA


Work highlights


  • Advised Piraeus Bank on the sale of a non-performing exposures Ukrainian portfolio, amounting to €66m gross book value, in addition to undertaking due diligence.
  • Advised National Bank of Greece and Piraeus Bank on the sale by the latter of a NPE portfolio of a Greek borrower amounting to €96m gross book value.
  • Acted as local counsel to Baker McKenzie on the corporate restructuring of Whirlpool through a business transfer agreement with Indesit Greece and the subsequent merger by absorption of Indesit Greece by Whirlpool Hellas.