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

Tapping into experts from banking, capital markets and project finance, the multidisciplinary team at Koutalidis Law Firm has considerable experience handling distressed finance mandates, from balance sheet restructurings and liability management exercises, through to processes under the Greek Insolvency Code. Leveraging its strong ties with Greek banks, much of the work is on the creditor front, often where the firm has handled the original financing. The banking head Nikos Salakas plays a central role, drawing upon knowledge of the underlying finance documents and with deep expertise across a myriad finance products. Corporate finance head Effie Papoutsi is also pivotal to the firm’s restructuring prowess, regularly advising on bank refinancing loans and bonds for corporates, as well as advising Greek banks and investors in relation to the sale and purchase of NPL portfolios.

Practice head(s):

Nikos Salakas; Nikos Koritsas; Ioannis D. Kaptanis; Effie Th. Papoutsi

Other key lawyers:

Chrysanthi Karlou; Dimitris Kalyvas; Georgia Koutsoukou

Key clients

Alpha Bank S.A.

Eurobank S.A.

National Bank of Greece S.A.

Piraeus Bank S.A.

Attica Bank S.A.

Optima Bank S.A.

Waterwheel Capital Management LLP

Work highlights

  • Advised a syndicate of the Greek systemic banks in connection with the refinancing of the existing indebtedness to such banks of Athens International Airport S.A.
  • Advising Waterwheel Capital Management LLP on its potential investment in Project Solar. The project comprises the sale by Alpha Bank S.A., Eurobank S.A., National Bank of Greece S.A. and Piraeus Bank S.A. of 95% of class B and class C notes to be issued by a securitisation SPV for the financing of the acquisition of a portfolio of common, predominantly non-performing exposures of corporate, small and medium enterprise loans and small business loans with an on-balance sheet amount of c.€1.2bn as of 30 September 2021.
  • Advising the United States International Development Finance Corporation (DFC), a US State-owned development finance institution on the financing of ONEX Elefsis Shipyards and Industries SA, organised and existing under the laws of the Hellenic Republic of Greece for the acquisition, rehabilitation, and upgrades to the Elefsina Shipyards in Athens, Greece.

Platis – Anastassiadis & Associates Law Partnership

Platis – Anastassiadis & Associates Law Partnership provides ‘high quality and cost-effective advice’ to stakeholders engaged in big-ticket insolvency and restructuring mandates, with clients appreciative of its ability to provide ‘innovative solutions’. Eirinikos Platis, who was involved in the drafting of the new Insolvency Code, assists clients throughout the life-cycle of a mandate on both contentious and non-contentious situations. Platis has successfully concluded many restructuring projects for the Greek State, and has been appointed as legal counsel of the Special Administrators to debtors in a number of formal pre-bankruptcy procedures. Vassileios Mavrommatis is adept at handling both formal insolvency procedures as well as more transactional restructuring work, regularly acts for bank side clients helping to secure significant returns as creditors while Marina-Eleni Theodorou  is also a key member of the team for corporate restructurings.

Practice head(s):

Eirinikos Platis; Vassileios Mavrommatis; Marina–Eleni Theodorou

Other key lawyers:

Evangelia Nikolopoulou


‘It is a very well-organized firm that provides high quality and cost-effective advice.’

‘It is a leading firm for restructuring and insolvency and excel in providing  innovative solutions.’

They have exceptional knowledge of Bankruptcy Law.’

‘Eirinikos Platis has contributed to the drafting of the new Insolvency Code and is regarded as an authority on the subject.’


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

TEMKA S.A. Under Special Administration

Maria AVEE Under Special Administration


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

ONEX GROUP – Project Elefsis Shipyards

AXON HOLDINGS S.A. Under Special Administration

INTRUM HELLAS SA – Project Salamis Shipyards

Work highlights


Leveraging extensive knowledge of Greek insolvency legislative changes, POTAMITISVEKRIS combines an 'innovative' approach with strong advisory skills, ensuring that both creditors and debtors are well supported across both formal insolvencies as well as restructuring processes. Group head Stathis Potamitis‘ insolvency expertise encompasses domestic and cross-border matters, and as well as his role as one of the key architects helping to draft the newly reformed insolvency code in Greece, he is also currently part of a European Commission expert group on the preparation of an insolvency and restructuring directive. This level of insight ensures that Potamitis is a popular choice for clients, including a number of debtors, who are well protected in relation to the negotiation of rehabilitation agreements. Vassilis Stergiou  ‘excels in providing out-of-the box solutions’ to banks and funds as creditors and has ‘gained valuable experience by working on some of the largest and most difficult restructurings in Greece'. Much of this work has been handled alongside associate Konstantinos Rachianiotis, with one client lauding the pair as ‘two of the best legal advisors one can have not only in Greece but throughout the SEE region’. 

Practice head(s):

Stathis Potamitis

Other key lawyers:

Vassilis Stergiou; Alexander Metallinos; Konstantinos Papadiamantis; Konstantinos Rachianiotis; Eleana Baya


‘The team displays an in-depth knowledge of the law, exceptional negotiation skills and strong business acumen.’

‘The professional and responsive team possesses extensive experience in finance and banking issues, especially focusing on insolvency.’

‘They are innovative and well respected and have an in-depth familiarity with the recent Greek insolvency law.’

Key clients

Hellenic Ministry of Finance

Folli Follie

Agricultural Bank of Greece Liquidator


Hellenic Post Bank Liquidator

Alpha Bank/Cepal

Bank of Cyprus

Piraeus Bank



DIAS Aquaculture

Varangis Societe Anonyme

Farallon Capital Management



Work highlights

  • Advised the court-appointed Board of Directors of Folli Follie Group in the negotiation and execution of the rehabilitation agreement, which was ratified by the Bankruptcy Court of Athens in 2022.
  • Advised Farallon Capital in the restructuring of Euromedica healthcare group.
  • Advised Varangis AVEPE on its attempt to restructure and transfer the business.

AKL Law Firm

The ‘proactive, tech savvy, collaborative and extremely resourceful’ team at AKL Law Firm is valued for its 'realistic' approach to court practices - resulting in it being a popular choice on behalf of stakeholders in contentious insolvency matters. Sotiris Foteas is at the forefront of many of the most significant mandates handled by the team and senior partner Constantine Alexiou is also recommended for his wide-ranging commercial litigation expertise. The third of the lead lawyers, Alexandros Kosmopoulos, who heads the banking and finance group, brings this expertise to restructuring cases.

Practice head(s):

Dr. Constantine Alexiou; Alexandros Kosmopoulos; Sotiris Foteas



‘The team combines very strong academic credentials and a realistic approach to the Court’s practice. They are able to provide legal arguments with solid background presented in a convincing manner.’

The team is proactive, tech savvy, collaborative and extremely resourceful.’

‘Sotiris Foteas is trustworthy and exceptionally knowledgeable.’


Key clients






Work highlights

  • Pursuing a mandate “package” regarding a portfolio of SME debt, including auction re-arrangements, issuance of executory titles and other enforcement proceedings against various debtors.
  • Advising the consortium of banks 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 (the Concessionaire Group).
  • Represented Eurobank 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 ‘sharp and responsive’ team at Bernitsas Law provides ‘very accessible and customised advice’ to lenders and borrowers across a range of restructuring and insolvency matters, running the gamut from balance sheet restructurings and distressed M&A through to advice on administrations, workouts and receiverships. Under the guidance of the ‘exceptional’ Athanasia Tsene, and Lambros Belessis the team remains a prominent player in the secondary market for NPLs - whether acting as Greek counsel to an investor, the originator bank, the arranger or the note and security trustee. As part of her broad corporate and commercial expertise, Evi Kitsou regularly provides ‘succinct and on-point advice’ to clients on refinancing matters.

Practice head(s):

Lambros Belessis; Athanasia Tsene

Other key lawyers:

Panayotis Bernitsas; Nikos Papachristopoulos; Evi Kitsou; Yannis Seiradakis; Linda Vasaka


‘It is an exceptional, sharp and responsive team.’

‘They provide very accessible and customised advice.’

‘Athanasia Tsene is an exceptional lawyer who provides sharp and practical advice.’

‘Evi Kitsou provides succinct and on point advice.’ 



Key clients

Aegean Marine Petroleum Network Inc.

Apollo Capital Management LLC – Lapithus Group


Eurobank Ergasias

Hellenic Petroleum SA

Hoist Hellas SA and Hoist Finance (publ) AB

Intrum AB (publ)

Intrum Hellas SA

Piraeus Bank


The Hellenic Republic Asset Development Fund (HRADF)



The Hellenic Republic Asset Development Fund (HRADF)

Work highlights

  • Advising 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.
  • Advising Viatris, a global healthcare group of companies, in relation to their intragroup restructuring which includes various transfers of shares and share parts and a merger by absorption of three Group Companies by another Group Company.
  • Advising Hoist Finance in connection with its participation in PQH SA, which is the single liquidator appointed by the Bank of Greece in respect of credit and financial institutions placed into liquidation.

Karatzas & Partners

Leveraging the skills of a number of ‘highly specialized and skilled attorneys with expertise in restructuring and insolvency’, and also leaning into complementary practice areas including M&A, banking and tax, Karatzas & Partners has the critical mass and skill to handle a significant range and volume of high-quality mandates. The firm has strong lender ties, as well as also handling work for funds as bondholders. Team head Vassiliki Salaka  has a multi-faceted approach that is particularly well-suited to restructuring and including workouts relating to NPL portfolios. Dionysis Flambouras joined the firm in September 2023 from Bernitsas Law.

Practice head(s):

Vassiliki Salaka

Other key lawyers:

Christina Faitakis; Vassiliki Salaka; Nikos Fragos; Dionysis Flambouras


‘It is a team of highly specialized and skilled attorneys with expertise in restructuring and insolvency.’

‘They instil confidence in their ability to handle complex legal matters effectively and efficiently. ’


Key clients

JP Morgan

Eurobank Ergasias

KKR/Pillarstone Greece



Work highlights

  • Advised the Ad Hoc Group of Noteholders in relation to the consensual recapitalization and restructuring of the Frigoglass group.
  • Advised Antenna Group with respect to a successful tender process organised and conducted by Eurobank SA concerning the acquisition of a 100% equity stake, accompanied by a debt restructuring, in the company “Village Roadshow Hellas SA”, which is one of the leading movie theatre operators in Greece.
  • Successfully advised the lenders of Schur Flexibles Group, an international sustainable custom packaging solutions manufacturer with presence in Greece through two Greek subsidiaries, in the context of its lender-led financial restructuring.


Under the guidance of Ilias Koimtzoglou and Michalis Pattakos, KBVL delivers ‘a results-focused offering’ to corporates and funds across a range of restructuring matters. The team is also well-positioned to advise distressed corporates as debtors on large-scale restructurings, where it is able to draw upon full-service expertise within the team including tax and financial advisory services provided through the firm’s association with Deloitte.

Practice head(s):

Ilias Koimtzoglou; Michalis Pattakos

Other key lawyers:

Christina Valamoutopoulou; Konstantina Gkouti


‘The team provides a high level of service and delivers a results-focused offering.’

Key clients

Hellenic Shipyards


Fosun International

Work highlights

  • Advising Larco, one of the largest nickel mining producers in Eastern Europe, on a substantial (approx €70m) restructuring project in Greece.
  • Advising HSY, one of the largest shipyards in Eastern Europe, on a substantial restructuring project.
  • Advising Fosun International, one of the leading private investment funds in China, on the Folli-Follie restructuring, with a deal value of over €130m.

Lambadarios Law Firm

Deploying a multidisciplinary approach which leans into broader finance, corporate and tax capabilities, Lambadarios Law Firm excels in providing ‘pragmatic and strategic’ advice to lenders and borrowers across complex restructurings and special situations. The firm’s strong ties with the four domestic systemic banks account for a significant volume of work both in the context as creditors refinancing loans, as well as on the disposal of NPLs. Prokopios Dimitriadis is key to the firm’s success in the NPL space both for banks, as well as funds acquiring portfolios. M&A partner Melina Katsimi regularly handles due diligence associated with NPL work, and also regularly assists Baker McKenzie LLP‘s London office on the local law aspects of cross-border restructuring mandates. Dimitriadis co-heads the team alongside managing partner Constantinos Lambadarios.

Practice head(s):

Prokopis Dimitriadis; Constantinos Lambadarios

Other key lawyers:

Melina Katsimi; Konstantina Siozou; Katerina Gini


‘The firm is excellent at focusing on what is important and negotiating to win the war and not every single battle.’

‘It is our go-to firm for complicated special situations. They combine an excellent balance of deep bench and technical knowledge and market insight and pragmatic and strategic advice.’

Prokopis Dimitriadis is really responsive and an excellent strategist.’


Key clients

Davidson Kempner Capital Management LP

Piraeus Bank


National Bank of Greece

Lone Star

Brook Lane Capital


Cana Pharmaceutical Laboratories S.A.

Work highlights

  • Advised an affiliate of Davidson Kempner Capital Management on all steps of an acquisition of a shipping non-performing exposures (NPE) portfolio amounting to €400m gross book value via securitisation.
  • Advised Lone Star on the bidding process for an €800m portfolio of NPLs secured on marine and real estate assets originated by Piraeus Bank.
  • Advised the National Bank of Greece on refinancing a project loan amounting to €10m for the operation and maintenance of the THIVAIKOS ANEMOS Wind Park of 6MW capacity.

Norton Rose Fulbright

Acting alone or in collaboration with lawyers throughout its network of offices, including London, Norton Rose Fulbright is particularly effective at advising banks as creditors in domestic and cross-border restructurings. Although the firm is active in distressed mandates across a range of sectors, it is particularly well-placed to advise on mandates within the maritime sector, a core firmwide area of strength. Greek and UK-qualified team head Yianni Cheilas  has deep underlying knowledge of financial products, and is at the forefront of the highest-profile restructuring work handled by the office.


Practice head(s):

Yianni Cheilas

Other key lawyers:

Vassilis Koroxenidis; Dimitris Rampos; Georgios Palogos

Key clients

Alpha Bank

Citibank NA

Eurobank Ergasias SA

Piraeus Bank SA

Credit Suisse

Commerzbank AG

National Bank of Greece

Citibank International plc


Work highlights