Restructuring and insolvency in Poland

Allen & Overy, A. Pedzich sp. k.

Allen & Overy, A. Pedzich sp. k. is instructed on the full range of restructuring and insolvency litigation and transactions. Clients include multinationals, financial and public institutions, which the group assists with cross-border debt restructuring transactions. Drawing on its strong international network, the team regularly coordinates restructuring deals across multiple jurisdictions, focused on achieving out-of-court settlements for creditors and debtors. The team is led by insolvency and banking litigator Bartosz Merczyński, whose expertise spans contentious restructuring, insolvency-related litigation, fraudulent conveyance claims, commercial loan recovery and enforcement actions. Tomasz Trocki left the firm in 2020.

Practice head(s):

Bartosz Merczyński

Testimonials

Very helpful, always ready to discuss and help. Vast knowledge. Best firm for the restructuring process.

Professionalism, accuracy, commitment, availability, respect, friendly and open approach, patience, involvement, creativity. Everything you need from a legal advisor.’

 

Key clients

mBank

Samsung Electronics Polska

Bank BGŻ BNP Paribas

Crédit Agricole Bank Polska

ING Bank Śląski

Deutsche Bank Polska

RP Global Holding

Aareal Bank

Bank Zachodni WBK

Bank Gospodarstwa Krajowego

Alior Bank

Powszechna Kasa Oszczędności Bank Polski

DZ Bank

European Bank for Reconstruction and Development

Société Générale

Bank Millennium

Raiffeisen Bank Polska

Bank Handlowy w Warszawie S.A. (Citibank Group)

DNB Bank Polska

Work highlights

  • Represented a group of lenders, Credit Agricole Bank Polska, BNP Paribas Bank Polska and ING Bank Śląski in remedial proceedings of the public company Vistal Gdynia, which resulted in a ground-breaking arrangement covering approximately PLN500m of debt.
  • Represent Samsung as a creditor and member of the Creditors’ Council of Action in remedial proceedings.
  • Representing mBank in insolvency proceedings against Owoc Sandomierski.

Clifford Chance

Clifford Chance's practice group is led by litigator Bartosz Krużewski, and banking and finance lawyers Andrzej Stosio and Miłosz Gołąb. The group is known for handling large financial restructuring transactions in Poland, advising and representing domestic and international lenders, bondholders and trustees, Polish insurance companies, companies undergoing the restructuring process, as well as investors and servicers of distressed assets and non-performing loans.

Practice head(s):

Bartosz Krużewski; Andrzej Stosio; Miłosz Gołąb

Testimonials

Dedicated and hard working

The team is focused on looking for a compromise and is always responsive

Key clients

OT Logistics

Work Service

Gdańska Stocznia „Remontowa” im. J. Piłsudskiego

ING Bank Śląski

Powszechna Kasa Oszczędności Bank Polski

Agencja Rozwoju Przemysłu

Tarczyński

Work highlights

  • Advised Work Service on the successful restructuring of its debt.
  • Advising OT Logistics on the restructuring of the group’s financial indebtedness.
  • Advising ING Bank Śląski and Santander Bank Polska on the restructuring of the financial indebtedness of Sygnity.

Dentons

The restructuring, insolvency and bankruptcy department at Dentons  offers a dedicated core team, enabling it to handle complex, often cross-border matters; an area of expertise for practice head Anna Pukszto. The group handles bankruptcy-related disputes, in and out of court, as well as advising creditors and debtors on a range of restructuring transactions. Tomasz Trocki was a new arrival in 2020.

Practice head(s):

Anna Pukszto

Testimonials

Prompt and professional service. The staff work hand in hand.

Dedicated, high motivated and service-minded.

Key clients

Santander Bank

Gibson Brands

GSS III Wolverine

Sandvik Materials Technology

Nifco Korea Poland

Aurelius

ING Bank Śląski

DZ Bank

mBank

Work highlights

  • Advised a group of banks led by mBank on the complex out-of-court restructuring of Mróz and its subsidiaries; a transaction involving 29 borrowers and 60 bank loans, secured on 150 real properties.
  • Advised ING Bank Śląski  on matters related to the restructuring and insolvency of publicly-traded company ONICO.
  • The firm was appointed as the special overseas coordinating counsel in Gibson Brands’ US bankruptcy proceedings. Advised on the preservation and collection of inter-company claims from two of the company’s Polish subsidiaries, and to represent the client in the enforcement of the claims.

Deloitte Legal, Pasternak, Korba i Wspólnicy Kancelaria Prawnicza sp.k.

The team at Deloitte Legal, Pasternak, Korba, Moskwa, Jarmul i Wspólnicy Kancelaria Prawnicza sp.k. came into its own following the arrival of Agnieszka Ziółek from CMS Cameron McKenna Nabarro Olswang Pośniak i Bejm sp.k. in January 2019. The team handles a variety of work, including reorganisations, financial court and out-of-court restructurings and insolvencies. The team is able to call on support from the firm's other departments, such as tax and employment, giving it an impressive depth of advisory capabilities.

Practice head(s):

Agnieszka Ziółek

Testimonials

This is a very strong and goal-oriented team, dealing with all aspects of restructuring. They originate from financial restructuring, but are capable to lead any projects connected with financial, corporate reorganisation, as well as proceedings.

Agnieszka Ziółek is very knowledgeable, but can explain things clearly, and is very supportive and devoted.

Great responsiveness, quick action, flexibility and great quality delivery.

Key clients

Vistal Gdynia

Empik Group

Agora

Work highlights

  • Advised Ryszard Maryka, the controlling shareholder of Vistal Gdynia, . on financial restructuring within the framework of the remediation procedure for approximately PLN400m.
  • Advising Empik Group on the acquisition of an asset from a bankrupt publishing company.
  • Advised Agora on a bankruptcy case involving one of its largest creditors.

DLA Piper

DLA Piper is regularly instructed by bankrupt entities in restructuring proceedings, as well as representing clients in the proceedings of their business partners and sub-contractors. The team is jointly led by project finance and restructuring expert Mariusz Hyla and litigation and regulatory specialist Krzysztof Kycia, giving the firm the edge in relation to construction sector-related matters. Providing 'business-oriented advice', senior associate Magdalena Dec is a name to note, with experience representing creditors and debtors in bankruptcy and restructuring proceedings.

Practice head(s):

Mariusz Hyla; Krzysztof Kycia

Testimonials

They are our go-to advisers whenever we have problems with the solvency of our business partners

Krzysztof Kycia  is a highly experienced practitioner with great expertise and he has a deep understanding of our business

Magdalena Dec is a first-class lawyer who offers valuable insights and practical solutions to our legal problems

The team is reliable, experienced, innovative, efficient

Key clients

Metro Properties

PKP Energetyka

PORR

Work highlights

  • Representing PORR as the defendant in a payment dispute with a bankrupt subcontractor
  • Representing PKP Energetyka in various complex civil, restructuring and arbitration proceedings against Fiten, an electric energy and gas distributor in Poland.

Greenberg Traurig Grzesiak sp. k.

Greenberg Traurig Grzesiak sp. k.'s team handles the spectrum of contentious and transactional work throughout the insolvency process, including handling crisis management, court applications and enforcement proceedings. It is also instructed on the implementation of contingency and restructuring proceedings, assisting distressed companies with setting up recovery plans. Andrzej Wysokiński leads the department, and draws on expertise in finance transactions, bankruptcy and financial restructuring, as well as dispute resolution. Aleksander Janiszewski is another key member of the team, admitted to practice in New York, England and Poland.

Practice head(s):

Andrzej Wysokiński

Key clients

Roust Corporation

Bank Pekao

Penta Investments

Work highlights

  • representing Pekao Investment Banking as offering agent and Pekao as security agent in connection with PBG’s notes offering resulting from one of the largest court restructurings in Poland, where pre-petition claims are exchanged into notes
  • Acts for Bank Pekao as a creditor in relation to Strateg’s bankruptcy proceedings.

Lesnodorski, Slusarek & Partners

Lesnodorski, Slusarek & Partners' restructuring team is co-led by experienced bankruptcy and restructuring specialists Artur Zawadowski and Władysław Bieńkowski. The group is often instructed by bankruptcy trustees, as well as debtors undergoing restructurings.

Practice head(s):

Artur Zawadowski; Władysław Bieńkowski

Testimonials

The firm has a committed and commercially-minded team that understands our business and speaks our language. The team delivers concise expert advice taking into risks and consequences for our business objectives

Władysław Bieńkowski stands out as a knowledgeable, calm and very effective negotiator. I highly value his deep understanding of our business, the ability to make decisions and to focus on solutions

Strong dedication to client and solving the problem. Good at looking at the whole complexity of issues. Proactive

Key clients

Zakłady Mięsne Henryk Kania

Wisła Krakow

Pol-Mot Auto

ONICO

Stage Capital/Livingstone

Mennica Metale-Szlachetne

PBG

Hydrobudowa Polska

Polska Żegluga Morska PP

Żegluga Morska

Work highlights

  • Advised and represented Zakłady Mięsne Henryk Kania in connection with the court restructuring proceedings and the restructuring process in general
  • Advised Hydrobudowa Polska, as the debtor, on the proposed conversion of its liqudation bankruptcy into a restructuring proveeding, with the option to enter into creditors’ agreements involving expedited liquidation of the debtor’s assets and the distribution of all liquid assets to creditors.
  • Advise PBG on its PLN4bn debt restructuring, incurred from Euro 2012 construction contracts and motorway construction projects.

Linklaters

Linklaters' group is able to leverage the firm's international office network to handle complex cross-border and multi-jurisdictional restructuring and insolvency matters. Clients include a range of domestic and multinational corporates, as well as major international financial institutions. Head of the banking and finance department Jaroslaw Miller leads the team, and specialises in corporate recovery and debt instruments, with experience in all aspects of non-contentious restructuring and insolvency work.

Practice head(s):

Jarosław Miller

Key clients

Bank Pekao

ING Bank Śląski

PKO BP

mBank

Santander Bank Polska

BNP Paribas Bank Polska

Celsa Huta Ostrowiec

Polski Fundusz Rozwoju

Pojazdy Szynowe PESA Bydgoszcz

Work highlights

  • Advised Bank Pekao and PKO BP on the restructuring of a PLN1.5bn financing loan to the ISD Group, involving the restructuring of an investment credit facility in parallel with the restructuring of the Ukrainian part of the business.
  • Advised Pojazdy Szynowe PESA Bydgoszcz on an investment agreement with the Polish Development Fund, the restructuring of its indebtedness and the arrangement of new financing and other debt products.
  • Advised DIP Noteholders, Taj Noteholders & Trustee of US Liquidating Trust, as the providers of $450m in debtor-in-possession financing, in the Chapter 11 case of Toys “R” Us

RöHRENSCHEF

Specialist dispute resolution firm RöHRENSCHEF stands out for its ability to handle restructuring and insolvency proceedings under the new Polish restructuring legislation. The group handles a wide variety of projects, counting Polish government agencies and major banks as clients. The team is co-led by commercial litigator Bartosz Piechota and Marek Ostrowski, who was promoted to partner in June 2019 and is experienced in pre-pack liquidation proceedings.

Practice head(s):

Bartosz Piechota; Marek Ostrowski

Testimonials

The practice is unique in terms of high standard of legal opinions, good cooperation, excellent remarks within the cases led.’

I worked with Bartosz Piechota and Marek Ostrowski. They are outstanding communicators and had perfect timing in delivering legal motions.

Great knowledge of respective law and practice which makes the advice very relevant and helpful in addressing the issues with the right precision, speed and an adequate cost.

Key clients

Agencja Rozwoju Przemysłu / Industrial Development Agency

Alior Bank

Agencja Rozwoju Przemysłu

BBUD

JP Contracting

PORR

Work highlights

  • Assisting the Industrial Development Agency, as a creditor, with a legal strategy in relation to the bankruptcy and restructuring proceedings of HAWE Capital Group.
  • Advising Alior Bank on the restructuring of GetBack Capital Group.
  • Successfully represented Alior Bank in restructuring negotiations with a debtor and its shareholders and advised in the related restructuring proceedings.

Rymarz Zdort

Rymarz Zdort's team has a focus on multinational restructuring matters, often involving large numbers of creditors and complex debt situations. The group also handles capital group restructurings, as well as those involving issuers of bonds and other public and private debt instruments. It is predominantly instructed by creditors, although it also assists debtors with the management of distressed companies. Magdalena Pyzik-Walag leads the team, and is an expert in bankruptcy, restructuring and commercial law. Anna Krzanicka-Burda was a new arrival in 2020.

Practice head(s):

Magdalena Pyzik-Walag

Testimonials

Magdalena Pyzik-Walag is excellent in communication and delivering the opinions.

The firm is pro-active and always one step ahead of its competitors. It is able to explain complex legal concepts in a straightforward and lay language.

The team is well known for its comprehensive approach and wide range of services, frequently advising within international cases.

Key clients

Banco Santander

Bank BPH

Bank Millennium

Bank Pekao

Ciech

Echo Investment

Enea

Elektrocieplownia Nowa Sarzyna

Elektrownia Ostroleka

Enea Trading

General Electric Capital

Globalworth

PGE Energia Ciepła

PGE Polska Grupa Energetyczna

PGNiG Obrót Detaliczny

PGNiG Termika

PKP Energetyka

Polenergia

Robyg

Sanok Rubber Company

Santander Bank Polska

Sygnity

Work highlights

  • Represented Energopol-Szczecin in restructuring proceedings.
  • Advised PBG on the pre-bankruptcy restructuring of PLN3bn of debt and the financial reorganisation of its capital group.
  • Advising Bank Millennium in connection with the insolvency proceedings of PCZ.

Wardynski & Partners

Wardynski & Partners' team assists both debtors and creditors in a range of court restructuring and bankruptcy cases. It has particular expertise in advising Polish banks and financial institutions. It handles debt restructuring matters related to non-performing loans and corporate restructuring involving distressed debts and assets. Another area of strength is a track record in cross-border proceedings, especially involving the EU and the US. Konrad Grotowski heads the department and is the go-to lawyer for contentious matters. Karol Czepukojć, formerly a senior associate, left the firm in 2020.

Practice head(s):

Konrad Grotowski

Testimonials

The team is very creative which, combined with extensive experience and expertise, makes it effective in achieving the clients’ goals.

Perfect knowledge in the Polish restructuring process and restructuring law.

Responsive to changes in the process. Engaged in their work.

Karol Czepukojć and Krzysztof Libiszewski undertook the implementation of a difficult project that was carried out error-free and in a short time.

Key clients

ING Lease (Polska)

Bank Pekao

Santander Bank Polska

BNP Paribas Bank Polska

Trustees of the estate of Tvilum ApS

Work highlights

  • Represented the Danish trustees appointed for the bankruptcy estate of Tvilum, in Polish scheme of arrangement proceedings of its subsidiary, Tvilum Poland.
  • Advised the bondholders of OT Logistics on a debt restructuring transaction involving various groups of secured and unsecured creditors.
  • Advising a group of banks, including BNP Paribas Bank Polska, Bank Millennium and Santander Bank Polska on restructuring of financing provided to Work Service.

WKB Wiercinski, Kwiecinski, Baehr

WKB Wiercinski, Kwiecinski, Baehr handles a variety of restructuring and insolvency transactions, including remedial proceedings initiated in Poland. The impressive client roster includes domestic and international lenders, debtors and acquirers of distressed assets across sectors and borders. The team, led by Andrzej Wierciński, has particular expertise in insolvency proceedings, debt restructuring, standstills, out-of-court restructurings and pre-bankruptcy arrangements.

Practice head(s):

Andrzej Wierciński

Key clients

Toys “R” Us

Elsen S.A. w restrukturyzacji (in restructuring)

Organic Farma Zdrowia

Work highlights

  • Advises the trustee of the bondholders who acquired assets of the Toys “R” Us Group, and acting as local counsel to the company in relation to a matter arising from Chapter 11 proceedings initiated by the US-based parent company.
  • Advised Elsen and its shareholders with respect to the restructuring of Elsen Group.
  • Advised Organic Farma Zdrowia on the recovery of debts from one of its shareholders, following the latter’s restructuring proceedings.

Zimmerman i Wspólnicy Sp.K

Zimmerman i Wspólnicy Sp.K is a restructuring and insolvency boutique that handles the spectrum of matters on the debtor side. The team is jointly led by founding partner Piotr Zimmerman, who is able to draw on significant experience in the judiciary, handling bankruptcy cases, and restructuring expert Bartosz Sierakowski.

Practice head(s):

Piotr Zimmerman; Bartosz Sierakowski

Testimonials

A very good practice in the restructuring and insolvency area. A professional and open minded team that produces good quality work

Chajec, Don-Siemion & Zyto Legal Advisors

The team at Chajec, Don-Siemion & Zyto Legal Advisors separates its practice into a distinct insolvency team, led by Krzysztof Żyto and a restructuring group that Maciej Kotlicki heads. In terms of insolvencies, the group handles pre-bankruptcy and bankruptcy proceedings, for both creditors and debtors. It also represents bankruptcy trustees following adjudications, and advises on asset sales and agreements between creditors. On the restructuring side, it has significant experience in reorganisations, workouts, liquidations and distressed M&A transactions. Marcin Bącal left the firm.

Practice head(s):

Krzysztof Żyto; Maciej Kotlicki

Testimonials

The flexibility and openness to deal with non-standard projects are what make the firm stand out from the crowd.

Krzysztof Żyto has a wide range of expertise, understanding issues at a business as well as legal level.

Key clients

CP Fundusz Inwestycyjny Zamknięty

Capital Partners Investment I Fundusz Inwestycyjny Zamknięty

Capital Partners

Domanski Zakrzewski Palinka

The team at Domanski Zakrzewski Palinka stands out for handling restructuring projects, particularly involving clients in regulated sectors such as pharmaceuticals and energy. The group takes a multi-disciplinary approach, utilising lawyers from the M&A, employment, tax, capital markets and real estate departments. Bartosz Marcinkowski and Marek Swiątkowski jointly take the lead.

Practice head(s):

Marek Świątkowski; Bartosz Marcinkowski

Testimonials

They have in-depth and first hand knowledge and experience in matters that relate or might relate to insolvency – and more.

Marek Swiatowski is responsive and efficiently manages his team.

I have always felt as if I received advice directly from a professional administrator doing restructuring and insolvency on a daily basis.

Key clients

Astaldi

Multiple creditors from LC Group including Idea Bank and Idea Money

Przewozy Regionalne

Waste to Energy (Kleszczow) Company

Polska Grupa Górnicza

Wydawnictwo Bauer

Strojirna Litvinov

Bać-Pol Group

Profolio

Mardi

Work highlights

  • Advised multiple creditors from LC Group including Idea Bank and Idea Money in connection with restructuring proceedings of GetBack.
  • Advised Przewozy Regionalne on its restructuring measures.
  • Successfully represented creditor Waste to Energy (Kleszczow) Company in a a pre-pack petition against EKO-Region Kleszczów.

KKLW Kurzynski Lyszyk Wierzbicki sp.k

KKLW Kurzynski Lyszyk Wierzbicki sp.k specialises in insolvency and restructuring projects related to the construction and financial industries. The team assists major Polish companies throughout the life cycle of cases, and is also called upon to supervise the court-appointed administrators and trustees. Licensed restructuring advisor and administrative receiver Przemyslaw Wierzbicki leads the team.

Practice head(s):

Przemyslaw Wierzbicki

Key clients

VERTE

Adrenaline Park Venture

Work highlights

  • Advising and representing VERTE in accelerated arrangement proceedings.
  • Representing Adrenaline Park Venture in restructuring proceedings and advising the client on creditor arrangements.

Kochanski & Partners

Kochanski & Partners advises and represents creditors and debtors in insolvency and restructuring proceedings and processes. The team also assists clients on debt recovery issues. Transactional lawyer Rafał Rapala jointly leads the team alongside litigator Mateusz Ostrowski and restructuring expert Agnieszka Serzysko.

Practice head(s):

Mateusz Ostrowski; Rafał Rapala; Agnieszka Serzysko

Key clients

RUCH

Alma

Griffin Real Estate

ING Lease

ING Finance

LOT Polish Airlines

Proservice Finteco

Diebold Nixdorf

Work highlights

  • Representing RUCH, as a creditor in fast-track arrangement proceedings involving a well-known Polish enterprise.
  • Representing Alma in restructuring and bankruptcy proceedings, and advise on the protection of creditor’s interests, cooperating with a liquidation trustee and the board of creditors.
  • Advising Griffin Real Estate, as the borrower, on a restructuring process on financing granted by Bank Gospodarstwa Krajowego and PKO BP for the refinancing of the Raiffeisen Business Center office building in Warsaw

NGL Wiater sp.k.

NGL Wiater sp.k.'s practice group is able to handle court restructuring and bankruptcy proceedings, financial restructuring, where Aleksandra Szostak takes the lead, and distressed M&A, which is the domain of Grzegorz Godlewski, who coordinates the department. Anna Krzanicka-Burda left the firm in 2020.

Practice head(s):

Grzegorz Godlewski

Testimonials

They present an extremely practical approach to all legal aspects of restructuring and insolvency situations

The team knew the business goals of their clients very well and knew how to reach these goals within frames of the restructuring proceedings

The team always consists of a group of high-level experts in their field instead of just one know-everything lawyer. Moreover, I had a feeling that every bit of advice or solution is double-checked with the most senior staff.’

Key clients

Alior Bank

Value Quest

Work highlights

  • Advising Alior Bank (as the main creditor) on the restructuring of RUCH
  • Advising Alior Bank (as the main creditor) on the restructuring of Zakłady Mięsne Henryk Kania
  • Advising Value Quest, as the investor, on the acquisition of Basel Olten Pharm, in its simplified pre-pack bankruptcy proceedings.

Norton Rose Fulbright

The team at Norton Rose Fulbright, led by 'creative yet diligent' counsel Tomasz Rogalski, has copious experience in debt restructuring and general restructuring of entities operating in the banking sector, domestic and international financial institutions and companies. The group, which includes banking and finance specialist Grzegorz Dyczkowski, handles contentious and non-contentious work, including pre-insolvency restructuring, enforcement proceedings, bankruptcy and insolvency litigation and the M&A involving distressed debt and assets.

Practice head(s):

Tomasz Rogalski

Testimonials

Tomasz Rogalski and Daniel Popek deliver the quality work on time and they can easily present in understandable way the pros and cons of the bankruptcy or restructuring proceeding can bring for the creditor and the debtor.

Our key lawyer has been Tomasz Rogalski, whom we value for being very creative yet diligent when it comes to dealing with finance documents, as a well as supportive during negotiations.

They provided a professional approach and practical knowledge of the law, applicable in judicial and extra-judicial restructuring processes.

Key clients

Bank Polska Kasa Opieki

European Bank for Reconstruction and Development

Bankia

Alior Bank

Bank Ochrony Środowiska

Work highlights

  • Advised Bank Polska Kasa Opieki as agent, security agent and lender, European Bank for Reconstruction and Development as lender and Bankia as lender on the restructuring of the finance documents related to the financing development of a 38 MW Golice wind farm.
  • Represented a consortium, including DNB Bank Polska and Raiffesen Bank in the restructuring of Eolos Novo.
  • Advised AMC III JET on amendments to finance documents and the restructuring of consumer loan portfolios.

PETERKA & PARTNERS Kancelaria Prawnicza sp.k

The team at PETERKA & PARTNERS Kancelaria Prawnicza sp.k predominantly represents creditors at all stages of insolvency and restructuring proceedings. It also has experience advising clients on the acquisition of distressed debt and assets. Co-leading the team, Michał Bieliński has a litigation background, while Dorota Płoskowicz focuses on transactional and restructuring advisory work.

Practice head(s):

Michał Bieliński; Dorota Płoskowicz

Key clients

Steens Group

Work highlights

  • Advising Steens Group on the acquisition of a Polish distressed enterprise

SSW Pragmatic Solutions

SSW Pragmatic Solutions handles insolvency and restructuring matters for both creditor and debtor parties. The team is led by Janusz Mazurek, who stands out for contentious insolvency matters.

Practice head(s):

Janusz Mazurek

Testimonials

Perfect availability, significant sector knowledge, operational excellence

Key clients

GRAHA Franciszek Teterycz

Haitong Bank

Grupa VOX

Royal Investments

BB Park

Noble Funds TFI

Bank BGŻ BNP Paribas

Work highlights

  • Represented GRAHA Franciszek Teterycz in remedial proceedings, successfully allowing the client to rescind multiple tenancy agreements.
  • Represented ZNTK Nieruchomości, as the debtor in insolvency proceedings.
  • Acts for Haitong Bank as one of the creditors in GetBack’s restructuring proceedings.