Restructuring and insolvency in Poland

Allen & Overy, A. Pedzich sp. k.

The team at Allen & Overy, A. Pedzich sp. k. is best known for its work for creditors in relation to debt restructuring, built on a strong client base of financial institutions and its reputation for finance litigation. The group often cooperates with the firm's international office network, enabling it to handle cross-border restructuring transactions. Of note, the group is often instructed to coordinate negotiations between multiple financial creditors in restructuring deals, with a focus on settling matters out of court. The insolvency and banking litigation practice is led by licensed insolvency practitioner Bartosz Merczyński, who is an expert in contentious restructuring and insolvency-related litigation, as well as commercial loan recovery and enforcement actions. Banking and finance lawyer Arkadiusz Pędzich is well versed in debt restructuring, distressed financing and distressed debt trading, while Tomasz Kawczyński has experience in financial restructurings.

Practice head(s):

Bartosz Merczyński

Other key lawyers:

Arkadiusz Pędzich; Tomasz Kawczyński; Paweł Bartosiewicz; Jerzy Zdrojewski

Key clients

Samsung Electronics Polska sp. z o.o.

mBank S.A.

Credit Agricole Bank Polska

ING Bank N.V., London Branch and ING Bank Śląski

BNP Paribas Bank Polska

PKO Bank Polski

Santander Bank Polska

Haitong Bank S.A.

Bank Handlowy w Warszawie

Getin Noble Bank S.A.

Raiffeisen Bank International

Bank Gospodarstwa Krajowego

Bank Polska Kasa Opieki

Work highlights

  • Advised Samsung Electronics Polska on the drawing down of a multimillion-zloty payment under three separate bank guarantees issued by different banks, due to the insolvency of the client’s customer. Recovered 100% of the receivables.
  • Advised mBank, Credit Agricole Bank Polska, Bank Gospodarstwa Krajowego and Bank Polska Kasa Opieki on the refinancing of the debt of Trakcja PRKiI and mBank and a planned increase in the share capital of Trakcja.
  • Represented mBank, Getin Noble Bank, Alior Bank and Raiffeisen Bank International in restructuring proceedings of a distressed company operating a shopping centre, accounting for PLN250m in loans.

Clifford Chance

Clifford Chance's restructuring and insolvency group has an active practice acting for creditors in high-profile financial restructurings. The group also advises investors and servicers of distressed assets and non-performing loan portfolios. Co-chairing the practice are litigator Bartosz Krużewski, and banking lawyers Andrzej Stosio and Miłosz Gołąb. Gołąb in particular is has experience of in- and out-of-court debt restructurings of capital groups, often involving multiple layers of creditors. Michał Jadwisiak is another lawyer with cross-border financial restructuring knowledge.

Practice head(s):

Bartosz Krużewski; Andrzej Stosio; Miłosz Gołąb

Other key lawyers:

Michał Jadwisiak

Testimonials

‘The team has experience based on real cases’

‘Openness to review the reality of status for the restructuring company and look for a solution which can be supportive for both sides. Not only for the client or bank.’

Very extensive knowledge, experience and practical approach to the issues.’

Miłosz Gołąb – very competent, always available, supportive.’

Key clients

OT Logistics S.A.

mBank S.A.

Work Service S.A.

CTL Logistics Sp. z o.o.

Gdańska Stocznia „Remontowa” im. J. Piłsudskiego S.A.

ING Bank Śląski S.A.

Santander Bank Polska S.A.

Powszechna Kasa Oszczędności Bank Polski S.A.

Tarczyński S.A.

Agencja Rozwoju Przemysłu

Work highlights

  • Advising OT Logistics on the restructuring of the group’s financial indebtedness.
  • Acting for mBank as a creditor and member of the Creditor’s Council in a complex and significant court restructuring proceeding in Poland (value of all claims against the debtors over PLN2bn).
  • Advising Gdańska Stocznia „Remontowa” im. J. Piłsudskiego on the restructuring of Remontowa Shipbuilding S.A.’s indebtedness towards a consortium of three banks – PKO BP, BGK and Credit Agricole.

Dentons

At Dentons, there is a core group focusing entirely on restructuring and bankruptcy issues. The team is most known for acting for creditors, including a number of large financial institutions in their disputes with debtors, with added expertise in insolvency proofing and out-of-court debt restructurings. The group also utilises the firm's wider capabilities in tax, real estate, corporate transactions and capital markets. Anna Pukszto was appointed head of litigation and arbitration in February 2020, a move that combined the bankruptcy and dispute resolution practices under a point of contact. The arrival of Tomasz Trocki from Allen & Overy, A. Pedzich sp. k. in August 2020 was a major boost to the firm, adding another experienced financial restructuring expert. Counsel Stanisław Sołtysik is noted for insolvency proceedings.

Practice head(s):

Anna Pukszto

Other key lawyers:

Tomasz Trocki; Stanisław Sołtysik

Key clients

Santander Bank Polska S.A.

Bank Millennium S.A.

GSS III Wolverine (Morgan Stanley group)

FMC Corporation

Nifco Korea Poland

Towarzystwo Ubezpieczeń Inwestycyjnych S.A.

ING Bank Śląski

DZ Bank

mBank

Towarzystwo Ubezpieczeń na Życie Europa S.A.

Lindt & Sprüngli (Poland) sp. z o.o.

European Bank for Reconstruction and Development (EBRD)

PKO BP

BNP Paribas Bank Polska SA

Alior Bank S.A.

Work highlights

  • Advised ING Bank Śląski on the restructuring and insolvency of Onico, a publicly traded company involved in the supply of energy products (including diesel oil).
  • Acting for Korporacja Ubezpieczeń Kredytów Eksportowych in a case combining Polish and Russian bankruptcy proceedings with respect to a Russian company.
  • Acting for FMC Agro Polska (creditor) in recovery claims in the reorganisation proceedings of Tomar sp. z o.o. in restructuring – a company operating in the wholesale of plant protection products, which transferred almost the entire enterprise to an affiliated company before opening reorganisation proceedings.

Deloitte Legal, Ostrowski, Gizicki i Wspólnicy sp.k.

The 'dedicated and hard working team' at Deloitte Legal, Ostrowski, Gizicki i Wspólnicy sp.k. utilises its specialisms in financial, tax and labour law in its financial restructuring practice, assisting lenders and borrowers with the spectrum of in- and out-of-court restructuring and insolvency issues. The group is particularly known for debt and corporate restructurings, but it also handles distressed asset investments, risk disposal for financial institutions and corporate liquidations. Department head Agnieszka Ziółek is 'well known for her negotiating skills' and focuses on advice to financial institutions. Senior managing associate Patrycja Bolimowska is a certified restructuring adviser with substantial disputes experience. The financial restructuring practice was given a boost in February 2020 with the arrival of senior associate Paweł Skura from Allen & Overy, A. Pedzich sp. k..

Practice head(s):

Agnieszka Ziółek

Other key lawyers:

Patrycja Bolimowska; Paweł Skura

Testimonials

‘Dedicated and hard working team. High performance and business approach.’

‘The Deloitte Legal Restructuring & Insolvency Poland Team is praised for its really short time in answering sometimes very challenging legal issues. Reaction time is what makes them outstanding.’

‘Agnieszka Ziolek is well-known for her negotiating skills as well as always quick responses to ongoing legal issues.’

Key clients

Vistal Gdynia S.A.

CVI Dom Maklerski sp. z o.o

Iglotex S.A.

Metropol Group

mBank S.A.

AMC Capital IV

Raiffeisen Bank International AG (Joint Stock Company) Branch in Poland

Orbis S.A.

Work highlights

  • Supported Ryszard Matyka, the controlling shareholder of Vistal Gdynia S.A., in negotiating the terms and conditions of the recovery agreement with the banks that are the company’s main creditors (BNP Paribas Bank Polska S.A., Credit Agricole Bank Polska S.A. and ING Bank Śląski S.A.).
  • Advised Iglotex S.A., on the negotiation of a facilities agreement totalling PLN160m with a banking consortium, and in refinancing the company’s existing debt.
  • Advised Metropol Group on the sale of investment real estate located in Warsaw, known as the Jagiellońska Shopping Centre – the transaction was a part of the seller’s restructuring process.

DLA Piper

DLA Piper's practice encompasses restructuring and bankruptcy representation and advice, including in relation to supporting clients in the proceedings of their business partners. The group is composed of lawyers from a number of departments, with specialists in tax, corporate, insolvency and finance law, and litigation. Mariusz Hyla leads the restructuring group, specialising in financial restructurings. Co-managing partner Krzysztof Kycia leads the litigation and regulatory practice, and has experience of insolvency issues arising from the construction and infrastructure sectors. Counsel Artur Sobol is noted for debt restructurings and distressed acquisitions, while senior associate Magdalena Dec (who 'combines legal knowledge with a pragmatic approach') represents creditors and debtors in bankruptcy and restructuring proceedings.

Practice head(s):

Mariusz Hyla; Krzysztof Kycia

Other key lawyers:

Artur Sobol; Magdalena Dec; Piotr Witecki; Magdalena Krajewska

Testimonials

‘DLA Piper’s team offers solid and business-oriented advice to our legal needs. They see a wider picture of a problem, act swiftly and co-own our challenges ’

‘First-class legal advice always delivered on time. Sharp, quick, open minded, business approach ’

‘Magdalena Dec: I need lawyers who can catch on quickly to my expectations, so I do not have to explain for a long time what is the case about. Plus I need lawyers who are able to deliver legal advice on time (even very short deadlines) and the solution must be simple and applicable for business. Magda is exactly this type of a lawyer. ’

‘They are our go-to advisers whenever we have problems with the solvency of our business partners. They assist us in complex and high-value insolvency and restructuring proceedings and advise us on how best to handle them from the creditor’s perspective. Such knowledge is very valuable. In my opinion, DLA Piper is one of the best international law firms on the market. In addition, we appreciate their business-oriented approach and the fact that their advice is always very practical.’

‘Krzysztof Kycia is a highly experienced practitioner with great expertise and he has a deep understanding of our business. Magdalena Dec combines legal knowledge with a pragmatic approach. She has a very good understanding of the bankruptcy and restructuring process. Piotr Witecki is flexible, highly responsive, and provides us with excellent, commercially-oriented advice. All three of them are very efficient and well-organised, which makes it a pleasure to cooperate with them.’

Key clients

Herkules

Hyatt International Corporation

METRO Properties (METRO Group)

Philips Polska

PKP Energetyka

Trakcja Group

Work highlights

  • Advising Trakcja, the borrower and its subsidiaries, on the financial restructuring of the whole group, which was divided into two main phases: (i) bridge financing and (ii) long-term financing.
  • Acting as the main legal adviser to the client, a member of a consortium of contractors comprising Nokia, Herkules, Wasko and Pozbud, during the performance of a contract for the design and construction of a GSM-R/ERMTS network to be laid down along the Polish railway network, which included assistance with the restructuring of the project financing.
  • Representing Metro Group in litigation regarding the eviction of nine large-format DIY stores operated by an entity undergoing restructuring and the settlement of mutual claims.

Domanski Zakrzewski Palinka

Domanski Zakrzewski Palinka's team includes licensed restructuring advisers and regularly handles in- and out-of-court restructuring projects and insolvency proceedings for debtors, creditors and investors in distressed assets. Additional areas of expertise include employment restructuring and state aid issues, as well as the representation of board members in criminal, civil and tax proceedings. The group is jointly led by Bartosz Marcinkowski and Marek Świątkowski, both of whom are specialists in corporate restructurings for domestic and international capital groups. Licensed restructuring adviser and senior associate Michał Cecerko focuses on debt restructurings and bankruptcy issues.

Practice head(s):

Marek Świątkowski; Bartosz Marcinkowski

Other key lawyers:

Michał Cecerko

Testimonials

‘Good organizational and project management skills, an well as in-depth market knowledge.’

‘Michal Cecerko is outstanding for his deep knowledge of sectors where he specializes and cooperates with us.’

Key clients

Tax Care S.A.

Galaxy Optical Services

Polregio sp. z o. o.

Polska Grupa Górnicza S.A.

Wydawnictwo Bauer Sp. z o.o. Sp. k.

Astaldi S.P.A.

Bać-Pol Group

Mardi

Waste to Energy (Kleszczow) Company Ltd

Work highlights

  • Acted for Tax Care S.A., the biggest accounting firm in Poland, in court and out-of-court debt restructuring, and later in insolvency proceeding and closing its operations.
  • Assisted the Polish subsidiary of Galaxy Optical Services in the course of the liquidation of its operations in Poland, collective redundancies and in insolvency proceedings.
  • Represented Wydawnictwo Bauer Sp. z o.o. Sp. k., one of the main creditors of Ruch S.A. (a major press retailer in Poland) in Ruch’s restructuring proceedings, including representation in the creditors’ committee.

Greenberg Traurig Grzesiak sp. k.

Greenberg Traurig Grzesiak sp. k.'s multidisciplinary team brings together expertise from the firm's corporate and banking departments to assist distressed companies, creditors, new lenders and equity sponsors with bankruptcy and restructuring issues. The group is known for pre-bankruptcy counselling, as well as advising on the tax implications of debt reduction and out-of-court restructurings. The group is coordinated by finance lawyer Andrzej Wysokinski, who has significant experience in financial restructurings. Aleksander Janiszewski has cross-border restructuring and insolvency experience, drawing on experience in complex finance transactions. Managing partner Jarosław Grzesiak is well versed in corporate restructurings. Michał Bobrzyński is a regulatory expert who advises banks and companies on bankruptcy law issues.

Practice head(s):

Andrzej Wysokiński

Other key lawyers:

Aleksander Janiszewski; Jarosław Grzesiak; Michał Bobrzyński; Paweł Jaśkiewicz

Key clients

Bank Pekao S.A.

Work highlights

  • Advising Bank Pekao S.A. (as creditor to Hydrobudowa) on various matters relating to the bankruptcy proceedings of Hydrobudowa.
  • Advising Bank Pekao S.A. (as creditor to PBG) on various matters relating to the restructuring proceedings of PBG.
  • Advising a real estate company (lessor) on the bankruptcy proceedings of Qumak S.A. in matters relating to collateral security and the satisfaction of secured claims in bankruptcy proceedings.

Kochanski & Partners

Kochanski & Partners assists clients with in- and out-of-court restructuring, with a strong client roster of financial institutions and corporates, including LOT Polish Airlines. The team is knowledgeable in court proceedings and is often called upon to assist creditors with their recovery issues and debtors on the restructuring of their debts. Leading the team is corporate transactional lawyer Rafał Rapala, who works alongside litigator Mateusz Ostrowski and real estate expert Paweł Cholewiński. At the more junior end, counsel Karol Połosak is increasingly specialised in restructuring and bankruptcy law and related corporate transactions.

Practice head(s):

Rafał Rapala

Other key lawyers:

Mateusz Ostrowski; Paweł Cholewiński; Karol Połosak; Aneta Serowik

Testimonials

Very individual approach, friendly and loyal team to the case.

Very high standard and security level, many suitable alternatives for reaching a goal.

Unique and very sophisticated approach, very fast response and action time.’

Key clients

State Street Global Advisors

LOT Polish Airlines

Ringier Axel Springer Polska

Chrysler Poland

Muszynianka

Proservice Finteco

BU Media

Diebold Nixdorf

Blachotrapez

Work highlights

  • Advising State Street Global Advisors on the Polish aspects of a European structural change (a part of which is a cross-border merger).
  • Advising LOT Polish Airlines on its group company restructuring.
  • Acting for Ringer Axel Springer Polska in pending restructuring proceedings concerning the debtor, Ruch.

Lesnodorski, Slusarek & Partners

Lesnodorski, Slusarek & Partners has developed an active debtor-side insolvency and restructuring practice, advising and representing a mixture of Polish and international clients in and out of court. Władysław Bieńkowski leads the team and has significant litigation experience and a strong track record in restructuring and insolvency cases. Former practice head Artur Zawadowski became of counsel in January 2020, and still handles restructuring work. Senior associate Bartosz Nowicki focuses on corporate restructurings, while senior associate Magdalena Frąckowiak, an expert in Polish, EU and English commercial law, is noted for cross-border matters.

Practice head(s):

Władysław Bieńkowski

Other key lawyers:

Artur Zawadowski; Bartosz Nowicki; Magdalena Frąckowiak; Paweł Baran; Kinga Rochalska

Testimonials

‘I like the versatility of the restructuring practice and their professionalism the most. When I need legal advice on non-Polish law, e.g. English or Russian, lawyers are prepared to give me professional support. I can always count on them (even at any time of day).’

Key clients

Zakłady Mięsne Henryk Kania S.A.

Wisła Kraków S.A.

Pol-Mot Auto S.A.

Onico S.A.

PBG S.A.

Marquard Media Polska Sp. z o.o.

Polska Żegluga Morska

Work highlights

  • Represented Polska Żegluga Morska in recovery proceedings opened in 2016.
  • Represented Marquard Media Polska in remedial proceedings and advised on the subsequent restructuring of the business.
  • Representing Zakłady Mięsne Henryk Kania S.A. in the accelerated restructuring proceedings involving its general unsecured and secured creditors.

Norton Rose Fulbright

Norton Rose Fulbright's team is sought after for restructurings, including in relation to debt, by high-profile banking clients, domestic and cross-border financial institutions and corporates. Other areas of focus are enforcement and insolvency proceedings. The group regularly works alongside the firm's other departments and offices, enabling it to provide a full service across borders. The practice is jointly led by Grzegorz Dyczkowski, a banking and finance lawyer, and counsel Tomasz Rogalski, who is a licensed restructuring adviser with experience in cross-border transactions. Counsel Marta Kawecka is noted for advising on energy sector-related restructurings.

Practice head(s):

Grzegorz Dyczkowski; Tomasz Rogalski

Other key lawyers:

Marta Kawecka; Jacek Smardzewski;Daniel Popek

Testimonials

‘All discussion were well prepared with previously prepared memos with clear recommendations for the banks.’

‘I had an opportunity to work with Mr Popek and Mr Rogalski who showed high experience in restructuring and bankruptcy law in Poland. They were strongly involved and fully accessible.’

‘They proved professional in their approach to the customer (reminders are never required, helpful and willing to share their knowledge & experience) and practical knowledge of the law, applicable in judicial and extrajudicial restructuring processes. They have smoothly managed the discrepancies in positions.’

Key clients

Bank Polska Kasa Opieki S.A.

European Bank for Reconstruction and Development

Bankia

Alior Bank S.A.

Bank Ochrony Środowiska S.A.

BNP Paribas Bank Polska

HSBC

ING Bank Śląski S.A.

Mezzanine Management

Work highlights

  • Advising the lenders and hedge counterparties, led by ING Bank Śląski S.A. on the restructuring of trade finance facilities, enforcement of security and, eventually, bankruptcy proceedings initiated with respect to Hermes Energy Group S.A., one of the largest Polish gas traders.
  • Advised BNP Paribas (Suisse) on restructuring and later the enforcement of security in relation to a loan facility granted to Onico S.A.
  • Advised Obotritia Capital on the restructuring aspects of the acquisition of Galeria Sukcesja shopping centre in Łódź, Poland which was subject to restructuring and then bankruptcy proceedings in Poland.

Rymarz Zdort

At Rymarz Zdort, lawyers handle domestic and cross-border restructurings and insolvencies with particular experience in cases involving a large number of creditors and complex debt situations. The team is known for in- and out-of-court restructuring proceedings, as well as liquidation bankruptcy issues and distressed M&A transactions. In 2020, the team was strengthened by the arrival of senior associate Anna Krzanicka-Burda from NGL Legal who has significant experience representing creditors. Promoted to partner in January 2020, Magdalena Pyzik-Walag is praised for her international experience.

Practice head(s):

Magdalena Pyzik-Walag

Other key lawyers:

Anna Krzanicka-Burda

Testimonials

‘Best Polish firm I worked with so far ’

‘Rymarz Zdort is one of the best choices especially for creditors when it comes to insolvency proceedings. The team is well-known for deep market understanding and giving non-obvious solutions to complex legal issues.’

‘Partner Magdalena Pyzik-Walag is a well-known practitioner, who has international education and in-depth market orientation.’

Work highlights

  • Advising Murapol, a leading residential developer in Poland, in connection with the insolvency proceedings of PartnerBud, a general contractor on Murapol’s construction projects.
  • Advising one of the largest Polish banks on restructuring aspects related to the bank’s client, being one of the largest companies in the construction industry in Poland, involved in major infrastructure projects in Poland.
  • Representing Esprit Europe in connection with the Polish aspects of the restructuring proceedings of the company and its subsidiaries.

Wardynski & Partners

Wardynski & Partners has a multidisciplinary approach to restructuring and bankruptcy, bringing together lawyers from across the firm to represent creditors in court restructuring and bankruptcy proceedings and advise acquirers of distressed assets in Poland. The group also has strong debt and corporate restructuring capabilities. Leading the department is Konrad Grotowski, who is experienced in bankruptcy proceedings and related litigation. Krzysztof Libiszewski is another lawyer with significant restructuring experience, but he also advises on reorganisations and distressed M&A. Łukasz Szegda focuses on debt restructurings, particularly in the real estate and projects arenas.

Practice head(s):

Konrad Grotowski

Other key lawyers:

Krzysztof Libiszewski; Łukasz Szegda

Testimonials

‘What was the unique value was the professionalism and delivering products on time. ’

‘Strong team with perfect management by Lukasz Szegda, partner. Responsive, smart and to the point communication. Also excellent in guiding through complicated structures and very practical approach rather than long academic explanations.’

‘Lukasz Szegda, very good in strategy and client management, smart and is managing the team professionally.’

Key clients

Bank Pekao S.A.

Santander Bank Polska S.A.

BNP Paribas Bank Polska S.A.

ING Lease (Polska) Sp. z o.o.

Smulders Projects Belgium N.V.

Work highlights

  • Advising Smulders Project Belgium and its Polish subsidiary on an out-of-court settlement of mutual claims with a Polish subcontractor on the verge of pre-bankruptcy.
  • Advising a consortium of banks led by BNP Paribas on the debt restructuring of financing provided to Work Service.
  • Advising the bondholders of OT Logistics on the company’s debt restructuring, involving groups of secured and unsecured creditors.

WKB Wiercinski, Kwiecinski, Baehr

WKB Wiercinski, Kwiecinski, Baehr's team is instructed by domestic and foreign lenders, debtors and acquirers of distressed assets on Polish and cross-border restructuring and insolvency issues. The group has experience in insolvency proceedings, debt restructurings, standstills and out-of-court restructurings, as well as pre-bankruptcy arrangements. Insolvency specialist Andrzej Wierciński leads the practice and is experienced in high-profile restructurings. Marcin Smolarek is a banking and finance expert, who regularly provides pre-litigation advice to financial institutions in relation to debt restructuring. Corporate specialist Jakub Jedrzejak assists with distressed M&A transactions.

Practice head(s):

Andrzej Wierciński

Other key lawyers:

Marcin Smolarek; Jakub Jędrzejak; Piotr Grabarczyk; Klaudia Frątczak-Kospin

Testimonials

WKB makes a difference in their direct approach to clients and outstanding ethical attitude.

‘I appreciate the direct approach WKB people demonstrate and their willingness to share knowledge and insights.’

‘They are very responsive.’

Key clients

Toys “R” Us Inc. (TRU TAJ LLC)

Infinity S.A., subsidiary of PROFBUD

Elsen S.A. w restrukturyzacji (in restructuring)

Court receiver of Elsen S.A.

Work highlights

  • Advising Toys “R” Us and, since January, 2019, the trustee of the bondholders who acquired certain assets of the group outside of the US bankruptcy scheme, acting as local counsel in the course of a multi-jurisdictional matter arising from the opening of Chapter 11 proceedings by its US-based parent company and its subsequent filing to liquidate the inventory of all 735 of its US stores.
  • Advising Elsen and its shareholders on the restructuring of the Elsen group.

Zimmerman i Wspólnicy Sp.K

Restructuring and insolvency law boutique Zimmerman i Wspólnicy Sp.K predominantly advises and represents debtor-side clients on all forms of restructuring, insolvency and bankruptcy. The group is led by founding partner Piotr Zimmerman, a former insolvency judge and a thought-leader in the area. Agnieszka Stenzel is a bankruptcy law expert who has experience of Polish and cross-border bankruptcy proceedings. Wiktor Danielak is known for his specialism in the personal and financial liability of executive directors and managers who fail to file bankruptcy petitions in due time.

Practice head(s):

Piotr Zimmerman

Other key lawyers:

Agnieszka Stenzel; Wiktor Danielak

Work highlights

  • Acting for Ruch, which is the largest press distributor in Poland, on its restructuring and in two parallel accelerated arrangement proceedings.
  • Conducted recovery proceedings of Termisil Huta Szkła Wołomin S.A. becoming the debtor-nominated, court-appointed administrator in the remedial proceedings.
  • Acting as a trustee of Neckermann Polska Biuro Podróży sp. z o.o., which is one of the largest travel agencies in Poland.

Baker McKenzie Krzyżowski i Wspólnicy Sp.k.

In anticipation of changing market conditions, Baker & McKenzie Krzyżowski i Wspólnicy Spółka Komandytowa strengthened its restructuring and insolvency capabilities in Warsaw by taking on counsel Karol Czepukojć from Wardynski & Partners in August 2020. Czepukojć now leads the practice with Paweł Długoborski who recently joined the team from Clifford Chance, which spans in- and out-of-court restructuring issues as well as insolvency proceedings. The group is able to draw on significant transactional expertise for non-performing loan deals, as well as the impressive strength of the firm's tax and dispute resolution departments. Disputes head Łukasz Hejmej plays an important role in the practice, advising banks and financial institutions. Ireneusz Stolarski is a member of the firm's EMEA restructuring and insolvency practice group and brings to bear expertise in banking and finance law.

CDZ Chajec, Don-Siemion & Partners

At CDZ Chajec, Don-Siemion & Partners, the insolvency team is led by Krzysztof Żyto and is well versed in pre-bankruptcy and bankruptcy proceedings. Restructuring is led by Maciej Kotlicki and involves company reorganisations and distressed asset transactions.

Linklaters

The team at Linklaters is part of the firm's global restructuring and insolvency group, working closely on matters for the firm's creditor client base and bringing together expertise in finance, corporate transactions and dispute resolution. Heading the practice is Jarosław MillerMarta Domino is another lawyer with banking and restructuring law expertise.

Practice head(s):

Jarosław Miller

Other key lawyers:

Marta Domino

Testimonials

‘Meritocratic approach. efficiency. ’

‘Jaroslaw Miller provides a friendly atmosphere even if on the other side of the table. In driving seat from beginning to the end. Scrupulous but fast.’

Key clients

Celsa Huta Ostrowiec Sp. z o.o.

BNP Paribas Bank Polska S.A.

Bank Handlowy w Warszawie S.A.

Bank Millennium S.A.

Bank Polska Kasa Opieki S.A.

Pekao Faktoring Sp. z o.o.

mBank S.A.

PKO BP SA

Santander Bank Polska S.A.

Santander Factoring Sp. z o.o.

Work highlights

  • Advised Celsa Huta Ostrowiec Sp. z o.o on the reorganisation of its financial indebtedness with various financial institutions which, following the scheme of arrangement in 2015, was due the end of 2020.

NGL Legal

NGL Legal's team is experienced in court restructurings and bankruptcy proceedings, financial restructurings and distressed debt transactions. The group is instructed by a variety of lenders. Heading the team is restructurings expert Grzegorz Godlewski.

Practice head(s):

Grzegorz Godlewski

Testimonials

‘NGL’s RIS practice represents the quality standard of the biggest Polish law firms. They are experienced lawyers, with good negotiations skills and direct approach to the clients and other parties to the restructuring process.’

‘I had contact with Grzegorz Godlewski. Grzegorz is an excellent negotiator.’

Key clients

Alior Bank S.A.

Value Quest sp. z o.o.

Ceramika Podkarpacka sp. z o.o.

ISD Huta Częstochowa sp. z o.o. w upadłości

Geofizyka Kraków S.A. w likwidacji w upadłości

Elektrobudowa S.A. w upadłości

Wolska Aparthotel sp. z o.o.

Work highlights

  • Advising Alior Bank S.A. on the restructuring of Ruch S.A.
  • Advising Alior Bank S.A. on the restructuring of ZM Henryk Kania S.A.
  • Advising Wolska Aparthotel sp. z o.o. (operator of aparthotel in Warsaw) as a debtor in the bankruptcy proceedings.

SSW Pragmatic Solutions

At SSW Pragmatic Solutions, the insolvency and restructuring team has experience in insolvency and pre-pack proceedings, as well as the spectrum of restructurings, representing creditors and debtors. Jointly leading the group are Janusz Mazurek, who regularly handles the Polish aspects of cross-border proceedings, and Łukasz Grenda, who has experience acting as a liquidator on behalf of the state treasury. Counsel Łukasz Cudny is a commercial disputes expert acting for creditors in insolvencies and restructurings.

Practice head(s):

Janusz Mazurek; Łukasz Grenda

Other key lawyers:

Łukasz Cudny; Filip Balcerzak; Helena Czechowska

Testimonials

‘The SSW Pragmatic Solutions team is truly unique in terms of teamwork. Other law firms can take SSW Pragmatic Solutions as a model of exemplary teamwork. Which was also very special – the lawyers have always been in great contact with my company. There were no understatements or misunderstandings, and comprehensive information and legal solutions were always presented quickly and in a highly professional manner.’

The strong advantages of SSW Pragmatic Solutions team are: high professionalism, responsiveness, comprehensive approach, excellent contact with the client. ’

‘It is definitely worth to mention Janusz Mazurek for his engagement, permanent contact and extremely valuable ideas for solving the difficult legal situation in which the company found itself. Helena Czechowska was equally helpful. We were impressed by her knowledge and experience.’

Key clients

mBank S.A.

Haitong Bank S.A.

Grupa VOX

Royal Investments sp. z o.o.

BB Park sp. z o.o.

Noble Funds TFI S.A.

BNP Paribas SA

ZNTK Nieruchomości sp. z o.o. w upadłości

Real Menagement S.A.

Delta Gas Group S.A.

GRAHA Franciszek Teterycz sp.k.

Firma Drobiarska Sp. z o.o.

Stalmet – Nieczaj Sp. z o.o.

Waimea Holding S.A.

Siemens AG

PZU TFI

Work highlights

  • Advising Real Management on the bankruptcy procedure, with an option of prepared liquidation (pre-pack), preparing a request for approval of the terms of sale and sale contract of real estate with an estimated value of PLN67m, in the prepared liquidation procedure.
  • Advising Marvit during the restructuring process, including representing the client in relations with the administrator appointed by the court, and in day-to-day negotiations with creditors.
  • Advising Waimea Holding on preparing a proposal and launching the restructuring process and acting as the court-appointed administrator during the restructuring process.

Wolf Theiss

Wolf Theiss' financial restructuring and insolvency practice is experienced in distressed asset and non-performing loan transactions. Lawyers also often serve on creditors' committees of insolvent companies and represent creditors in insolvency proceedings. The group is led by Lech Giliciński; an expert in restructuring and distressed asset transactions. Counsel Joanna Gąsowski is another core member of the team focusing on bankruptcy and restructuring law.

Practice head(s):

Lech Giliciński

Key clients

Tauron Polska Energia

Kruk SA

Bank Gospodarstwa Krajowego – BGK (Polish State Development Bank)

Busoco BV

A London-based distressed fund

SIAC Construction Ltd

Metinvest BV

Work highlights

  • Advised Tauron Polska Energia in connection with the distressed acquisition of the companies from Inventus group, including with respect to the debt restructuring.
  • Represented a Luxembourg fund in the mezzanine re-financing of one of Poland’s shopping malls that, pursuant to the ordinance of the Ministry of Health, was closed due to declaration of the state of epidemic in Poland.  
  • Representing Metinvest in connection with the potential acquisition of Huta Częstochowa steel mill in bankruptcy.