Restructuring and insolvency in Romania
Tuca Zbârcea & Asociatii has a first-class track record for complex insolvencies and restructurings. The firm stands out for its specialist insolvency division, TZA Insolventa, in which partners Robert Roşu and Ciprian Dragomir, are both certified insolvency practitioners and regularly act as appointed receivers. The firm is also active on the creditor side, representing banks and major multinationals on cross-border matters, including refinancings.
Robert Roşu; Ciprian Dragomir
‘Tuca Zbarcea & Asociatii is active in insolvency proceedings, debt restructurings, also advising on pre-insolvency matters. We work extremely well with them, they are knowledgeable, reactive and clear in their assessments.’
‘Ciprian Dragomir (professional and hands on), Dorin Petcu (business oriented, with a good grounding in the general financial and economics), Victoria Glibiciuc (dedicated, young and talented legal advisor). ‘
‘Robert Rosu and Catalina Mihailescu are efficient, approachable and technically competent.’
Société Générale, France
BRD Groupe Société Générale
Carpatair and Mr. Nicolae Petrov, the current President and Chief Executive of Carpatair
Banca Comerciala Romana (BCR)
Astaldi SPA Italia Sucursala Romania București
- Acting as official receiver in the €77m insolvency of Omilos Oradea, a prominent Romanian real estate developer that owns the Era Park Oradea shopping mall.
- Acting for Société Générale, as creditor with over €28m in receivables, in the insolvency of the state-owned Romanian thermal energy company, Electrocentrale Bucuresti.
- Acting as official receiver in the longstanding €27m insolvency of real estate developer Raptis Kavouras.
CMS handles restructuring and insolvency matters for creditors and debtors. Cristina Reichmann and Ana Radnev focus on the refinancing and NPL side, while Horea Popescu has a good track record in corporate restructurings. Insolvency disputes are the domain of Gabriel Sidere and Horia Draghici. Recently, the firm was involved in several significant insurance sector restructurings, an area where Reichmann has good expertise.
Simona Marin; Gabriel Sidere; Horea Popescu
‘They find the best solutions and are creative.’
- Assisting Alpha Bank on the sale of its corporate non-performing loan (NPL) portfolio, worth €350m, as well as its €50m retail NPL porfolio.
Dragne & Asociatii SCA has built up an excellent reputation for contentious and non-contentious insolvency proceedings and restructurings. The firm represents a mix of banks, financial institutions, debtors and creditors, and regularly acts on behalf of administrators in complex liquidations. Recently, the team has been especially active on the litigation front, an area where all of its lead partners, Daniel Cirstea, Andreia Dumitrescu and managing partner Stelian Garofil have strong experience. Other key individuals include managing partner Ion Dragne and managing associate Gabriel Paraschiv.
Stelian Garofil; Andreia Dumitrescu; Daniel Cirstea
‘The practice is unique, in our view, due to the lawyers’ capability of identifying the most advantageous legal solutions for our needs. They are fast-thinking, straightforward and they adapt very quickly to any changes of circumstances. The team is very responsive and provide high standard advice.’
‘Daniel Cirstea is a very skilled lawyer, who provides inspired strategies for our legal issues. Andreia Dumitrescu efficiently blends the legal solutions provided with the economic and business interests of our companies. Their approach in court is particularly satisfying, since they always carefully weigh the advantages and disadvantages of each and every measure recommended to us.’
‘Gabriel Paraschiv was very efficient and prompt in giving pertinent advice.’
‘Ion Dragne is particularly impressive in his innovative approach, efficiently blending the legal solutions provided with the economic and business interests of the companies represented.’
Banca Comercială România (BCR)
Erste Group Immorent Romania IFN SA
K&S Electric Power Point SA (part of part of a large real estate group of companies)
Association of Employees in SNP Petrom “Petrom”
BNP Paribas Personal Finance SA Paris Bucharest Branch
Veneto Banca Scpa Italia Montebelluna
Alpha Bank Romania SA
Alpha Bank AE London Branch
Authority for the Management of State Assets (AAAS)
Garanti Bank SA
Authority for Financial Supervision (ASF)
Patria Bank SA
- Acting for an energy company currently in administration in three disputes with various energy traders over long term energy sale-purchase contracts.
- Acting for the special administrator of a major pharmaceutical company, in several multimillion-euro disputes relating to joint ventures and associated damages claims.
- Advising Romania’s financial regulator, the Authority for Financial Supervision, on the financial reorganisation and subsequent bankruptcy process of insurance company Astra.
Filip & Company approaches the restructuring and insolvency market from all angles. As well as advising creditors (including major banks and financial institutions) and debtors, the firm has also built up a strong track record representing investors buying up distressed assets. Ioan Dumitrascu and Alina Stancu Birsan are highly experienced on the corporate finance side of major corporate restructurings, while disputes head Catalin Alexandru is a top choice for insolvency litigation. Associate Razvan Ionescu is also noted.
‘The team is dynamic, competent, adaptive, promising, with a very good understanding of all the things that arise.’
Kinstellar has earned itself an excellent reputation for contentious and non-contentious insolvency and restructuring proceedings. Recently, the firm has been very active pursuing the interests of creditors, including financial institutions, in the recovery of assets of several high-profile insolvencies. The team is also regularly referred work by major international firms on cross-border insolvencies. Bogdan Bibicu is highly rated for his non-contentious expertise, while Remus Codreanu handles the litigation side. Senior associate Smaranda Văcaru is also noted.
‘A competent team with a friendly, open minded and flexible approach to managing transactions. Excellent professionals.’
‘I had an outstanding collaboration with partner, Bogdan Bibicu, and associate Smaranda Vacaru. Both are highly energetic, have easy-going personalities and excellent knowledge of law, and were always available to discuss possible ways to make the deal go forward while considering the interests of all parties involved.’
EFG Bank (Luxembourg)
BRD Group Societe Generale
European Bank for Reconstruction and Development (EBRD)
MKB Bank Zrt.
- Acted for EFG Bank in the high-profile insolvency and restructuring of Romanian state-owned energy producer, Hidroelectrica, which involved significant court and arbitration proceedings.
- Representing Agera Pharma, a Swiss pharmaceuticals company, in a dispute before the courts relating to the recovery of receivables from insolvent Romanian drugs producer and distributor, Casa Farm.
- Assisting Citibank and BRD Groupe Société Générale with the restructuring of an existing €290m loan to RCS & RDS.
Nestor Nestor Diculescu Kingston Petersen has a strong multidisciplinary team that handles major financial restructurings and insolvencies. The firm approaches the market from two angles, with banking partners Alina Radu and Valentin Voinescu handling the non-contentious side, and disputes partners Emil Bivolaru and Sorina Olaru regularly representing clients before the courts. Up and coming partners such as Marius Ezer are also active on the disputes front. The highly rated team is regularly instructed by creditors, debtors and administrators.
Manuela Nestor; Ana Diculescu-Sova
Aurea International, Lord Travel, Lord Amsterdam Paris
Private Insurer NV
- Advising BRD, a local subsidiary of Groupe Societe Generale, on coordinating a complex group insolvency linked to the construction of a major residential complex in Cluj County.
- Representing agricultural company ADM International in the insolvency of Bioromoil and the recovery of a €4.3m claim following the rejection of a restructuring plan that would give creditors a 38% haircut.
- Representing Sierra Quadrant as the judicial administrator managing the high-profile €462m insolvency of Electrocentrale Bucuresti.
Popovici Nitu Stoica & Asociatii remains a top choice for creditors and debtors for major insolvencies and restructurings. The team handles contentious matters before the courts and is also well equipped to deal with complex financial and corporate group restructurings. Litigation partner Ciprian Donțu leads the team.
Zamfirescu Racoti Vasile & Partners has a first-class reputation for representing creditors and debtors, particularly in relation to contentious court proceedings. Stan Tîrnoveanu has a superb reputation as an insolvency litigator. The team is highly experienced representing banks in related cross-border issues, and in the past year was involved in over 150 mandates chasing receivables of over €1.2bn.
‘They are the best litigators in Romania in insolvency; with a very good understanding of commercial restructuring matters combined with excellent litigators skills.’
‘The lawyers work closely with the client to craft proper legal solutions according to our business objectives, in all our complex insolvency cases. They help us with the adoption and implementation of the most effective solutions and sophisticated strategies.’
‘A firm with deep knowledge of the insolvency field, with legal solutions tailored to make the life of their clients easier and with a very competitive price versus value delivered ratio.’
‘Stan Tîrnoveanu is one of the best professionals in the market, combining exquisite ethics, professionalism and flexibility.’
‘Cosmin Cojocaru was relentless in pursuing our interest in the cases entrusted to him.’
Bank of Cyprus
BRD Groupe Societe Generale
Compania de Apa Oradea
County Council Maramureș
Engie Romania S.A.
EKF – Denmark’s Export Credit Agency
Marfin Bank Romania
Octagon Contracting & Engineering
UniCredit Bank Romania
- Representing the Romanian state in relation to the insolvency of Hidroelectrica, Romania’s largest energy producer, and the successful defence of a related €400m ICSID claim brought by energy trader Alpiq over the termination of two electricity supply contracts.
- Advising OMV Petrom and OMV Petrom Gas as creditors on the recovery of €28m in receivables from the insolvent Interagro Group.
- Acting for a consortium of banks, including Eurobank Ergasias, National Bank of Greece, Bank of Cyprus and Banca Romaneasca, on registering its reorganisation plan for Omilos Oradea against challenges made by the debtor and its shareholder.
Bondoc si Asociatii SCA has 'very good knowledge and capability' advising debtors and creditors, often in heavily regulated industries such as the pharmaceutical and energy sectors. The firm's comprehensive expertise covers refinancings, divestments of assets, and related disputes, and clients are able to benefit from the firm's wider international network when it comes to cross-border restructurings. The team is jointly led by Viorel Dinu, who handles the litigation side, and Simona Petrisor, who is the key name for non-contentious matters.
Viorel Dinu; Simona Petrisor
Johnson & Johnson
Delta Commodities & Financial Services
Transoil Group of Companies
Procter & Gamble
Cell Mark Deutschland
- Advising Distrigaz Sud Retele and Engie Romania on the insolvencies of Elcen and Radet, which are impacting Bucharest’s thermal energy supply market.
- Assisting Johnson & Johnson as a creditor, with the insolvency of major pharmaceutical distributor, Polisano.
- Advising chemicals manufacturer Oltchim on its insolvency and internal reorganisation, including the sale of over €129m of assets being sold in nine different bundles.
bpv Grigorescu Stefanica is highly experienced in this area, particularly on the debtor side where it is often instructed as liquidator, through its specialised insolvency company, Fractal Insolvency. Corporate specialist Alexandru Rusu leads the team.
Orion Auto Invest
Inform Tehnica Medicala
Theming and Animatronics Industries
- Acting for Trenkwalder in its ongoing insolvency, and acting as judicial liquidator.
- Representing lighting company Signify in five insolvencies involving the recovery of roughly €150,000 of debt.
- Acting as liquidator of the Romanian construction company, Shapir Structures, which has over 150 creditors and more than €80m in debt.
Dentons is a key name for major cross-border insolvency work, where it regularly represents both debtors and creditors. Tiberiu Csaki leads the team and has strong experience advising on directors' liabilities, while Bogdan Papandopol has over 17 years of experience in insolvency litigation. The team also works closely with colleagues in the banking, corporate and tax groups, as well as offices in the wider international network.
‘Dentons’ restructuring and insolvency practice has great and well prepared lawyers and specialists that can interact and find the most effective ways of solving the legal matters and projects in this area. The team works excellently together and all the professionals have great skills, determination and passion for the legal work.’
‘Tiberiu Csaki is an excellent and highly experienced lawyer with great knowledge and deep attachment to the client matter and extensive and remarkable skills in complementary fields.’
Unirea Shopping Center
FP Marine Limited
Kerala Expert Srl
KI Debtservice Srl
- Acted for CHS, as creditor, in the recovery of several multimillion-euros worth of debt from an insolvent Romanian cereal trader.
- Representing chemicals company Synthos in its ongoing insolvency, including several related claims.
- Advising the multinational security and cash transit group, Prosegur Alarmas, on the insolvency of its Romanian subsidiaries and handling all related litigation.
KPMG Legal - Toncescu & Partners SPRL provides a comprehensive insolvency service, including acting as liquidator on several major proceedings. The team is jointly led by litigation partners Nicoleta Mihai and the highly rated Vlad Peligrad, who recently joined from Clifford Chance Badea along with associate Călin Dragoman.
Nicoleta Mihai; Vlad Peligrad
Romexterra Leasing IFN
CEMS SA Automatica
- Acting for Iveco Capital in over 20 debt recovery disputes in the automotive sector, including three separate procedures against debtors from the same group of companies.
- Acting as liquidator of Romania’s largest insurance company, Astra Asigurari, which includes a portfolio of over 5,000 claims filed by creditors.
- Acting for electrical equipment manufacturer Cems in a dispute relating to ownership rights over a plot of land the client acquired in an insolvency proceeding, which a creditor is now challenging.
MPR Partners | Maravela, Popescu & Roman handles complex, large-scale insolvency and restructuring mandates on behalf of creditors, debtors and investors. In recent work, it represented investors buying distressed assets from two major Romanian insolvencies. Dana Rădulescu and managing partner Gelu Maravela are both highly active in this area, and clients also receive strong support from Felix Tapai on related tax issues. Ioan Roman left the firm.
Dana Rădulescu; Gelu Maravela
‘Excellent expertise, competent, reliable, fast and friendly.’
- Advising the chemicals manufacturer, Chimcomplex, on its €127m purchase of distressed assets from Oltchim, which was going through an insolvency procedure.
- Advising Astra Holding on its €120m acquisition of Jolidon, a Romanian textiles producer which had entered into insolvency.
- Acting for IT company Teamnet International in complex insolvency proceedings.
Musat & Asociatii's team is highly experienced in major insolvency proceedings and related debt recovery claims. The firm is especially strong on the litigation front, though also provides good strategic restructuring advice to debtors. Mihai Popa has developed a strong practice in this area.
‘Reliable, responsive, detailed, and excellent client communication. The team has assisted us in complex litigation in Romania for several years, and we feel confident in their advice and representation.’
‘Very capable, prompt, good knowledge and oriented to fulfill the customer needs.’
PV IPPS Cyprus
Europejskie Biuro Ochrony Finansow
Trust International Insurance and Reinsurance Company
Asset Portfolio Servicing Romania
- Acting for the liquidator of a Cypriot holding company in a complex insolvency that also involves shareholdings in several Romanian companies.
- Advising pharmaceutical manufacturer Sermedic, a subsidiary of France’s Servier, on the insolvency of three major Romanian pharmaceutical distributors, ADM Farm, A&G Med Pharma, and Kruger Pharma Distribution.
- Acting for German life sciences company, Biotest, in its recovery of €2m worth of debt from a Romanian pharmaceutical distributor.
Pavel, Margarit & Associates Romanian Law Firm is a very popular choice with clients, which range from major creditors, debtors, shareholders, trustees and distressed asset investors. Recently, the team has been instructed on several significant mandates in the manufacturing, financial services and real estate sectors. Managing partner Radu Pavel is noted for his diverse expertise.
‘Excellent and quick service. Close and constructive involvement of senior partner. Good command of legal principles. Good value for money.’
‘Pavel, Margarit & Associates is our law firm for 10 years now and they are very hardworking, timely and diligent insolvency lawyers. We are grateful because thanks to Mr. Pavel and his team of lawyers’ dedication we succeeded in restructuring our business after opening the insolvency proceedings.’
‘Radu Pavel, the managing partner is an outstanding insolvency lawyer with a very entrepreneurial approach, being also an insolvency practitioner. He is also very creative in bankruptcy mandates.’
African Consolidated Resources
Sinarom Mining Group
Schoenherr si Asociatii SCA is commended for its strong advisory and contentious insolvency service. The firm has a good track record advising creditors, including major banks, on debt restructurings and recovery procedures. The firm's capacity for debtor work was demonstrated by its assistance to Nortel networks with its ongoing liquidation. Emeric Domokos-Hancu leads the practice, which also includes experienced duo Matei Florea and Adina Jivan.
‘I appreciate their strategic approach and their ability to provide various practical options. They do a great balancing act between transaction advisory and management, and pragmatic, practice-based legal proceedings advice (enforcement and insolvency). I think their strength comes from how they put together a mixed ‘banking & finance transactions’ and ‘Insolvency/restructuring’ team to handle our projects.’
‘Matei Florea is without a doubt one of the best banking & finance lawyers in Romania, with strong focus on special situations/insolvency projects. He is technically excellent and he is always available and present. In dispute resolution and insolvency/restructuring, Adina Jivan is a true fighter. You want her on your side in court. She is very engaged, very well prepared on procedural aspects and has a good mind for details.’
AIG Europe Limited
Banca Comerciala Romana SA
Creditreform Wirtschaftsauskunftei Kubicki KG
KTM Kimyevi Maddeler
Nortel Networks Inc.
- Advising Banca Comerciala Romana on an €180m debt recovery process from the member companies of the insolvent European Food & Drinks Group.
- Acting for Vestas CEU Romania in €30m worth of debt recovery procedures against its clients after the renewables market endured cuts to the state’s support schemes for renewable energy.
- Advising AIG Europe on the debt restructuring of Prospectiuni, a Romanian geophysical services provider.
Voicu & Filipescu SCA is a popular choice for liquidations and receiverships, where the firm has an enviable track record. The team also has good experience acting for public and private sector clients in debt recovery proceedings. Mariana Popa has a very good reputation.
Buzau City Hall
Industrial Parc Sabaru
Eustis Real Estate
Vitra Real Estate
Platinum Star TV
Imperial Trans Fish
Necc Telekom Romania
- Acted for UCM Resita as the official receiver on ensuring that the company remained operational and returned to profit within its first year of insolvency.
- Assisting Buzau City Hall with its insolvency issues, in which the Hall is a creditor in over 150 cases.
- Appointed as liquidator on the bankruptcy of ONT Carpati, Romania’s oldest travel company; the liquidation involved the recovery of €17.5m for creditors and shareholders.
Wolf Theiss is a popular choice for creditors and debtors for contentious and non-contentious restructuring and insolvency advice. The team, which is led by Bryan Jardine, is noted for its strong regional presence and its ability to handle major cross-border matters. It has a good track record handling distressed M&A and the acquisition of NPLs and is experienced in advising clients in heavily regulated sectors such as energy.
‘Extremely competent, solutions oriented, with great expertise in cross-border insolvency.’
‘Byran Jardine is efficient, hard-working and always available.’
Agrium Agroport Romania
Banca Comerciala Romana
CBL Insurance Europe
Denizbank Anonim Sirketi
Energreen Investment Europe
Lukoil Europe Holdings
Merck & Co
- Assisting chemicals company MFC Commodities, which with €37m receivables, was the largest unsecured creditor in the insolvency of state-owned company Oltchim.
- Advising retailer Hemisphere, a subsidiary of Steinhoff Europe, on the restructuring of its furniture trading affiliates Kika and Leiner, which were ultimately sold to Signa.
- Acting for powerplant services company GE Jenbacher on the insolvency of a major Romanian energy provider.
Biris Goran SPARL's team has considerable experience in major restructurings. The firm represents debtors and creditors and has been involved in several high-profile insolvencies in the real estate market. Raluca Năstase left the firm in 2020.
Bucharest Industrial Park
San Metal International
- Acting for real estate company Creativ Invest on the opening of its insolvency procedure.
- Assisting Arge Infrastructura with the opening of its insolvency procedure and all related matters.
- Advising ATV Tournir on the insolvency of Vic City, including obtaining ownership title over a plot of land in Bucharest.
Bulboaca & Asociatii
Andrada Bulgaru leads the team at Bulboaca & Asociatii, which has good experience of acting for banks as well as debtors on major restructurings. Recently, the firm has been instructed on significant mandates in the mining and financial services sectors.
Clifford Chance Badea's market leading banking client base ensures a strong flow of creditor-led restructuring and refinancing work. Daniel Badea is the main contact within the firm following Vlad Peligrad's departure to become managing partner of KPMG Legal - Toncescu & Partners SPRL.
Mitel & Asociatii has a solid track record for contentious insolvency matters where it regularly represents the debtors and creditors. Recently, the firm has been involved in several significant insolvencies in the construction and retail sectors. Magda Dima leads the team.
Conban SA by special administrator Gabriel Popescu
- Representing Henkel Romania in complex court procedures and insolvency issues linked to a dispute with a contractor in the construction of a factory.
- Acting for Conban in several judicial proceedings linked to its insolvency.
- Representing Rewe Romania in a bankruptcy claim launched against Vortex International.
Noerr has a good track record in corporate reorganisations and insolvency claims. The firm regularly represents creditors and has good expertise in insolvency litigation. Clients also benefit from the firm's strong links to the German market. Litigation head Alexandru Ene is highly experienced in insolvency matters
‘We receive very fast feedback from all lawyers with whom we have been in contact so far. In our case, we feel that we are competently advised. The lawyers carefully monitor the progress and make constructive suggestions to achieve our goals.’
Popescu & Asociatii regularly acts for major local and international companies as debtors and creditors, and also has strong relationships with the banks and public sector clients. Octavian Popescu, Dana Bivol and Loredana Popescu have developed especially strong track records in contentious matters. Among the associates, Iuliana Bidalache is recommended.
Octavian Popescu; Dana Bivol; Loredana Popescu
‘Octavian Popescu seems to succeed every time. He always has a brilliant strategy and also a vast knowledge of European restructuring and insolvency field. He is an outstanding expert in restructuring and insolvency and the practitioner who goes the extra mile.’
Bank Leumi Romania
IT Performance & Technology
- Represented Electrica Furnizare as creditor in insolvency proceedings against Oltchim.
- Acted for Teamnet International and its affiliates in €63m worth of insolvency disputes concerning its contracts with Romanian State Authorities.
- Represented car dealer Atlantic Motors in a complex €56m bankruptcy procedure and internal reorganisation.
SCPA FIRON BAR-NIR
SCPA FIRON BAR-NIR stands out for its strong links to the Israeli market, and practice co-head Ron Bar-Nir divides his time between Tel Aviv and Bucharest. Insolvency co-head Catalin Cotorogea is especially strong on the litigation side, and the practice has recently been involved in several significant bankruptcies in the real estate and hospitality sectors.
Catalin Cotorogea; Ron Bar-Nir
STOICA & Asociatii – Attorneys at Law has solid expertise representing creditors, including major financial institutions such as Banca Comerciala Romana, in commercial debt recovery claims. Valeriu Stoica heads the team, which is well equipped to handle large portfolios of low-value insolvencies.
Banca Comerciala Romana (BCR)
- Acting for Banca Comerciala Romana on the case management of a portfolio of over 1,000 insolvencies of micro-enterprises throughout Romania.