
CMS covers a broad scope of work, including investment, financing and re-financing of large cross-border transactions and projects, often those in the renewable energy space, securities offerings, tender offers and takeover bids and loans, where the firm has experience advising banks and PE-firms on the borrower side and fintech companies on the lender side. The team is led by three practitioners: Elitsa Ivanova, who is a dual qualified Bulgarian and English lawyer, and is therefore well placed to advise on cross-border corporate, project and leveraged finance mandates; Dimitar Zwiatkow, who handles real estate finance, regulatory matters and banking litigation; and Gentscho Pavlov, who specialises in M&A, restructuring and banking regulatory work. Further key names in the department include Ivan Gergov, Katya Todorova and Konstantin Altandzhiyski, who joined the team in February 2024 from Wolf Theiss.
Legal 500 Editorial commentary
Key clients
- IFC
- ING Bank N.V.
- DSK Bank
- Erste Group Bank AG
- Bank of Montreal
- SumUp
Work highlights
- Advice to IFC in relation to their investment through a sustainability-linked financing package.
- Advising ING Bank N.V. as bookrunning mandated lead arranger and agent with respect to the syndicated senior secured EUR 100m term and revolving facilities to Moto Pfohe Group to refinance their existing 2015 facilities.
- Advising DSK Bank on the amendment of the facility agreement entered into with Akuo Group related to the acquisition of 2 hydro power plants in Yahinovo and Germanea by Akuo Energy Bulgaria and the subsequent disposal of shares.
Lawyers
Leading partners
The strongest partners in their field, leading on market-leading deals and endorsed by peers and clients alike.
Next generation partners
Junior partners with significant recognition from clients and peers in the market and key roles on multiple matters.
Leading associates
Leading associates with regular involvement in their team's key work, and recognition from peers or clients as being ones to watch.
Konstantin Altandzhiyski

Katya Todorova
Practice head
Elitsa Ivanova; Dimitar Zwiatkow; Gentscho Pavlov
Other key lawyers
Ivan Gergov; Katya Todorova; Konstantin Altandzhiyski