BOYANOV & Co. Advised UniCredit Bulbank and United Bulgarian Bank on the Financing of the Acquisition by Plastchim-T of Manucor S.p.A, Italy

May 2024 Plastchim-T is a Bulgarian company, that is one of the leading privately owned European manufacturers of biaxially oriented polypropylene films (BOPP), cast polypropylene films (CPP), and flexible packaging products. Manucor is an Italian company founded in 1987 and has grown to become a major biaxially oriented polypropylene (BOPP) manufacturer. The acquisition will expand the existing joint manufacturing capacity up to 200,000 tons annually, strengthen the logistics and distribution network in Europe, as well as allow film lineup by adding a significant base of loyal clients. The team…

SEE Legal Member Firms Win CEE Legal Matters Deal of the Year 2023 Awards

April 2024 On 25 April, CEE Legal Matters, a respected legal journal both in print and online, unveiled the winners of its prestigious Deals of the Year for 2023.  We are delighted to announce the involvement of four esteemed member firms from SEE Legal in five awarded deals.  Please join us in commending our member firms' dedication, expertise, and teamwork.  The awards underscore their invaluable role in shaping the SEE region's legal landscape. Below are the pertinent details regarding the awarded deals in which our member firms have participated: Maric & Co Bosnia and Herzegovina…

Romania Chapter in the CEE Legal Matters Comparative Legal Guide: Competition 2024

April 2024 Anca Diaconu and Rares Farcas have authored the Romania Chapter of the CEE Legal Matters Comparative Legal Guide: Competition 2024, published by CEE Legal Matters. The guide serves as a compass, providing in-depth analysis and insights on main competition pieces of legislation, notable recent updates, the main concerns of the competition authority as well as its sanctioning record, how a leniency policy is applied, and an overview of relevant recent abuse cases, as well as the impact of COVID-19, across 15 jurisdictions in the region. The Romania Chapter of the CEE Legal Matters…

Certain Considerations on Delegation of Director’s Powers in a Limited Liability Company

April 2024 While rendering day-to-day corporate advice to various clients, we have noticed lately a trend specific to limited liability companies, which involves allowing the directors of the respective companies to delegate all their powers to another individual for certain operations, either via the Articles of Incorporation or by resolution of shareholders. The matter itself should not raise specific concerns, as this right is already provided by the Companies Law 31/1990 (i.e., the possibility for the director to delegate his powers). However, the way such delegation of powers is actually…

BOYANOV & Co. Advised Synechron on the Acquisition of Dreamix

April 2024 Synechron, Inc., a leading global digital transformation consulting company focused on financial services and technology organizations, announced its acquisition of Dreamix, founded in 2006, in Sofia, Bulgaria (press release available). As a bespoke end-to-end software engineering and digital product/application development company, Dreamix caters to the customised needs of an array of globally renowned enterprise clients across key industries, including Aviation, Transportation, RegTech, FinTech, ESG, and Healthcare. The acquisition of Dreamix was completed on 26 March 2024. BOYANOV…

BOYANOV & Co. Advised on the Eurobank’s Financing Deal with Mall Galleria Owners in Bulgaria

April 2024 BOYANOV & Co. advised Eurobank S.A. group on the EUR 61,000,000 general corporate purposes financing of Galleria Burgas EAD and Galleria Stara Zagora EAD, which own and manage two shopping centres in Bulgaria, Mall Galleria Burgas, and Mall Galleria Stara Zagora. BOYANOV & Co. advised on the Bulgarian legal aspects of the financing, including inter alia, preparation of the relevant Bulgarian security agreements, their execution and perfection, as well as issuing a legal opinion. Our team was led by Damian Simeonov, Head of the Banking and Finance practice, and included Senior…

BDK Advokati Advised Waberer’s Group on the Acquisition of 55% of MDI

April 2024  BDK Advokati successfully advised Waberer’s Group on the acquisition of MD International.  By the sale and purchase agreement signed on October 6, 2023, Waberer’s wholly-owned subsidiary, WSZL Kft., has successfully concluded the acquisition of a 55% interest in MD International of Serbia. As part of this transaction, WSZL has also secured an option to acquire an additional 45% interest, as well as a 0.1% stake in MDI Dobanovci, a separate entity resulting from the carve-out of MDI, which possesses 8.5 hectares of land designated for logistics center development in the Dobanovci…

April 2024 Reasons for the dismissal decision by reference to the temporary nature of the employment contract and the primacy of European Union law in...

April 2024  The Court of Justice of the European Union (the “Court of Justice of the EU” or the “Court”) delivered a judgment, on 20 February 2024, in Case C-715/20 (K.L. v X sp. z o.o.), in which it ruled as follows: Clause 4 of the Framework Agreement on fixed-term work concluded on 18 March 1999 (the “Framework Agreement”), which is included in the annex to Council Directive 1999/70/EC of 28 June 1999 concerning the framework agreement on fixed-term work concluded by ETUC, UNICE and CEEP (OJ 1999 L 175, p.43, Special edition, 05/vol. 5, p. 129) must be interpreted as precluding…

BDK Advokati Advised Enlight Renewable Energy Ltd. and Enlight K-2 Wind on the Development and Financing of the Pupin Wind Farm

March 2024 BDK Advokati successfully advised Enlight Renewable Energy Ltd. and Enlight K-2 Wind on the development and financing of the 94.4MW Pupin Wind Farm, slated for construction in the municipality of Kovacica. The Pupin Wind Farm emerged as one of the successful bidders in last year’s market premium auction and is the first one to secure project financing. Situated adjacent to the operational 104.5 MW Kovačica Wind Farm, also developed by Enlight Renewable Energy, these projects will collectively position Enlight Renewable Energy as one of the largest independent power producers in…

SEE Legal Firms Achieve Top Rankings in The Legal 500

In a remarkable showcase of legal expertise and dedication, SEE Legal member firms have once again distinguished themselves by securing prestigious top rankings in The Legal 500 EMEA 2024 edition. This achievement underscores the group’s unwavering commitment to legal excellence and client satisfaction across Southeast Europe. KALO & ASSOCIATES has been ranked Tier 1 as a Leading Firm in Albania. MARIC & Co has been ranked Tier 1 in Banking & Finance, Commercial, Corporate & M&A, Competition, IP, and Tier 2 in Real Estate, Construction & Projects. BOYANOV & Co. has been…

BOYANOV & Co. Continues its Series of Advising on the Construction of Large Photovoltaic Power Plants in Bulgaria

March 2024  BOYANOV & Co. advised a syndicate of UniCredit Bulbank, United Bulgarian Bank, Eurobank Bulgaria, and Raiffeisen Bank International on the financing of the construction and operation of a 160 MW photovoltaic power plant in Bulgaria (in the Maglizh Municipality). The PV park is developed by Belozem Solar Park 2 OOD, which S Solar and Syzygy own. The minority shareholder in S Solar is Starcom – one of the main shareholders in Eurohold Bulgaria. Eurohold Bulgaria is one of the largest listed companies in Bulgaria and controls Electrohold Bulgaria – a holding company of the…

Foreign Direct Investment Screening Regime is Introduced in Bulgaria

March 2024 1. What’s new? On February 22, 2024, Bulgaria, previously one of the few remaining EU countries without foreign direct investment (FDI) controls, introduced a new FDI screening regime in accordance with the EU FDI Screening Regulation 2019/452 (the “EU FDI Screening Regulation”). The Act to Amend and Supplement the Investment Promotion Act (the “FDI Screening Act”) [1] now requires prior review and approval on national security grounds for foreign direct investments (“FDI”) in certain key areas of interest for national security. The regime will apply to investors controlled…