BOYANOV & Co. and BDK Advokati Advised Eurobank Group on Challenging Restructuring Transaction

BOYANOV & Co. and BDK Advokati Advised Eurobank Group on Challenging Restructuring Transaction

January 2022

BOYANOV & Co. and BDK Advokati advised the Eurobank Group on a complicated transaction concerning the restructuring of the financing to two landmark hotels in Sofia (Sofa Hotel Balkan) and Belgrade (Metropol). The transaction involved several jurisdictions – Cyprus, Bulgaria, Greece, and Serbia. It included amendments to existing financings provided to the borrower’s group in different jurisdictions, as well as new financings to complete a share purchase deal. The restructuring was implemented through a combination of new loans and security and amendments related to the existing credit facilities of the borrowers’ group, including Sofia Hotel Balkan AD (“SHB“) and Metropol Palace DOO Beograd (“Metropol“). The transaction has resulted in additional cash flow relief for the companies at a time when the tourism industry is showing the first signs of recovery. SHB and Metropol are owners of two luxury hotels in Sofia and Belgrade, respectively.

The total amount of restructured debt  (including new loans) was over EUR 82 mln.

The preparatory works for this transaction started more than three years ago and it was successfully completed in December 2021.

BOYANOV & Co.’s team was led by finance partner Damian Simeonov and included finance senior associates Ralitsa Nedkova and Georgi Drenski.
BDK Advokati’s team involved managing partner Tijana Kojovic, partner Dragoljub Sretenovic, senior associate Dorde Zejak, and associate Igor Matic

January 2022

BOYANOV & Co. and BDK Advokati advised the Eurobank Group on a complicated transaction concerning the restructuring of the financing to two landmark hotels in Sofia (Sofa Hotel Balkan) and Belgrade (Metropol). The transaction involved several jurisdictions – Cyprus, Bulgaria, Greece, and Serbia. It included amendments to existing financings provided to the borrower’s group in different jurisdictions, as well as new financings to complete a share purchase deal. The restructuring was implemented through a combination of new loans and security and amendments related to the existing credit facilities of the borrowers’ group, including Sofia Hotel Balkan AD (“SHB“) and Metropol Palace DOO Beograd (“Metropol“). The transaction has resulted in additional cash flow relief for the companies at a time when the tourism industry is showing the first signs of recovery. SHB and Metropol are owners of two luxury hotels in Sofia and Belgrade, respectively.

The total amount of restructured debt  (including new loans) was over EUR 82 mln.

The preparatory works for this transaction started more than three years ago and it was successfully completed in December 2021.

BOYANOV & Co.’s team was led by finance partner Damian Simeonov and included finance senior associates Ralitsa Nedkova and Georgi Drenski.
BDK Advokati’s team involved managing partner Tijana Kojovic, partner Dragoljub Sretenovic, senior associate Dorde Zejak, and associate Igor Matic