On November 30, 2022, the BLS-CEE Law Firm announced that Wirtualna Polska’s acquisition of the Szallas Group from Portfolion Capital Partners and private individuals (reported by CEE Legal Matters on September 16, 2022) had closed.
On November 10, four Banking & Finance experts from Croatia, Hungary, Romania, and Serbia sat down for a virtual round table moderated by CEE Legal Matters Managing Editor Radu Cotarcea to discuss banking consolidation, financing availability, the effects of high interest rates, bank capitalization, green financing, the specter of loan restructuring, and the other challenges the sector is facing.
Schoenherr has advised CA Immobilien Anlagen Aktiengesellschaft on the sale of a Bucharest seven-office-building portfolio to Paval Holding. KPMG Legal Toncescu si Asociatii advised Paval Holding.
Stratulat Albulescu has advised Reorg on its acquisition of FinDox. O'Melveny & Myers reportedly advised FinDox.
Factoring volumes in Romania have seen a marked increase over the last year, up to EUR 3.68bln in the first half of 2022, according to public sources. While part of this 31.6 % year-on-year surge was driven by inflation rates, local businesses do appear to show a growing appetite for this type of financing product.
Starting in February 2023, Partner Alexander Popp will take over as Managing Partner, with Partner Gudrun Stangl continuing in the COO position. Rounding out the Schoenherr Steering Committee are Partners Matei Florea, Thomas Kulnigg, and Franz Urlesberger.
Freshfields Bruckhaus Deringer and Wolf Theiss have advised a consortium of banks on the EUR 800 million revolving ESG-linked credit facility for the Vitesco Technologies Group. Creel Garcia-Cuellar Aiza y Enriquez and Yulchon reportedly advised the banks in Mexico and South Korea, respectively.
Following in the footsteps of the previously adopted Government Emergency Ordinance no. 27/2022 on the measures applicable to final consumers on the electricity and natural gas market between 1 April 2022 and 31 March 2023, as well as for amending and supplementing certain regulations in the energy sector (GEO 27/2022), as well as the subsequent Government Emergency Ordinance no. 119/2022 (GEO 119/2022), which amended GEO 27/2022 as of 1 September 2022, the Romanian Government has recently adopted a new regulatory act, further amending both GEO 27/2022 and GEO 119/2022, and establishing an even higher degree regulatory control over the energy market, in the form of Government Emergency Ordinance no. 153/2022 for the amendment and supplementation of GEO 27/2022 and GEO 119/2022 (GEO 153/2022), published in the Official Gazette of Romania on 11 November 2022.
Noerr Partner Joerg Menzer will be the new Secretary-General of the International Bar Association, starting from January 1, 2023.