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press release

28 November 2024

poland

M.Czaprowski M.Korzon

Poland: Schoenherr advises 4FIZJO Group founders on strategic investment from PortfoLion Capital Partners

Schoenherr advised the founders of 4FIZJO Group, a leading e-commerce retailer in Poland and Central and Eastern Europe, specialising in fitness and physiotherapy equipment, on securing a strategic investment from PortfoLion Capital Partners, a Budapest-based private equity firm.

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press release

Poland/Hungary: Schoenherr advises BGK on EUR 40m financing of first Puro Hotel outside Poland

Schoenherr advised Bank Gospodarstwa Krajowego (BGK) on securing a EUR 40m financing agreement for the development and long-term investment of a Puro Hotel in Budapest.

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press release

Poland: Schoenherr advises Luminator Technology Group and Wingspire Capital on USD 40m term and revolving loans

Schoenherr advised Luminator Technology Group ("LTG"), a provider of technology solutions in the transit industry, and Wingspire Capital, a diversified specialty finance firm that provides senior debt solutions, in relation to USD 40m term and revolving loans granted to LTG.

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press release

Croatia: Schoenherr advises PAN-PEK on EUR 20m long-term financing agreement with PBZ and EBRD

Schoenherr advised PAN-PEK d.o.o., one of Croatia's leading baked goods producers, on securing a EUR 20m long-term loan granted by Privredna banka Zagreb d.d. (PBZ), part of the Intesa Sanpaolo Group, in cooperation with the European Bank for Reconstruction and Development (EBRD), under a recently signed Risk Sharing Framework (RSF).

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press release

Austria: Schoenherr advises RP Global on Mirova's EUR 480m investment

Schoenherr advised RP Global, a leading developer of large-scale renewable energy projects, on Mirova's investment in RP GLOBAL Energy GmbH. Mirova has agreed to become a minority investor and invest up to EUR 480m through a combination of equity and mezzanine bonds. Closing of the transaction is scheduled for November 2024.

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newsletter

The National Bank of Hungary's new ESG guideline: a brief overview

The National Bank of Hungary (NBH) introduced a new guideline No. NBH's 9/2024, also known as the ESG (Environmental, Social and Governance) Guideline. This initiative aims to help financial institutions incorporate sustainability considerations into their risk management processes. The Guideline seeks to standardise the collection and assessment of ESG information, thereby enhancing predictability in legal compliance and reducing administrative burdens for businesses applying for credit.

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press release

Romania: Schoenherr advises Renovatio on closing two renewable energy deals with OMV Petrom

Schoenherr advised Renovatio on the sale of renewable energy production assets with a capacity of approximately 18 MW to OMV Petrom. The projects are operational and include two wind farms located in Eastern Romania, with a total installed capacity of 16 MW, and a micro-hydro power plant, with a capacity of 2 MW, in Northwestern Romania. The estimated cumulative annual production of these assets is approximately 45 GWh.

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press release

Poland: Schoenherr advises Sunrise Real Estate and Ares Management on EUR 1.5bln refinancing

Schoenherr, alongside A&O Shearman, advised Sunrise Real Estate and Ares Management on the Polish aspects related to real estate matters and securing a refinancing deal with Blackstone and Apollo Global Management, Inc. for a European logistics portfolio valued at approximately EUR 1.5bln.

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newsletter

10 October 2024

hungary

G.Pázsitka B.Bodó

Hungary: Convertible loans simplified

Convertible loans have emerged as a pivotal financial instrument for start-ups navigating the challenging terrain of early-stage funding (pre-seed and seed), also called angel investment. These loans are a hybrid of debt and equity financing, offering a unique solution for companies that are not yet ready for a formal valuation or are seeking to bridge funding gaps between capital-raising rounds.

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press release

Austria: Schoenherr advises UNIQA on withdrawal from Russia by selling UNIQA's share in Raiffeisen Life

Schoenherr advised UNIQA on the sale of its 75 % share in the Russian life insurance company "Raiffeisen Life" to Russian insurer Renaissance Life. With the closing of this transaction, UNIQA is finally withdrawing from the Russian market. The transaction was signed in August 2023 and was subject to approval by the Russian authorities.

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press release

Austria: Schoenherr advises Cubic (London) Ltd. on sale of Impact Asset Management to Erste Asset Management

Schoenherr advised Cubic (London) Ltd. ("Cubic") et al on the sale of all shares in Impact Asset Management GmbH ("I-AM"), a Vienna-based investment firm specialised in sustainable and impact-driven investment strategies, to Erste Asset Management GmbH ("Erste AM"). The agreement was executed on 11 September 2024 and closing of the transaction is subject to the required regulatory approvals.

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press release

Poland: Schoenherr advises eSky Group on transaction financing regarding acquisition of travel agency Thomas Cook

Schoenherr advised eSky Group, the operator of a leading travel booking platform in Central and Eastern Europe, on the financing aspects of its acquisition of Thomas Cook, a renowned online travel agency. With this transaction, which excludes Thomas Cook's operations in China, eSky Group strengthens its presence in the European travel market and continues its strategy of global expansion and diversification.

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press release

02 August 2024

CEE

CEE team

CEE: Schoenherr advises BlackPeak Capital and Catalyst Romania Fund II on EUR 10m Series B funding round to Leanpay

Schoenherr advised BlackPeak Capital and Catalyst Romania Fund II on a EUR 10m Series B funding for Leanpay, a Slovenia-based pioneering Buy Now Pay Later (BNPL) and Point-of-Sale (POS) lending platform. This investment, led by BlackPeak Capital and co-led by Catalyst Romania Fund II, aims to support Leanpay's plans to become the digital consumer lending champion in the Central and Eastern European region.

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publication

Umsetzung der Verbandsklagen-Richtlinie

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publication

CZ: Schoenherr Journal Edition 16

The Schoenherr Journal, published by Schoenherr's Prague office, looks at significant new legal developments in the Czech Republic.

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press release

Poland: Schoenherr advises ERGO in EUR 90m refinancing for Vantage Group

Schoenherr, acting as Polish counsel, advised ERGO Vorsorge Lebensversicherung AG and DKV Deutsche Krankenversicherung AG in providing EUR 90m to Vantage Group, part of TAG Immobilien, to refinance its rental housing portfolio in Poland. Ashurst provided counsel on the German law-governed loan agreement. The financing supports over 2,500 existing rental units and 1,200 units under construction, underlining Vantage's high market potential.

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press release

Poland: Schoenherr advises HES International in EUR 1bln debt capital raise

Schoenherr Poland acted as local counsel for HES International in its EUR 1bln debt capital raise. HES's Polish subsidiary served as the guarantor, securing the financing with its assets. The funding will support HES's growth strategy and portfolio diversification. The transaction included contributions from relationship bank lenders and institutional investors, marking HES's debut in the US Private Placement market.

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publication

Lexology In-Depth: Acquisition and Leveraged Finance - Edition 10: Chapter Bulgaria

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roadmap

Trade creditor liability risks in arrangements with distressed companies in Austria

In our practice, we have found that the most common reason for distressed companies to initiate reorganisation measures is a severe liquidity squeeze.

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roadmap

Legal tech and AI: best practices from Schoenherr's banking & finance team

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roadmap

Sustainability-linked loans and green finance developments in Poland

Greater interest in ESG and the energy transition may be observed recently throughout Europe, especially after the COVID-19 pandemic and the Russian aggression against Ukraine. The green energy transition has become not only a matter of climate protection but also of domestic security. As banks are one of the most important sources of external financing, they play a significant role in the transformation to a sustainable economy and can contribute towards mitigating adverse effects on the environment and society by key players in the global economy.

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roadmap

New preventive restructuring framework finally arrived in the Czech Republic

After a delay of more than a year, an Act on Preventive Restructuring (the "Act") implementing the EU directive on preventive restructuring frameworks finally became effective in the Czech Republic on 23 September 2023. The long-awaited Act introduced a brand-new legal tool enabling viable enterprises in temporary financial distress to achieve restructuring outside insolvency proceedings. It is a voluntary and flexible process requiring cooperation with creditors, but not necessarily with all of them.

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roadmap

Multiple voting: a tool to attract investors?

One-share one-vote has long been the European Commission's mantra in establishing a level playing field for investors. The conventional wisdom was that a shareholder's influence should be aligned with their economic investment in and exposure to the company. But the success of the "FANG" stocks and the US governance model of giving ultimate control to founders while also selling shares and bringing in new investors has led to a rethink. In response, the European Commission recently proposed a draft directive on the issuance of shares with multiple voting rights in an IPO.

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publication

The Legal 500 Country Comparative Guide 2024 to acquisition finance in Bulgaria

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publication

CZ: Schoenherr Journal Edition 15

The Schoenherr Journal, published by Schoenherr's Prague office, examines the latest important legal developments in the Czech Republic.

 

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press release

Bosnia and Herzegovina: Schoenherr advises Raiffeisen Bank International AG on EUR 31.06m project financing for 60 MW solar power plant to Energy Financing Team SE

Schoenherr advised Raiffeisen Bank International AG in connection with a EUR 31.06m project financing to Energy Financing Team SE Bileca d.o.o. Bileca as the borrower. The funds will be used to develop a 60 MW solar power plant in the Republic of Srpska, Bosnia and Herzegovina.

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publication

The Legal 500 Country Comparative Guide 2023 to acquisition finance in Bulgaria

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newsletter

16 August 2023

hungary

G.Horváth

Hungary launches new CfD support scheme targeting electricity storage operators

On 14 August 2023 the Hungarian Government issued Gov. Decree 382/2023 ("Decree") establishing the legal framework for the implementation and functioning of the new Contracts for Difference ("CfD") support scheme for electricity storage operators ("Storage CfD Scheme").

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newsletter

02 August 2023

hungary

B.Bodó

Green loans may be Hungary's path to sustainable financing

In the world of finance, the rise of environmental, social and governance considerations has compelled bankers, investment professionals and banking and finance lawyers to reevaluate their mindset.

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press release

Romania: Schoenherr advises DDM on acquisition of Intrum's entire NPL portfolio in Romania

Schoenherr Romania advised DDM Holding AG (DDM) on the acquisition of a non-performing loans (NPL) portfolio from Intrum AB (Intrum). The portfolio contains unsecured consumer receivables and has a face value of over EUR 1bln. The servicing of the portfolio will be performed by AxFina, part of the DDM group. With this transaction, Intrum will exit the Romanian market, as part of its strategic priorities to reduce the number of its jurisdictions, and simplify and focus its geographical footprint.

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press release

Austria: Schoenherr advises banks on financing for Wiener Stadtwerke

Schoenherr, together with Linklaters, advised UniCredit Bank Austria as sole coordinator, documentation agent, bookrunner and mandated lead arranger, ING Bank NV as facility agent, bookrunner and mandated lead arranger, Erste Group Bank AG, Raiffeisenbank International AG and Commerzbank AG as bookrunners and mandated lead arrangers as well as other banks on the revolving syndicated facility for Wiener Stadtwerke GmbH. Wiener Stadtwerke's debut in the international syndicated loan market was significantly oversubscribed compared to the target volume of EUR 1.7bln.

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media coverage

27 April 2023

austria

M.Ebner P.Feyl

AT1-Anleihen aus EU rechtlich sicherer

Dass AT1-Anleihen der Credit Suisse im Zuge der Übernahme durch die UBS geschnitten wurden, beschäftigt Politik, Märkte und Anwälte. Einige Investoren wollen nun gegen die Schweizer Finanzmarktaufsicht vor Gericht ziehen, weil diese die Papiere auf null herabgeschrieben hat. Worum handelt es sich bei AT1-Anleihen, und wäre ein Schudenschnitt in dieser Form bei österreichischen und EU-Kreditinstituten möglich?

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newsletter

03 April 2023

hungary

Green finance in Hungary

The Central Bank of Hungary (MNB) is encouraging the banking sector to increase the level of green loans. To this end, significantly reduced capital requirements have been put in place when applying for loans, and green company bonds were introduced in summer 2020 as part of the MNB bond funding for growth scheme. The Hungarian government is now ready to intervene to achieve climate neutrality.

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event

Factoring & Co. Juggling multiple short-term financing solutions

Breakfast with Schoenherr | 25 May 2023 | 9:00 – 11:30 am EET | Marmorosch Bucharest Hotel | 2 Doamnei Street, 1st District, Bucharest

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roadmap

Upcoming legal requirements to integrate ESG risks into diligent risk management

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roadmap

ESG: Why does it matter?

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roadmap

2023

poland

P. Kapica | O. Jezierska 

Green finance takes root in Poland

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roadmap

Market and legal update on green bonds on the EU and Austrian level: how to finance the energy transition (even in times of crisis)

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roadmap

Bulgaria: Materialised bonds: a cheap and simple method for financing corporate projects

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newsletter

12 January 2023

bulgaria

T.Krumov

Bulgaria: Practical problems of repurchase and securities lending transactions

"Repos and securities lending in Bulgaria are regarded as financial collateral, thus ensuring their enforceability. But some important contractual arrangements must be agreed upon by the parties wishing to avail themselves of such enforceability."

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newsletter

15 December 2022

bulgaria

T.Krumov

Bulgaria: Contractual retention right as a security in commercial and financial transactions

Under art. 90, par. 1 of the Bulgarian Contracts and Obligations Act, a party may refuse to perform its obligations if there is non-performance by the counterparty under the same transaction ("Statutory Retention Right").

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publication

The Acquisition and Leveraged Finance Review - Edition 9: Chapter Bulgaria

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publication

to the point: Finance | Q4 2022

Welcome to our newest edition of Schoenherr's quarterly to the point: finance newsletter!

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press release

22 November 2022

serbia

L.Lopičić

Serbia: Schoenherr advises Integral on acquisition of controlling stake in Chips Way

Moravčević Vojnović and partners in cooperation with Schoenherr advised Integral Venture Partners (Integral) on all legal aspects of their acquisition of a controlling stake in Chips Way, a leading Serbian salty snacks manufacturer, alongside its co-investor and industrial partner Nelt Group.

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newsletter

14 September 2022

hungary

Hungary extends the scope of transaction tax

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publication

to the point: Finance | Q3 2022

Welcome to our newest edition of Schoenherr's quarterly to the point: finance newsletter!

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newsletter

07 September 2022

austria

B.Rajal M.Ebner M.Florea

Renewable Energy in CEE

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press release

22 August 2022

austria

T.Kulnigg C.Moser

Austria: Schoenherr advises logistics company Ancla Logistik on merger with Logsta

Schoenherr advised German logistics company Ancla Logistik GmbH (Ancla) on its merger with Austrian logistics scale-up Logsta GmbH (Logsta) and the simultaneous conversion of existing revenue based venture debt provided by Round2 Capital to Logsta.

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press release

13 July 2022

serbia

Serbia: Schoenherr advises Banca Intesa Beograd on project finance loans for "Big Fashion Park"

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publication

to the point: Finance | Q2 2022

Welcome to our newest edition of Schoenherr's quarterly to the point: finance newsletter!

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publication

03 July 2022

czech republic

Schoenherr Czech Republic

CZ: Schoenherr Journal Edition 12

The Schoenherr Journal, published by Schoenherr's Prague office, examines the latest important legal developments in the Czech Republic.

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newsletter

30 May 2022

hungary

Hungarian National Bank and European Investment Bank agree to boost green financing

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newsletter

25 May 2022

bulgaria

T.Krumov

Bulgaria: Contractual set-off as a quasi-security in commercial and financial transactions

The Supreme Court confirmed parties' freedom to contractually modify any of the prerequisites for set-off under Bulgarian law, thus permitting various quasi-security arrangements in commercial and financial contracts that creditors may avail themselves of.

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publication

24 May 2022

austria

U.Rath

EU Market Abuse Regulation

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publication

10 May 2022

austria

M.Simsa

ReO – Restrukturierungsordnung

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newsletter

06 May 2022

hungary

Recent legal developments in the liquidation of Sberbank Hungary

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publication

to the point: Finance | Q1 2022

Welcome to our newest edition of Schoenherr's quarterly to the point: finance newsletter!

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newsletter

21 February 2022

hungary

Hungarian National Bank issues green bond guideline

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newsletter

15 February 2022

hungary

Crypto-assets to be covered by financial regulation in the EU

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press release

Austria: Schoenherr advises Herba Chemosan board on management buy-out

Schoenherr has advised the board of the Austrian pharmaceutical wholesaler Herba Chemosan Apotheker-AG (Herba Chemosan) on the recent management buy-out (MBO).

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press release

Bulgaria: Schoenherr advises RGREEN INVEST on unique EUR 15m green bond to finance photovoltaic plant in Bulgaria

Schoenherr advised RGreen Invest, a French management company representing a fund for green energy projects, on a EUR 15m bond to finance the construction of a photovoltaic plant near the town of Razlog in southwestern Bulgaria, as well as on a standard security package for it. The bond's issuer is a member of the Renalfa group, a leading Bulgarian clean energy and e-mobility provider with a focus on renewable energy generation assets.

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press release

02 February 2022

austria

M.Ebner M.Simsa

Austria: Schoenherr advises Mayr-Melnhof Holz on acquisition financing for Bergkvist Siljan

Schoenherr supported the Austrian Mayr-Melnhof Holz group in the financing of its acquisition of Swedish sawmill group Bergkvist Siljan.

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press release

26 January 2022

austria

M.Ebner

Austria: Schoenherr advises consortium of six banks led by Raiffeisen Bank International AG on EUR 125m financing for Austrian lighting group Zumtobel

Schoenherr advised a consortium of six banks, led by Raiffeisen Bank International AG, regarding a EUR 125m credit facility for the Austrian lighting group Zumtobel.

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press release

Croatia: Schoenherr advises Mirova and RP Global on sale and refinancing of onshore wind farms in Croatia

Schoenherr advised Mirova and RP Global on the sale of two onshore wind farms in Dalmatia, Danilo (44MW) and Rudine (34MW), to Professio Energia d.d. (DLPR, Zagreb Stock Exchange).

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roadmap

When it rains, it pours. Get an umbrella in time. Why loan agreements are more than term, pricing and financial covenants

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roadmap

LMA.Automate: How to get the best out of it

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roadmap

Loan agreements and the new Austrian Restructuring Code: how to protect against the unknown

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roadmap

Preventive restructuring implemented in the Czech Republic: a revolution in Czech insolvency law

A long-awaited bill on preventive restructuring (the "Bill") implementing the directive on preventive restructuring frameworks in the Czech Republic will introduce a brand-new legal tool preventing the insolvency of viable enterprises in temporary distress.

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roadmap

A new era for cryptocurrencies in Poland

With the appearance of Bitcoin ATMs on the streets the cryptocurrency business seems to be blossoming. But do Poland's new cryptocurrency laws address all the issues, especially the risks, in the right way?

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roadmap

Strict restrictions on borrowing FX loans

A protracted economic depression and COVID-19 restrictions have caused financial pressure in many local and regional companies operating in Turkey.

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roadmap

Decentralised Finance: Opportunities, risks and legal challenges

Decentralised Finance (DeFi) is without question a rapidly evolving area at the intersection of blockchain technology, crypto assets and traditional financial services.

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press release

Austria: Schoenherr advises UNIQA on successful issue of new EUR 375m green tier 2 notes and notes repurchase

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publication

The Acquisition and Leveraged Finance Review - Edition 8: Chapter Bulgaria

The article was first published on thelawreviews.co.uk

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event

10 December 2021

romania

M.Neagu

Mirsanu Dealmakers Summit 2021

10 December 2021 | 11:00 am (Romanian time) | online event

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publication

to the point: Finance | Q4 2021

Welcome to our newest edition of Schoenherr's quarterly to the point: finance newsletter!

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publication

The International Comparative Legal Guide to: Foreign Direct Investment Regimes 2022

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newsletter

19 August 2021

austria

M.Ebner

Taking security over NFTs: Some legal considerations under Austrian law

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publication

to the point: Finance | Q3 2021

Welcome to our newest edition of Schoenherr's quarterly to the point: finance newsletter!

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publication

to the point: Finance | Q2 2021

Welcome to our newest edition of Schoenherr's quarterly to the point: finance newsletter!

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press release

Czech Republic / Austria: Schoenherr advises Twisto group on senior and mezzanine debt (re)financings

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newsletter

27 April 2021

L.Schwitzer M.Ebner

Green April: European Commission publishes sustainable finance and reporting package

On 21 April 2021, the European Commission (ECOM) published measures aimed at fostering sustainable investment and steering finance towards the European Green Deal.

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press release

Austria: Schoenherr advises Raiffeisen on EUR 538m securitisation of leasing receivables

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press release

Czech Republic: Schoenherr advises APS on refinancing of public bonds issue

Schoenherr advised APS, a leading group in non-performing loan portfolio servicing and NPL investment advisory activities in the CEE and SEE region, on the refinancing of the existing indebtedness under CZK 620m  (approx. EUR 24m) public bonds traded on the Prague Stock Exchange, by way of a loan facility from UniCredit Bank Czech Republic and Slovakia, a.s.

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newsletter

11 March 2021

CEE

CEE team

COVID19 Overview on moratoria

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press release

Bulgaria: Schoenherr advises United Group on acquisition of Net1 and N3

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publication

to the point: Finance | Q1 2021

Welcome to our newest edition of Schoenherr's quarterly to the point: finance newsletter!

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press release

24 February 2021

romania

M.Florea M.Piuk

Romania: Schoenherr advises Elevator Ventures on seed round investment in fintech start-up Finqware

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roadmap

Bulgaria and Croatia join ERM II and the Banking Union

On 10 July 2020 the Bulgarian lev and the Croatian kuna were included in the Exchange Rate Mechanism II (ERM II). In the short term this means that the inclusion would support the confidence and credit ratings of the two countries while in the long term – this is an important milestone in Bulgaria and Croatia's efforts to join the euro area.

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publication

20 January 2021

austria

C.Moser

BörseG 2018/MAR

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publication

19 January 2021

austria

C.Moser S.Stegbauer

Kuratorengesetz | Kuratorenergänzungsgesetz Kommentar

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media coverage

07 January 2021

bulgaria

T.Krumov

Recommended Benchmark Replacement Clauses for Credit Agreements with Bulgarian Borrowers

CEE Legal Matters | Bulgaria

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newsletter

The impact of the amendment to the Business Corporations Act on credit financing

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publication

18 December 2020

P.Halwa P.Feyl M.Ebner W.Kapica

to the point: Finance | Q4 2020

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press release

09 December 2020

austria

M.Ebner M.Pressler

Austria: Schoenherr advises Hypo Vorarlberg on EUR 330m synthetic securitisation to boost energy-efficient buildings

Schoenherr advised Hypo Vorarlberg on the synthetic securitisation of a EUR 330m portfolio of loans to small and medium-sized enterprises, corporate borrowers or certain private individuals. The transaction is designed to achieve regulatory capital relief under CRR (II) / CRD IV (V). The transaction builds upon a similar securitisation completed with Schoenherr's support at the end of 2017. It is a part of the European Investment Bank's response to support the Austrian economy following the COVID-19 pandemic.

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publication

The International Comparative Legal Guide to: Foreign Direct Investment Regimes 2021

The International Comparative Legal Guides provide current and practical comparative legal information on a range of practice areas, following a Q&A format to ensure thorough coverage of each topic within different legal systems worldwide.

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press release

Bulgaria: Schoenherr advises Enery on the acquisition and refinancing of the biggest solar park in Bulgaria

Schoenherr led Austrian renewable energy producer Enery to the completion of its acquisition of the largest photovoltaic park in Bulgaria. 

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press release

01 October 2020

austria

M.Pressler M.Lagler

Another promotion at Schoenherr: Matthias Pressler becomes Counsel

Matthias Pressler, member of Schoenherr's banking, finance and capital markets practice in Vienna, was promoted to counsel as of 1 October 2020. Pressler joined Schoenherr in 2015, and is an expert in financial services regulation, covering both transactional work as well as contentious and non-contentious regulatory advisory matters and administrative (criminal) proceedings. 

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press release

03 September 2020

bulgaria

T.Krumov

Bulgaria: Schoenherr advised major multinational banks on a EUR 90m syndicated credit facility to leading Bulgarian agribusiness company Oliva

Schoenherr advised BNP PARIBAS (Suisse) S.A. ("BNP") as a facility agent and lender; Citibank NA, London Branch as a lender; and Black Sea Trade and Development Bank as a lender, on the Bulgarian legal aspects of a EUR 90m syndicated credit facility extended to Oliva AD ("Oliva") and Buildcom EOOD ("Buildcom"), as well as on the establishment of a Bulgarian security package for the facility.

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press release

Austria: Schoenherr advises UNIQA on successful placement of EUR 600m senior and EUR 200m tier 2 green notes

Schoenherr advised UNIQA Insurance Group AG, one of the leading insurance groups in Austria and CEE, on its EUR 800m in aggregate notes issuances that closed on 9 July 2020.

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newsletter

Romania: More state incentives for large investments on the horizon

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newsletter

15 June 2020

austria

M.Ebner

Nach der Krise ist vor der Krise

Haben Österreichs Banken hinreichend flexible Rahmenbedingungen, um die Realwirtschaft zu unterstützen?

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newsletter

06 April 2020

bulgaria

T.Krumov

Bulgarian Coronavirus Payment Moratorium and its effect on cross-border financial transactions

The Moratorium was not self-proclaimed by the Bulgarian Parliament as an overriding mandatory piece of law so the courts discretion in cross-border scenarios has been retained

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newsletter

25 March 2020

slovenia

M.Frantar

Slovenia: Government anti-coronavirus support schemes for businesses

On 25 March 2020, the Government of Slovenia announced a EUR 2bln rescue package intended to mitigate the adverse and diverse effects of the COVID-19 pandemic. The package primarily seeks to maintain jobs by providing pay check support and tax relief to employers and introducing additional mechanisms to reduce the liquidity shock on businesses.

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newsletter

Financing in times of crisis - Austrian Chapter

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newsletter

20 March 2020

hungary

Hungary: Extraordinary measures impact the Hungarian banking sector

On 18 March the Hungarian prime minister announced extraordinary measures to be taken as a result of the national emergency caused by COVID-19. Most of these measures have a strong impact on the Hungarian economy; in particular, the banking sector.

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publication

to the point: Finance | Q1 2020

Welcome to our newest edition of Schoenherr's quarterly to the point: finance newsletter!

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press release

Schoenherr advises Kommunalkredit Austria AG on Czech and Slovak acquisition financing to Enery Development

Schoenherr advised Kommunalkredit Austria AG as arranger and original lender, on the Czech and Slovak acquisition financing provided to Enery Development for the acquisition of six 21 MW solar power plants in the Czech Republic and two 4 MW solar power plants in the Slovak Republic, from Czech fund Green Horizon Renewables.

 

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newsletter

21 February 2020

hungary

Hungarian government settles pharma debts: An opportunity for factoring companies? | Hungary

Hungarian hospitals are facing problems paying for drugs and medical devices. Many suppliers have claims worth millions of euros and are having difficulty enforcing them against either the hospitals or the Hungarian government.

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newsletter

06 February 2020

serbia

New Regulation for Derivatives Transactions with Sovereign Counterparty in Serbia | Serbia

According to the Public Debt Act (Zakon o javnom dugu) of the Republic of Serbia, the Minister of Finance manages the country's public debt by (i) entering into transactions that would reduce or eliminate currency risk, interest rate risk and other risks, (ii) deciding on the sale and purchase of foreign currencies, and (iii) managing cash balances on the Republic of Serbia's treasury accounts.

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roadmap

Secured lending CEE

With more and more players active in the corporate lending and secured finance markets across the CEE region, and multi-jurisdictional CEE transactions happening on a regular basis, counsels are challenged to navigate their clients through fragmented legal frameworks in various jurisdictions often with different sets of secured lending rules and must-knows.

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roadmap

Sustainable Finance – a trend to stay

With sustainable investment picking up globally, environmental, social and governance (ESG) considerations are gaining increasing importance in decision making and practices. Driven by the EU's need to close the approx. EUR 180bln per annum funding gap to achieve its climate and energy goals by 2030, sustainable finance has consistently risen in the policy agenda since 2018+.

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roadmap

Exchanging views on current trends in Legal Tech and financing transactions

Legal Tech is currently on everyone's mind and has also become a central topic in the context of financing transactions. While marketable applications for buzzwords such as "automated document generation" or "artificial intelligence" are often still in their infancy in the field of legal transactional advice, such applications can already make a significant contribution to the success of a transaction in the field of efficient process management, e.g. in connection with the satisfaction of conditions precedents under loan agreements.

 

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press release

15 November 2019

austria

T.Kulnigg

Austria: Schoenherr advises fintech start-up Credi2 on investment from Volkswagen Bank

Schoenherr advised Austrian company Credi2 GmbH on an investment from Germany's Volkswagen Bank, which will henceforth hold a 20 % share in Credi2.

 

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media coverage

07 November 2019

romania

C.Tudoraș

Analiză: ASF anunţă măsuri mai stricte de cunoaştere a clientelei

First published on Ziarul Financiar, 25.10.2019

După BNR, şi ASF vine cu măsuri mai stricte de cunoaştere a clientelei, de formalizare a procedurilor interne şi de derulare a evaluării riscului de spălare a banilor şi finanţare a terorismului, arată o analiză.  

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publication

to the point: Finance | Q4 2019

Welcome to our second edition of Schoenherr's quarterly to the point: finance newsletter!

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newsletter

13 August 2019

M.Simsa S.Hekelová

Spotlight on automotive industry: Introduction to the series and financing

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media coverage

22 July 2019

romania

N.Oprea

Interview with Narcisa Oprea from Schoenherr Bucharest

First published on BizLawyer, 17.07.2019

Directiva europeană privind drepturile acționarilor trebuia transpusă în legislația românească până la jumătatea lunii iunie 2019 | Narcisa Oprea, Partener Schoenherr: Chiar dacă directiva nu a fost transpusă încă, existând doar un proiect de lege în acest sens, clienții noștri se pregătesc din vreme pentru conformare, dată fiind anvergura schimbărilor

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press release

Czech Republic: Schoenherr advises BNP PARIBAS on EUR 345m SNOP Dunois S.A. acquisition financing

Schoenherr Czech Republic advised BNP PARIBAS ("BNPP") on the EUR 345m term and revolving facilities agreement for Financiere SNOP Dunois S.A. in relation to its acquisition of manufacturing facilities from Tower International, Inc. Schoenherr acted as local counsel to BNPP.

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publication

to the point: Finance | Q3 2019

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newsletter

25 June 2019

austria

P.Feyl

First decision by Austrian Supreme Court on cash pooling: No blank cheque for banks but some relief

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media coverage

20 June 2019

austria

M.Ebner

Benchmarkwechsel mit Hindernissen

First published on Der Standard, 20.06.2019

Als Folge der Libor-Affäre sollen die für viele Finanzgeschäfte so wichtigen Interbank Offered Rates (Ibors) ersetzt werden. Doch der Übergang zu einem neuen Referenzzinssatz schafft zahlreiche Probleme – auch für Unternehmen.

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newsletter

04 June 2019

austria

M.Simsa

Public liability based on incorrect land register entries is limited

Incorrect land register entries may trigger public liability. But in a recent decision the Austrian Supreme Court (1 Ob 198/18a) held that incorrect land register entries can only constitute public liability claims for a certain group of people.

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newsletter

19 May 2019

romania

M.Neagu

Exit strategies: registering a share transfer when target shares are encumbered by third parties

The stock market's flexibility is its greatest selling point for publicly traded companies, as it allows a fast flow of capital while still enabling majority shareholders to implement fundamental corporate changes should they wish to exit the market.

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publication

09 May 2019

austria

M.Ebner

LEXOLOGY Getting the Deal Through: Secured Lending

Find the full comparative guide on Secured Lending on the LexGTDT tool. Here you can find the answers for Austria.

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newsletter

Antitrust and Syndicated loans

In 2017 the Directorate-General for Competition of the European Commission (DGCOMP) kicked-off a process to examine loan syndication.

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press release

25 February 2019

romania

M.Florea S.Guţiu

Schoenherr announces new firm-wide heads of banking, finance & capital markets and real estate practice groups

Schoenherr promotes Sebastian Gutiu (managing partner, Romania) and Matei Florea (partner, Romania) to new firm-wide heads for real estate, and banking, finance & capital markets, respectively.

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roadmap

Terms of a loan – set in stone?

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roadmap

Looking beyond the margin: non-financial matters to keep in mind when negotiating corporate debt documentation

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media coverage

13 January 2019

austria

M.Ebner

No-Deal-Brexit bringt Finanzierungsrisiken

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newsletter

18 December 2018

hungary

Hungary remains strict on factoring

Factoring is an increasingly popular product of banks that appeals to corporate clients of whatever size as it provides liquidity to the clients and stable cash flow.  The factoring is usually structured in a way that the vendors of the client do not receive information on the factoring, the bank stays in the background; the relationship between the client and its vendor remains intact.  In practice, this means that the client continues to collect the amounts the vendor owes, although such amounts do not belong to the client anymore.  Also, it is not uncommon that even the soft workout stage stays with the client in case the vendor is in delay with its payment obligation; i.e. the client will be obliged to chase its vendor for the money.

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newsletter

15 November 2018

bulgaria

T.Krumov

Bulgaria: New legal framework for repo transactions and derivatives with pension funds

The amendments provide new business opportunities to banks to enter into repo transactions and derivatives with Bulgarian pension funds.

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newsletter

29 October 2018

austria

U.Rath T.Kulnigg

Österreich: Ab 2019 vereinfachter Kapitalmarktzugang für KMU, Wachstumsunternehmen und Startups durch Öffnung des Dritten Markts

Am 25.10.2018 hat der Nationalrat die seit langem erwartete Änderung des Aktiengesetzes beschlossen, die den Zugang von österreichischen Gesellschaften, insbesondere von KMU, Wachstumsunternehmen und Startups, zum Kapitalmarkt erleichtern soll.

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press release

17 October 2018

austria

U.Rath P.Feyl

Austria: Schoenherr advises listed German Aves One AG on financing of NACCO/CIT acquisition

Schoenherr, acting as lead counsel for the financing, successfully advised Aves One AG ("Aves") on the financing of the acquisition of the NACCO/CIT Group. 

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press release

02 October 2018

romania

S.Guţiu

Romania: Schoenherr awarded by leading business journal Ziarul Financiar

choenherr si Asociatii was recognised for its outstanding transaction advice in the financial services sector in 2017 by Romania's leading business journal Ziarul Financiar. 

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press release

11 September 2018

austria

P.Feyl U.Rath

Austria: Schoenherr advises listed German Aves One AG on a EUR 155 million senior facility refinancing

Schoenherr successfully advised Aves One AG ("Aves One") on its EUR 155m senior facility refinancing by entering into a new facility agreement with significantly improved commercial terms arranged by a consortium of leading German banks. 

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newsletter

21 June 2018

bulgaria

T.Krumov

Bulgaria: Boost to creditors’ rights on pledged receivables

"Banks may now agree to collect pledged receivables prior to accelerating the secured debt under floating charges like security interests."
Tsvetan Krumov

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press release

07 June 2018

austria

R.Bachner

Schoenherr advises UniCredit on strategic Bancassurance partnerships with Allianz and Generali in CEE

Schoenherr has advised the UniCredit Group on establishing two exclusive strategic partnerships with Allianz and Generali for the distribution of insurance products for individuals and small-businesses in Bosnia and Herzegovina, Bulgaria, Croatia, Czech Republic, Hungary, Romania, Serbia, Slovakia, and Slovenia announced on 5 June 2018 (see here)

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press release

Schoenherr advises EVO Payments on strategic payments partnership with MONETA Money Bank

Schoenherr's financial services team in Prague advised EVO Payments International ("EVO") on the creation of a long-term strategic alliance with MONETA Money Bank ("MONETA") for payment acceptance services to the bank's retail customers.

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press release

27 April 2018

austria

C.Herbst

Austria: Schoenherr represents Austrian Core Shareholders on sale of majority shareholding in listed C-QUADRAT to HNA

Schoenherr has advised and represented the core shareholders of Cubic (London) Limited ("Cubic"), including San Gabriel Privatstiftung, and T.R. Privatstiftung, as indirect controlling stockholders in C-QUADRAT Investment AG ("C-QUADRAT"), on the sale of the majority shareholding in Cubic, and thus C-QUADRAT, to the HNA Group (International) Asset Management Co., Limited, Hong Kong ("HNA"). HNA is part of the HNA Group, a leading Chinese diversified industrial group. C-QUADRAT is an independent asset management company listed on the Vienna stock exchange.

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newsletter

18 April 2018

hungary

Hungary: Uncertainties related to ICOs and ITOs

Initial coin and token offerings (“ICO/ITO”) are innovative ways to finance startups similar to shares IPOs or crowdfunding. Startups may use these processes to raise funds with the aim of avoiding the rigorous regulation of the traditional capital-raising process.

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press release

23 March 2018

slovenia

B.Brežan

Schoenherr advises Slovenian ENI subsidiary on acquisition of Mestni Plinovodi

Schoenherr has advised Adriaplin d.o.o. ("Adriaplin"), the Slovenian subsidiary of Eni S.p.A., on the acquisition of Mestni Plinovodi d.o.o. ("Mestni Plinovodi"), a local natural gas distribution network operator and gas supplier, from a consortium of sellers consisting of gas distributors Ireti and ACSM-AGAM from Italy and Istrabenz Plini from Slovenia.

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press release

08 February 2018

romania

S.Guţiu

Schoenherr Bucharest scoops 5 ILO Client Choice Awards 2018

Schoenherr Bucharest received five out of nine Client Choice Awards from the International Law Office ("ILO") in 2018. 

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press release

20 December 2017

austria

P.Feyl

Schönherr berät B&C bei Gewährung einer Hybridkapital-Linie an Semperit AG Holding

Schönherr hat die B&C Holding GmbH ("B&C") bei der Gewährung einer Hybridkapital-Linie an die börsenotierte Semperit AG Holding ("Semperit") von bis zu EUR 150 Mio beraten. 

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press release

Schoenherr advises Deutsche Private Equity on acquisition of Euro-Druckservice

Schoenherr advised Deutsche Private Equity Management III ("DPE") on its acquisition of leaflet printing business Euro-Druckservice ("EDS") from a consortium of three company shareholders. 

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newsletter

07 November 2017

croatia

DIP (supersenior) Financing in Croatian Insolvency

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press release

03 October 2017

romania

S.Guţiu

Romania: Schoenherr wins three awards from leading financial journal Ziarul Financiar

Schoenherr si Asociatii was honoured by Romania's leading financial journal Ziarul Financiar with three awards during the eight edition of the Business Lawyers' Gala organised by the newspaper on 27 September in Bucharest. 

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press release

19 July 2017

austria

U.Rath

Österreich: Schönherr berät EVN bei Verkauf ihrer Pensionskasse an VBV-Gruppe

Schönherr hat die börsennotierte EVN AG ("EVN") beim Verkauf ihrer betrieblichen Pensionskasse, der EVN Pensionskasse AG ("EVN Pensionskasse"), an die VBV-Betriebliche Altersvorsorge AG ("VBV") beraten.

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press release

Czech Republic/Hungary/Poland/Slovakia: Schoenherr advises AG FOODS and Coöperatief Avallon on settlement of minority shareholders' disputes and management buyout

Schoenherr advised AG FOODS Group ("AG FOODS") and Coöperatief Avallon MBO U.A. ("Coöperatief Avallon") on the settlement of minority shareholders' disputes and on a subsequent management buyout.

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press release

18 May 2017

austria

M.Ebner

Austria: Schoenherr advises Erste Group on Frauscher Sensortechnik leveraged buyout financing

Schoenherr has advised Erste Group Bank AG ("Erste Group"), one of the leading financial service providers in Central and Eastern Europe, on the financing of the leveraged buyout of Austrian sensor technology manufacturer Frauscher Sensortechnik GmbH ("Frauscher Sensortechnik") by New York-based Greenbriar Equity Group LLC ("Greenbriar").

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press release

Austria: Schoenherr advises RBI on merger with RZB - one of the largest corporate reorganisations in the Austrian banking sector

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press release

23 February 2017

austria

U.Rath

Austria: Schoenherr advises on first Austrian Equity Capital Markets transaction in 2017

Schoenherr has advised publicly traded, global sugar, starch and fruit processor AGRANA Beteiligungsverwaltungs-Aktiengesellschaft ("AGRANA") as issuer on its successful rights offering of 1,420,204 new shares, combined with a secondary offering of 500,000 existing AGRANA shares held by Südzucker AG, one of AGRANA's core shareholders. 
This is the first equity capital market ("ECM") transaction in the Austrian market in 2017, and the first deal of its kind in Austria following the entry into force of the European Market Abuse Regulation. The transaction had an overall deal volume of approximately EUR 192m.
 

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press release

Slovakia/Hungary/Poland: Schoenherr strengthens its CEE capabilities with three promotions

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