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07-11-2019 12:29
DGKV advises a consortium of lenders on the financial restructuring of Bulsatcom

DGKV advised a consortium of lenders including the London-based investment firm Blantyre Capital Limited, the European Bank for Reconstruction and Development and Bulgarian Development Bank in relation to the financial restructuring of Bulsatcom EAD – the biggest Bulgarian TV and satellite operator.

DGKV advised with respect to the restructuring and the underlying merger control aspects of a complex transaction consisting in restructuring of the existing debt of a Bulgarian group of companies active on several telecommunication markets by converting part of this debt into equity and providing additional fresh financing. Our work involved an enforcement by means of appropriation, enforcement under Bulgarian law, the subsequent restructuring of approximately EUR 80 million of existing debt, assistance on settlement and restructuring of commercial debts in excess of EUR 200 million and the advancement of EUR 30 million of new secured debt to the Bulsatcom corporate group. Apart from the transaction structuring, DGKV’s team was in charge of the strategic merger control structuring and transactional support, preparation of merger control filing and representation before the Bulgarian Commission for Protection of Competition.

DGKV team was led by restructuring Partner Georgi Tzvetkov and supported by the competition partner Nikolai Gouginski and Senior Associate Kaloyan Krumov. The team involved in the matter includes 10 further associates. 

On matters of English law Kirkland & Ellis advised Blantyre Capital and Bulgarian Development Bank and Pillsbury Winthrop Shaw Pittman acted for the European Bank for Reconstruction and Development.

On matters of Bulgarian law the restructuring process on the side of Bulsatcom was led by Gergina Kyoseva and Liliya Tsoncheva.

Source: www.dgkv.com
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