Insolvency and Restructuring
Statistics indicate that a successful restructuring after insolvency proceedings are filed is quite rare. The complex effort to align usually conflicting interests amongst parties fails almost every time because of the “no compromise” policy of creditors.
In Romania, the insolvency process is still associated with fraudulent debtors, vengeful creditors, biased insolvency practitioners (receivers), overloaded insolvency courts, and judges with questionable reputations. Our insolvency and restructuring team has outstanding experience in navigating these highly complex proceedings and dealing with hostile debtors, co-creditors and insolvency practitioners. We have represented both debtors and creditors in sensitive insolvency cases that resulted in the successful implementation of the restructuring plans.
Our Relevant Experience
- Assisted local subsidiaries of AEW Europe with respect to litigation and insolvency matters pertaining to the operation and lease of an office building located in Bucharest (Victoriei square – 27,000 sq.m.), and a shopping mall located in Targu Mures (51,350 sq.m.).
- Assisted Intercora Group with respect to litigation and insolvency matters pertaining to the operation and lease of their asset portfolio, among which an insolvency claim against DOMO and a civil claim against PROGES.
- Assisted Complexul Multifunctional Victoria a local subsidiary of AEW Europe and owner of the America House Building – landmark office building in centre Bucharest, with litigation and insolvency matters involving the operation and lease of an office building located in Bucharest (Victoriei square – 27,000 sq.m.), as Legal Adviser.
- Assisted ERP Targu Mures, local vehicle of AEW Europe and owner of the Promenada Shopping Mall, with litigation and insolvency matters involving the operation and lease of a shopping mall located in Targu Mures (51,350 sq.m.), as Legal Adviser.
- Successfully assisted and represented Vinarte, a top Romanian wine producer, throughout the reorganization of a distressed company. We provided legal assistance and advice with respect to financing and rescheduling the company’s distressed finances, as well as with distressed sales and the acquisition of assets.