Karatzas and Partners Law Firm

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Karatzas & Partners is proud to announce that it participated as Greek legal expert in the preparation of the EBRD study on the legal framework for the enforcement of creditors' claims in Albania, Croatia, Cyprus, Greece and Ukraine.

More specifically, our team, led by the managing partner Dr. Alexander Metallinos, prepared following the instructions of EBRD and under the coordination of DLA Piper, the Greek part of the relevant report with a view to assessing the overall effectiveness and expediency of the procedures for the satisfaction of creditor claims in our jurisdiction. The report provided inter alia a comprehensive review and analysis of the legal framework governing creditor enforcement (both outside and inside insolvency) in Greece, identified issues and practices which have or might have an adverse effect on the prompt satisfaction of creditors and realization of security and provided legal reform recommendations for ways of improving existing national legislation in order to improve the overall effectiveness and expediency of the procedures for the satisfaction of creditor claims in light of international best practices.

The full report will be presented in a conference in London on Friday, December 6. The aim of the report is to facilitate law reform in an area that is crucial for the efficient operation of the economy.

For more information: http://www.ebrd.com/news/events/d-enforcement-06122019

Karatzas & Partners is the exclusive contributor to The Legal 500 (Legalease): Merger Control 4th Edition Country Comparative Guide- Greek chapter. Anna Manda, Partner, Katerina Stringari, Senior Associate, Marina- Sofia Chronaki, Associate and Angela Boletsi, Associate provide- through a country specific Q&A- an overview to merger control laws and regulations in Greece. The sub-chapter on Greece covers jurisdictional thresholds, the substantive test, process, remedies, penalties, appeals, as well as recent case law in the merger control sector. You may read the chapter by clicking here: KP_Greece_ Merger_Control_(4th edition).pdf

We inform you that the Bank of Greece has established a Central Balance Sheet Data Office in order to provide statistical information for the financial data of Greek undertakings.

In particular, according to Bank of Greece Governor’s Act no.2682/03-06-2019, for the need for statistical information of the Bank of Greece, as well as for the purposes of supporting Eurosystem monetary policy operations, a new obligation is established regarding the submission of undertakings’ financial statements operating in Greece to the Bank of Greece, at the same time as the publicity requirements pursuant to law, by means of the application https://iris.bankofgreece.gr.

Karatzas & Partners advised Piraeus Bank in a pioneer and complex transaction contemplating a long-term strategic partnership between Piraeus Bank and Intrum: the establishment of a market leading credit management servicer in Greece. On Wednesday, October 23rd 2019, the strategic agreement was concluded. The new servicer company, established on September 16th 2019 through the contribution in kind of the relevant business unit of Piraeus Bank, is 80% owned by Intrum, with Piraeus Bank retaining a 20% equity stake. The new servicer is licensed and regulated by the Bank of Greece. It will service the Piraeus Bank’s existing Non Performing Exposures (“NPE”) and Real Estate Owned Assets (“REO”) portfolio, together with any new inflows, on an exclusive basis, and will be able to manage also other NPE and REO portfolios in the Greek market. Assets and proceeds of the serviced portfolio remain on the balance sheet of the Bank. The transaction was concluded after receiving the required approvals from the relevant regulatory authorities, including the Bank of Greece, as well as the Hellenic Financial Stability Fund. Please find more information in the following link: https://bit.ly/2pT3FGo

Karatzas & Partners advised Crystal Almond Group and WIND Hellas in connection with the high yield hashtag#bond offering of €525 million 4.250% senior secured notes due 2024, the proceeds of which are used to pay back its €275 million senior secured notes due 2021 and keep €210 million on its balance sheet to enhance its capital expenditure and cash flow requirements. The Group also entered into a new €75 million revolving credit facility with international banks. This successful offering provides more favorable lending terms and lower financing costs for the Group. This transaction was completed against a very tight timeline of just two weeks and required elaborate legal structuring and implementation. Please find more information in the following link: https://bit.ly/33FxGrY

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