Yury Pilipenko, Senior Partner at the YUST law firm in Russia, has been elected President of the Federal Chamber of Advocates of the Russian Federation.
Pilipenko previously occupied the position of First Vice-President of the Chamber. Former Head of the Chamber Evgeny Semenyako was elected First Vice-President.
According to the Charter of the FCA of Russia, the President is elected for a four-year term, while the Vice-President serves for two years.
Image source: yust.ru
FKA Furtek Komosa Aleksandrowicz has advised Edyta Jusiel Resource Partners Holdings VI, an entity controlled by funds from the Resource Partners group and Ardian, in its acquisition of 100 per cent of the shares in Chojecki.
Chojecki thereby joins the Delicpol Group — also controlled by the funds — in creating a leading manufacturer of private and white label cookies in Central and Eastern Europe. FKA describes the transaction as “a further step in implementing the strategy of building up one of Europe’s leading confectionery product manufacturers.”
The FKA Furtek Komosa Aleksandrowicz team supporting Resource Partners in acquiring Chojecki was headed by Partner Edyta Jusiel, who the firm reports is also advising Resource Partners in a further, third transaction. “We are pleased to be able to advise Resource Partners in this transaction, and to continue the work started in 2013 on consolidating the Polish confectionery industry in the transaction for Delicpol to acquire 100 per cent of the shares in Cuprod,” said Jusiel. “We appreciate the long-standing cooperation with Resource Partners and the trust placed in us.”
Linklaters has advised on the Kutuzovsky Northern bypass project, which the firm describes as “the first privately financed PPP project in Russia.” The project includes financing, design, construction, and operation of the 11 kilometer long toll road in Moscow under a concession agreement.
The four-lane road, which will start in the Moscow City business district and run to the Odintsovo bypass, is expected to improve the city’s transport situation by reducing traffic on Kutuzovsky Prospekt, one of the busiest roads in Moscow.
The Linklaters team led by Counsel Julia Voskoboinikova acted for a consortium including CJSC Leader, one of the largest asset management companies in Russia and the CIS.
“The project is first of its kind in Russia, with the Grantor not providing any capital grants and the concessionaire taking the traffic risk,” commented Voskoboinikova. “The bypass is also the first toll road concession project in Moscow. We were honored to assist the concessionaire with this unique and challenging project.”
Image source: Elena Abduramanova / Shutterstock.com
PWC Legal has announced that Polish lawyer Jean Rossi has joined the firm in Warsaw, where he will be responsible for real estate and the firm’s French clients.
Rossi joins from White & Case, where he spent the past 10 years. Before White & Case he spent 7 years with Gide Loyrette Nouel. He is also the President of the Union des Francais de l’Etranger in Warsaw.
Image source: eurobuildcee.com
On November 24, 2014, the Zorlu Energy Group – working with the assistance of Baker & McKenzie and the Esin Attorney Partnership – closed on financings (by Turkiye Sinai Kalkinma Bankasi and Bayerische Landesbank) for two wind power plants projects in Turkey (originally reported on by CEE Legal Matters on December 15, 2014). The deal was led by Partner Muhsin Keskin from the Esin Attorney Partnership and Frankfurt-based Baker & McKenzie Partner Oliver Socher, with support from Istanbul-based Associates Erdem Sismangil and Berk Cin.
We reached out to Pinar Aksakal Aydin, Legal Counsel at Zorlu Holding, with several questions about the deal and her selection of Baker & McKenzie as as external counsel.
What was the most challenging element of this financing?
P.A.A.: Generally speaking, we can say that banks’ strict rules while collecting all CP’s were the most challenging element of this financing.
In our view the fact that this financing was a hybrid deal (the ECA financing portion provided by Bayern LB and traditional project financing portion provided by Turkiye Sinai Kalkinma Bankasi which also covers a guarantee for the ECA portion) was the second challenging element of this deal. Considering that the established standards for ECA financing and traditional project finance portion differs in some aspects, we tried to align provisions of both deals including repayment periods in order to reach a smooth closing.
Were there any unexpected elements in the deal or did it go smoothly and as expected?
P.A.A.: Generally, it went smoothly and as expected.
Why did you go to Bayerische Landesbank for the financing, and were they represented by external counsel as well?
P.A.A.: Recently Bayern LB has been quite active in Turkey’s renewable energy sector especially in the area of ECA financing deals. Due to its longer tenor and lower interest rates, we think that ECA financing mixed-up with traditional project finance was the best option for this project. For the ECA portion, Bayern LB offering the lower interest rate on longer tenor, was the most advantageous option for Zorlu. Also, Bayern LB’s strong eagerness for the project was a plus in our consideration.
During the negotiations Bayern LB were represented only by their in-house counsels.
Why did you choose the Esin Attorney Partnership and Baker & McKenzie to assist you in this matter, and how did you coordinate their support? (i.e., how much communication was there, what parts of the project you kept in-house vs. what parts you externalized, etc.)?
P.A.A.: Esin Attorney Partnership and Baker & Mckenzie is one of the best legal firms for project finance deals in Turkey. We have been working with them on a few other deals as well and really appreciate their experience, hardworking and problem solving skills in these kinds of transactions.
Also, considering that Esin Attorney Partnership and Baker & Mckenzie have broad experience both in German Law (for the ECA Financing portion) and Turkish Law (for the traditional project finance portion), we had the opportunity to retain one law firm for the whole deal which enabled us not to exceed our legal budget.
Is Zorlu’s increasing focus on renewables a sign that Turkey is actively encouraging the industry and facilitating it with business-friendly legislation, or is it a strict-business decision unrelated to any facilitating legislation?
P.A.A.: We believe that Zorlu’s increasing focus on renewables is a sign that Turkey is actively encouraging the industry and facilitating it with business-friendly legislation. One of the examples of this encouragement is the renewable energy law.
The law on the use of renewable energy resources for the production of electricity provides advantageous incentives through feed-in tariff (especially in the case of local manufacturing of specific equipment), fiscal incentives etc. for the renewable energy projects. This allows more favorable returns for the investors, which definitely affects investors’ business decision.
Furthermore, as Zorlu Enerji, our main strategy is to focus on diversification of the energy resources in order to reduce/mitigate market risks related to fluctuations in energy resources. Having almost 500 MW capacity on gas-based combined cycle power plants, our primary focus has always been on renewable energy resources (wind, geothermal, hydro) in parallel with our investment strategy.
Bondoc si Asociatii has expanded its team by bringing lawyer Serban Patriciu on board as Partner.
Patriciu has over 15 years of business-law experience, specializing in advising local and international corporations, investment funds, and international clients in major transactions, mainly in areas such as real estate, banking, natural resources, and mergers & acquisitions. He graduated from the Bucharest University Law School in 1998 and is a member of the Bucharest Bar. He moved to Bondoc si Asociatii from Popovici Nitu si Asociatii, where he spent the previous 7 years. Before that he worked for five years at Zamfirescu Racoti Predoiu, and another four years with the National Bank of Romania.
Lucian Bondoc, Managing Partner of the eponymous firm, stated that: “Serban is a very good professional, recognized also by international directories as Tier 1, and we are confident in the synergies to be generated by his joining our firm. Serban will co-head the real estate practice group and will also provide legal assistance in commercial projects, mergers & acquisitions and energy/natural resources matters.”
Patriciu was enthusiastic as well, stating: “I am joining with enthusiasm Bondoc si Asociatii, a strong, sophisticated and dynamic team of lawyers, with a very solid client portfolio. The firm’s alliance with White & Case provides the connection with one of the largest top legal practices in the world, to the direct benefit of clients.”
Team of the law firm “Nota Bene” successfully defended the interests of the SPS Stroy construction company and recovered damages from a subcontractor in the amount of RUB 915,000.
In doing so the lawyers from Nota Bene successfully demonstrated that the subcontractor had performed its work poorly, leading to traffic jams on one of the main highways in St. Petersburg.
SPS Stroy filed a lawsuit in the Arbitration Court of St. Petersburg and Leningrad region to recover losses from the subcontractor in charge of the low-quality cabling method HDD (Horizontal Directional Drilling), which led to a soil collapse and a dip in one of the major traffic arteries in St. Petersburg, which SPS Stroy was forced to repair immediately, incurring the damages it was then awarded by the court.
Gessel has advised Enterprise Venture Fund I, managed by Enterprise Investors, on its investment of up to PLN 33 million (approximately EUR 1.2 million) in J.S. Hamilton Poland S.A., a leading provider of control and analytical services, acquiring approximately 19% of its shares. Weil, Gotshal & Manges advised J.S. Hamilton Poland.
Gessel’s services to Enterprise Investors included, “in particular, due diligence, drafting and negotiation of the transaction documentation, and assistance in securing antimonopoly clearance for the transaction.”
The Gessel lawyers involved in the project included Managing Associates Monika Woloszka and Maciej Kozuchowski, and Trainee Advocates Karolina Krzal and Magdalena Szeplik.
The lawyers from Weil advising J.S. Hamilton Poland included Pawel Zdort, Bartosz Gryglewski, and Jakub Domalik-Plakwicz.
Herbst Kinsky advised MIRACOR Medical Systems in a further financing round totaling EUR 4.5 million.
The financing was executed by Swiss BioMedInvest II, Austrian aws Grunderfonds Beteiligungs, and aws Grunderfonds Equity Invest as new investors as well as by the existing investors Earlybird Verwaltungs, Delta Equity Fund III, Dritte SHS Technologiefonds, and SHS Gesellschaft fur Technologiebeteiligungen die Zweite. MIRACOR will use the additional investment to expand clinical trials and commercialization of its PICSO Impulse System (Pressure-controlled Intermittent Coronary Sinus Occlusion).
MIRACOR Medical Systems is a Austrian medical device company dedicated to improve clinical outcome of patients with impaired cardiac function. So far, MIRACOR has raised EUR 16 million in venture capital and another EUR 8 million in public funding.
“This additional cash infusion bears testimony that not only our existing investors continue to embrace the clinical benefits of PICSO,” said Ludwig Gold, CEO of MIRACOR, “but we also see the increasing interest and excitement from new investors. Our technology is addressing cardiovascular diseases, one of the largest medical device markets – this additional funding will help us in further proving its full potential.”
The Herbst Kinsky team was led by Philipp Kinsky and Paul Droschl-Enzi. David Pachernegg assisted as well.
Capital Legal Services has joined Interlaw, an international association of independent law firms in more than 125 cities worldwide.
The firm, with offices in both Moscow and St. Petersburg, thus becomes the only Russian member law firm at Interlaw. According a statement released by Capital Legal Services, “ oining the association will create for Capital Legal Services new opportunities for developing contacts, sharing experience and participating in new professional events held by the association in different regions of the world. The associates from Capital Legal Services will take an active part in the work of expert groups for various industries formed by Interlaw for developing industrial expertise. Having Capital Legal Services, a leading Russian law firm, as a member, will allow Interlaw to create for current participants an opportunity for direct contact with experts from our country and reliable cooperation for purposes of rendering services to international client companies in Russia, as well as to expand and strengthen the experience and knowledge accumulated by the association.”
Michael Siebold, the Interlaw Chair, said that: “Capital Legal Services, an outstanding Russian law firm, joined the Interlaw family. We were attracted to the firm because of its impeccable reputation for professionalism and ethics, its entrepreneurial spirit and global perspective.”