Corporate Reorganisation and Restructuring - Practice Highlights

I. What the market says about us

  •  “‘The strong team is quick to grasp issues and tackle them accordingly.’ ‘The quality of service and the responsiveness are excellent.’” (Chambers Europe, 2013)
  • “Paraskevas Law Firm ‘provides a level of commercially minded, user-friendly service comparable with that of the leading international law firms.’” (Legal 500, 2012)
  • “Overseas clients laud it as ‘a first-rate firm with international expertise, which is not often the case in Greece.’” (Chambers and Partners Global, 2011)
  • “‘They are extremely knowledgeable, open-minded and driven towards the best possible solution,’ report clients of this established outfit.” (Chambers Europe, 2010)
  • “This firm is ‘impressively responsive’ and ‘knows the banks inside-out.’” (Chambers Europe, 2009)

II. Our practice

Our corporate reorganisation / restructuring and insolvency practice has been booming given the state of Greek economy. Our focus has inevitably expanded to cover long standing clients’ needs in the crisis-related fields of sovereign insolvency and debt restructuring including the likely ramifications in case of a Euro exit.

III. Indicative recent experience

  • Advising key institutional investors on the over EUR 200 bn Greek PSI and holdout;
  • Designing and implementing, together with many UK and US law firms, Greek disinvestment strategies (in- and out-of-court restructuring procedures and insolvency options, minimizing / avoiding director and shareholder liability) for major European and global household names;
  • Acting for one of the top 10 shipping groups worldwide in the context of the biggest money laundering case in Greece involving the group’s restructuring, working together with local counsel in several jurisdictions;
  • Acting on an ongoing basis as local counsel to a magic circle law firm advising the European subsidiary of a global financial conglomerate currently under English law administration, in the largest and most complex ever insolvency case globally and in connection with a multitude of claims and criminal proceedings initiated by various major Greek players active, among other, in the banking, health, construction and car industry;
  • Advising a major local player in the fossil fuel sector on a EUR 65 mn bond loan issuance in the context of restructuring of a portfolio of loans given by almost all locally operating banks;
  • Advising a European leader in the automotive sector on the restructuring of its Greek subsidiaries’ local dealers’ network before proceeding to massive disinvestment from the Greek market through a EUR 9 mn share deal that included restructuring of intercompany lending;
  • Advising a major German clearing house on complex insolvency issues in connection with the application of specific clearing models to the offering of clearing services to Greek and non-Greek clearing members;
  • Advising one of the world’s major alternative investment firms on insolvency matters arising in relation to a top-in-its-sector local listed company;
  • Advising a top player in the local real estate sector in relation to the restructuring of its corporate management;
  • Advising extensively one of the biggest US investment management companies on the impact of a corporate reorganisation on takeover and reporting requirements / investment restrictions in the local market;
  • Advising various European and US financial institutions on the effects of local insolvency on various holding patterns of cross-border financial collateral and netting arrangements;
  • Advising a leading German power generator manufacturer through the Hamburg office of a well-known UK law firm, as well as one of the world’s leading generics pharmaceutical companies, on all corporate aspects of their management realignment at their local establishments.

Other notable recent experience includes:

  • Acting as a local counsel to a magic circle law firm advising a leading US investment and advisory firm as note holder of a major telecommunications company in the context of one of Europe’s biggest debt restructurings (EUR 3.2 bn);
  • Advising a US law firm on the likely implications of a possible departure of the Hellenic Republic from the Eurozone on Euro-denominated monetary obligations as well as in the context of local counterparty insolvency;
  • Advising the top management of a leading UK investment bank on the restructuring of Greek structured sovereign securities in connection with a claim regarding breach of contract of advisory services;
  • Advising a major investment fund on the likely consequences of a Greek sovereign debt restructuring, especially as regards the triggering of CDS and the likely ramifications of a Euro exit;
  • Advising the Greek branch of a global automotive finance-specialised company on the intra-group corollaries (directors’ duties/liabilities, regulatory issues, termination of intercompany agreements) of a potential insolvency of affiliated local entity.

The only Greek Law Firm ever listed in the Financial Times Law 50 Report