In 2013, a wide range of changes were introduced in relation to the London Inter-Bank Offered Rate. A staple for a wide range of financial products, LIBOR has been the dominant rate for syndicated loans, bonds, and derivatives entered into on the Bulgarian, CEE, and wider European markets. However, following a series of problems over the past decade, the need to move away from LIBOR has become apparent. As panel banks would not be required to submit their references by the end of 2021, the question has become what the alternatives to LIBOR are and how they can be implemented.
DGKV has advised a consortium of lenders including the London-based investment firm Blantyre Capital Limited, the EBRD, and the Bulgarian Development Bank on the financial restructuring of Bulsatcom EAD – the largest Bulgarian TV and satellite operator. Kirkland & Ellis advised Blantyre Capital and Bulgarian Development Bank on matters of English law and Pillsbury Winthrop Shaw Pittman advised the EBRD. Bulsatcom was advised by Bulgarian solo practitioners Gergina Kyoseva and Liliya Tsoncheva.
There were more than 2.7 million vehicles in Bulgaria in 2018, 319,639 of which were newly registered. Yet it appears that such figures, even in a country with a population of less than seven million, don’t necessarily create an opportunity for the development of connected car services. Why aren’t connected cars more significant and widely-used in Bulgaria?
Georgiev, Todorov & Co. has successfully represented BMF Port Burgas EAD, the concessionaire of Bulgaria's Bourgas East 2 and Burgas West port terminals, before the European Court of Justice in a matter initiated by the Administrative Court of Sofia regarding the interpretation of Directive 2009/72/EC regarding the common rules for the internal market in electricity.
Georgiev, Todorov & Co has successfully represented BMF Port Burgas before the Court of Justice of the European Union in a Preliminary Reference Procedure initiated by the Administrative Court of Sofia regarding an administrative act by Bulgaria's Energy and Water Regulatory Commission relating to an electrical network connection dispute.
“What we are seeing lately is a fragmentation of the legal market, as well as intensifying competition,” says Peter Petrov, Partner at Boyanov & Co. in Bulgaria. “While no major players have entered or exited the market, there have been moves between legal teams, as well as existing teams developing new expertise.”