Eversheds Sutherland member Tsvetkova Bebov & Partners, working with Clifford Chance, has advised the Republic of Bulgaria on a dual-tranche EUR 2.3 billion sovereign bond issuance. Linklaters and DGKV reportedly advised joint lead managers BNP Paribas, Credit Agricole CIB, Deutsche Bank Aktiengesellschaft, and JP Morgan.

We're sending off 2023 with the news that by the beginning of next year at the latest we will finally have a new European regulation on artificial intelligence (AI) coming into force within two years (the EU AI Act). On 14 June 2023, the European Parliament approved its negotiating position on the EU AI Act and since then, the talks have begun with EU countries in the Council on the law's final form. The EU AI Act is intended as a fundamental and harmonizing legislative text. But is it really so and what do we read between the lines in the new regulation?

Djingov Gouginski Kyutchukov & Velichkov has advised Sofia Airport operator SOF Connect on the expansion of the airport's open parking area and refurbishment of the covered parking.

Bulgaria's Dinova Rusev & Partners has recently announced the appointment of Ivelina Cherneva as the firm's new Managing Partner. Having been with the firm for the past 17 years, Cherneva succeeds founder Anelia Dinova in the MP role.

Former Senior Associate Dragomir Stefanov was promoted to Partner at Hristov & Partners.

Eversheds Sutherland member Tsvetkova Bebov and Partners, working alongside White & Case, has advised Energo-Pro on an issue of USD 300 million bonds due 2028. Reportedly, BLC Law Office and GKC Partners advised on the issuance as well while Allen & Overy, Boyanov & Co, and Gedik Eraksoy advised the banks involved.

Why do we need an agent to hold the security in the first place?

Dimitrov, Petrov & Co has advised TPXImpact Holdings on the sale of its subsidiaries Questers Resourcing and Questers Bulgaria to Estonia-based software developer Nortal. Reportedly, Charles Russell Speechly and Konecna & Zacha advised Nortal.

Orrick has advised Ellia on its USD 1.5 million seed funding. Wolf Theiss reportedly advised Bulgarian Eleven Ventures on leading the funding round.

Boyanov & Co has advised Black Sea Property on its acquisition of Grand Hotel Varna.

Djingov Gouginski Kyutchukov & Velichkov has advised TokWise on its EUR 3 million equity investment round led by Encavis and including Vitosha Venture Partners-Fond I KD, KIC InnoEnergy SE, and Innovation Capital Fund KDA. Georgiev & Kolev advised Vitosha Venture Partners. CMS reportedly advised Encavis.

Boyanov & Co has advised the Aurelius Group on its acquisition of Lufthansa’s catering operations in Bulgaria. Schoenherr advised Lufthansa.

CMS has advised Naftogaz Slovakia – the local subsidiary of the national gas company of Ukraine – on securing a natural gas trading license in Bulgaria.

In The Debrief, our Practice Leaders across CEE share updates on recent and upcoming legislation, consider the impact of recent court decisions, showcase landmark projects, and keep our readers apprised of the latest developments impacting their respective practice areas.

White & Case has successfully represented the Bulgarian Energy Holding and its Bulgargaz and Bulgartransgaz subsidiaries before the European Union's General Court in a case that saw the full annulment of a 2018 decision by the European Commission and related EUR 77 million fine imposed for foreclosing the Bulgarian gas supply market.

CMS has successfully represented Slovakian renewable energy investors Alpha Solar Group and Alpha Solar Invest in a case against the Bulgarian state regarding the recovery of cut feed-in tariffs for operational photovoltaic plants in Bulgaria.

Kinstellar has advised Total Specific Solutions on its entry into the Bulgarian market through the acquisition of AS Systems. Sabev & Partners advised the sellers.

Eversheds Sutherland Bulgarian member Tsvetkova Bebov & Partners, working alongside Freshfields Bruckhaus Deringer, has advised Villeroy & Boch on the acquisition of Bulgarian Ideal Standard- Vidima AD, part of the Ideal Standard Group. White & Case and Boyanov & Co reportedly advised the sellers.