Cobalt has successfully represented Lithuanian poultry farm Gireles Paukstynas before the Supreme Court of Lithuania in a dispute with insurer Lietuvos Draudimas regarding the insurer's refusal to recognize the state-mandated slaughter of sick birds as an insured event.

Lithuania hopes for the best and prepares for the worst by further tightening its banking and fintech regulations, following the latest decisions and position papers issued by the supervisory authority. Despite talks of a recession, the banking and finance market remains active, according to Cobalt Partner Akvile Bosaite.

Cobalt has advised Change Ventures on leading a EUR 2 million investment round in Formaloo. Other investors included Hyde Park Venture Partners, Mana Ventures, and Startup Wise Guys.

Cobalt has advised Highland Europe on its investment in PVcase, together with Elephant and Energize. 

Cobalt successfully represented TREV-2 Group in a lawsuit involving a former employee sending several sensitive employer materials to their personal e-mail address shortly before the termination of his employment.

Cobalt has advised the European Bank for Reconstruction and Development on an equity investment in Sunly. 

Did You Know that 12 firms in Central and Eastern Europe worked on more than 16 client matters reported by CEE Legal Matters in the first half of the year? According to the Activity Rankings function of the CEELMDirect website, two firms worked on more than 40 client matters reported by CEE Legal Matters in the first six months of 2023: Schoenherr, which worked on 42, and Clifford Chance, which worked on 41.

Cobalt has advised the City of Tallinn on renegotiating the PPP contracts with Vivatex Holding and the BCA Center for the lease of ten school buildings in the city. Walless advised the BCA Center.

Cobalt has advised the Enery group in obtaining funding from Swedbank for the construction of a new solar park.

Cobalt has advised Mirova Energy Transition in obtaining construction funding from Swedbank for the development of new solar parks in Estonia.

Cobalt, working with Allen & Overy's London office, has advised the Luminor Bank on the update of its EUR 5 billion euro medium-term note and covered bond program along with a EUR 600 million tender offer for existing notes and a EUR 300 million issuance of new restricted senior preferred notes. The London office of Clifford Chance advised the dealers.

Walless has advised Ignitis Renewables on the acquisition agreement for a wind farm in Kelme, Lithuania, with developer E Energija. Cobalt advised E Energija.

At the end of 2021, the Regulation (EU) 2020/1503 of the European Parliament and of the Council of October 7, 2020, on European crowdfunding service providers for business (EU Crowdfunding Regulation) entered into force. In light of the regulatory requirements, existing crowdfunding platforms with prior authorizations under national rules shall receive authorization under the new regulatory framework by November 10, 2023.

Cobalt has advised SmartCap on its investment in Tartu-based start-up eAgronom in a EUR 5 million financing round joined by Icos Capital and Soulmates Ventures.

Cobalt has advised AS Toode majority shareholder Amber Trust II SCA on the sale of its shares to Kingspan Group company Joris Ide NV.

Cobalt has successfully represented Estonian citizen Ivan Turogin before the Supreme Court on the admissibility of electronic surveillance as an alternative to arrest for defendants during extradition proceedings.

Cobalt has advised Latvian construction equipment rental company Storent Holdings on its EUR 10.5 million issuance of bonds with an 11% interest rate and December 2025 maturity as well as on their listing on the Baltic Bond List of Nasdaq Riga on June 27, 2023.

Did You Know that a total of 11 law firms have worked on four or more reported Energy/Natural Resources deals in CEE so far this year? According to the Activity Rankings function of the CEELMDirect website, the leaderboard is led by Norton Rose Fulbright, which has worked on ten Energy/Natural Resources deals reported since January 1, 2023.