By means of recent changes to the Energy and Gas Law no. 123/2012 (the “Energy Law”), the operators holding concession over the electricity distribution grid (the “Distribution Operators”) have been compelled to take over the ownership over private electricity distribution grids and related energetic capacities (the “Energetic Capacities”) in specific cases set out thereby. In addition, the amendments to the Regulation for the connection of users to the public interest electricity grids (the ”Connection Regulation”) which will enter into force in January 1, 2021 changed the ownership regime over the Energetic Capacities built for connecting new users (such as power producers), by recognizing the ownership right of such users and their right to sell the capacities to the Distribution Operators.
Over the last couple of months, CEE Legal Matters reported on the launch by Romania's Mares & Mares law firm of two new alliances with firms specialized in White-Collar Crime – one in Moldova and one in Israel. We spoke with Mihai Mares, founder and Managing Partner of the firm, about his career and his firm's history, as well as the rationale behind the new alliances.
RTPR and Allen & Overy have advised EximBank as the coordinating mandated lead arranger and a syndicate of Banca Comerciala Intesa Sanpaolo Romania, Banca Transilvania, CEC Bank, Garanti Bank, ING Bank’s Bucharest Branch, International Bank for Economic Co-operation, OTP Bank Romania, Raiffeisen Bank Romania, and UniCredit Bank on the refinancing and maturity extension of a USD 150 million revolving facility granted to Romanian aluminum producer Alro. Zamfirescu Racoti Vasile & Partners and Simmons & Simmons advised the borrower on the deal.
As at November 2020, many borrowers in Romania are still enjoying the moratorium on debt and interest payments introduced by the Government to help combat the effects of the COVID-19 pandemic. But the moratorium period will lapse by December 31, 2020 and, if it is not extended, borrowers will need to resume debt service to avoid default.
Pharmacy Law no. 266/2008 (the “Pharmacy Law”) was recently amended by Law no. 243/2020 approving the Government Ordinance no. 4/2018 amending and supplementing the Pharmacy Law no. 266/2008 which was published in the Official Gazette of Romania no. 1042 (“Law no. 243/2020”). The new amendments entered into force on November 9, 2020.
MPR Partners has helped J. Christof E&P Services S.R.L. and Christof Private Firefighting Services S.R.L. provide notification to Romanian and Serbian competition authorities of the economic concentration arising from OMV Petrom’s externalization of several operations and general surface services ancillary to extraction and production of petroleum as well as natural gas, together with the relevant assets and dedicated staff. D&B David and Baias and Karanovic & Partners provided advice to J. Christof E&P and Christof Private Firefighting Services.
Law no. 223/2020 on simplifying and eliminating the bureaucracy involved in transfer of shares and payment of share capital by amending Romanian Companies Law No. 31/1990 (“Companies Law”) was published in Issue no. 1018 of the Official Gazette of Romania dated 2 November 2020 and entered into force on 5 November 2020.
D'Ornano Partners, Popovici Nitu Stoica & Asociatii, and Norton Rose Fulbright have advised the Orange Group on its EUR 268 million acquisition of a 54% stake in Telekom Romania from the OTE Group. Dechert and Eversheds Sutherland advised the OTE Group and Tuca Zbarcea & Asociatii advised Telekom Romania.