LT Law Bulgaria Advised Bulsatcom on €80 Million Financial and Operational Restructuring

Attorneys-at-law Liliya Tsontcheva and Gergina Kyoseva advised Bulsatcom EAD, Bulgaria’s largest TV and satellite operator, on a comprehensive financial and operational restructuring under Bulgarian law.

The transaction included the restructuring of an €80 million syndicated bank facility, converting part of the debt into equity for Bulsatcom’s existing lenders, including London-based Blantyre Capital Limited, the European Bank for Reconstruction and Development (EBRD), and the Bulgarian Development Bank (BDB). The restructuring also involved the provision of €30 million in new secured debt to the Bulsatcom corporate group.

Over the past two years, Bulsatcom has resolved key litigation, including settlements with its principal lender, the Export-Import Bank of the United States, and the owner of the Bulgaria Sat-1 satellite. The company also settled outstanding obligations with commercial and financial creditors, significantly strengthening its financial position.

On matters of English law, Kirkland & Ellis advised Blantyre Capital and BDB, while Pillsbury Winthrop Shaw Pittman represented EBRD. For Bulgarian law, DGKV advised Blantyre Capital, BDB, and EBRD.