Restructuring of Bulsatcom

Attorneys-at-law Mrs. Liliya Tsoncheva and Mrs. Gergina Kyoseva advised the biggest TV and satellite operator in Bulgaria – Bulsatcom EAD on its financial and operational restructuring on matters of Bulgarian law.

The transaction involved restructuring of EUR 80 million existing syndicated bank facility by converting debt into equity in favour of the current lenders of Bulsatcom, including London-based investment firm Blantyre Capital Limited, the European Bank for Reconstruction and Development and Bulgarian Development Bank and the advancement of EUR 30 million of new secured debt to the corporate group of Bulsatcom.

Over the last two years Bulsatcom terminated major litigation cases and reached settlements with its principal lender – the Export-Import Bank of the United States and with the owner of Bulgaria Sat-1 satellite. Bulsatcom also settled successfully its current debt to commercial and financial creditors.

On matters of English law Kirkland & Ellis advised Blantyre Capital and Bulgarian Development Bank and Pillsbury Winthrop Shaw Pittman acted for the European Bank for Reconstruction and Development.

On matters related to Bulgarian law Blantyre Capital, Bulgarian Development Bank and the European Bank for Reconstruction and Development were advised by DGKV.

12 November 2019

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