Share Capital of Companies Following the Introduction of the Euro

With the introduction of the euro as the official currency of the Republic of Bulgaria, the legislation provides a specific framework for the treatment of company share capital. Pursuant to the Law on the Introduction of the Euro, as of the date of the euro’s introduction, the share capital registered with the Commercial Register of limited liability companies, joint-stock companies and partnerships limited by shares is automatically replaced by the corresponding values in euro and euro cents. This replacement takes effect by operation of law and is technical in nature. It does not constitute an increase or decrease of share capital, but...

10 November

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Gergina Kyoseva advises Bulsatcom on the Group’s financial restructuring

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Gergina Kyoseva assisted by co-counsel Liliya Tsoncheva advised Bulsatcom EAD – the biggest Bulgarian TV and satellite operator in relation to its financial and operational restructuring. The restructuring process took more than two years during which Bulsatcom settled its current debt to commercial and financial creditors, terminated major litigation and enforcement cases and reached settlement with Bulgaria Sat EAD – the owner of Bulgaria Sat- 1 satellite, and its principal lender the Export-Import Bank of the United States. The complex financial transaction consisted in restructuring of Bulsatcom’s EUR 80 million existing syndicated bank facility initially provided in 2014 by leading international banks through conversion of part of the debt to equity...

17 September

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New Anti-Money Laundering Act Provides For Announcing Of Ultimate Beneficial Owners Until 31 May 2019

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A new Anti-Money Laundering Act was promulgated on 27 March 2018 and entered into force on 31 March 2018. The law transposes into the Bulgarian national legislation the requirements of Directive (EU) 2015/849 of the European Parliament and of the Council of 20 May 2015 on the prevention of the use of the financial system for the purposes of money laundering or terrorist financing (the “Anti-Money Laundering Directive”), the International standards on combating money laundering and the financing of terrorism (the “FATF Recommendations”) and the Convention on laundering, search, seizure and confiscation of the proceeds from crime and on the...

Author: kydadmin

Share Capital of Companies Following the Introduction of the Euro

Gergina Kyoseva advises Bulsatcom on the Group’s financial restructuring

New Anti-Money Laundering Act Provides For Announcing Of Ultimate Beneficial Owners Until 31 May 2019

Share Capital of Companies Following the Introduction of the Euro