Sale Purchase of Water Power Station amounting to EUR 1 million


Bulgarian company Energy Investments Jsc. which is an owner of two working power stations – water power station and photovoltaic power station. Some of the shareholders of Energy Investments Jsc. are foreign companies registered in Panama which are acting via proxies in Bulgaria. The Law Firm executed the due diligence for the other shareholder Illumination Consult Ltd. which has the intension to purchase all shares of Energy Investments Jsc. The client Illumination Consult Ltd. planed to finance part of the deal with a bank credit, and the Law Firm participates in the negotiations with the bank concerning the credit and securities. The Law Firm is leading the negotiations with the sellers of shares concerning the steps of transfer the shares, payment of the price and execution of the required corporate changes. In process of negotiations the Law Firm and its lawyers Ms. Diliana Ilieva and Mr. Anton Uzunov prepared the SPA, Escrow Account Agreement, declarations, etc. The case traits are: bank financing for part of the purchase price, pledge establishmentin favour of the bank over the shares which shall be transferred, amendment of the voting rights under the shares hold by the bank as a pledge; Energy Investments Jsc. quality as a joint debtor of the bank under a security of other credit, importance of the bank and its officials in the negotiations for the deal.

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