Insolvency and Restructuring
KBA Law Firm is proficient in handling the most complex and challenging debt restructuring cases
Our core restructuring team possesses thorough knowledge and experience in every aspect of Greek and EU insolvency law. We are continuously involved in large scale corporate restructuring and reorganisation proceedings and our representations have earned us numerous achievements. Our offering covers the full spectrum of the distressed continuum, such as contingency planning, debt restructuring and reschedulings, distressed acquisitions/sales, credit bidding, formal insolvency proceedings, out-of-court refinancings and distressed debt trading.
We have been on both sides of the table and that makes us understand the varied perspectives, motivations and concerns of all parties. The breadth of our team’s experience allows us to navigate intricate legal challenges and address problems with an interdisciplinary approach. We deliver business-focused and custom-made solutions for our clients, negotiating and documenting debt financing arrangements, including standstill agreements and financing transactions to inject fresh money into companies in the pre-insolvency stage.
We work closely with specialists in related practice areas including audit advisors and tax consultants to provide integrated services and develop value-added resolutions for our clients.
The implementation of more than EUR 500 million rescue schemes in the Greek hotel industry the last year enables us to have a solid foothold in this sector.
Related work highlights
successful case studies
RATIFICATION OF €47 M. DEBT RESTRUCTURING
Our team achieved the ratification of a restructuring agreement in relation to the financial debt of our client, amounting to €47 million, thus saving our client more than €6 million (incl. reduction of 2-year payable interest towards the Greek State and Social Security Funds). The Multi-Member Court of First Instance ratified the agreement as proposed, whereas the creditors’ claims were dismissed in full. Following the ratification, our law firm is mandated to advise the client on the implementation of the restructuring agreement.
€14.5 m. debt restructuring of a hotel company
KBA Law Firm successfully represented a Greek hotel company owning one 5* hotel before the Multi-Member Court of First Instance in relation to its debt restructuring of €14.5 million. The court ratified the restructuring agreement, as drafted by our team, and dismissed in full the creditors’ claims. Following the ratification of the restructuring agreement, our team is engaged in advising our client on the seamless implementation of the terms of this agreement.
Acquisition of non-performing loans
Our team advised a private equity fund for the acquisition of non-performing loans (the NPL Portfolio) in shipping.
€68 m. debt restructuring of a hotel company including creditors’ haircut up to 80%
Our firm successfully represented a Greek hotel company owning two 5* hotels before the Multi-Member Court of First Instance in relation to a debt restructuring of approximately €68 million. Among the key benefits of the restructuring agreement ratified by the court, is remarkable deleveraging, including unsecured creditors’ haircut up to 80%, improved liquidity for our client with a supplementary amount of €11 million to fund its business needs as well as restructuring-related expenses, reduction in interest cost and extension of the maturity of the company’s existing indebtedness for more than 10 years. Following the ratification, our team regularly provides legal support to our client in connection with the implementation of the terms of the restructuring agreement.
€47 m. debt restructuring of a hotel company
Our team advised a Greek hotel company owning a 5* hotel with respect to a €47 million debt restructuring, via a pre-packaged plan (implementation of art. 106b of Greek Insolvency Code).
out-of-court haircut of outstanding debts amounted to €3 m.
Our team successfully represented a Greek hotel company before the competent tax authority achieving an out-of-court haircut of outstanding debts of €3 million.
€14.5 m. debt restructuring of a hotel company
Our team advised a Greek hotel company on a €14.5 million debt restructuring, via a pre-packaged plan (implementation of art. 106b of Greek Insolvency Code).
KBA advises a Big-4 accounting firm
KBA advises on a regular basis a Big-4 accounting firm on complex issues in relation to restructuring involving the implementation of articles 99 sub. of Greek Insolvency Code.
€81 m. debt restructuring of a leading hotel group
Our firm advised a leading hotel group on the restructuring of its debt valued at approximately €81 million. Specifically, our team played prime role in the negotiations with the main companies’ creditors and successfully represented the three companies of the group before the Multi-Member Court of First Instance, achieving the ratification of the restructuring agreements. Our team also advises the companies of the group on the implementation of the restructuring agreements.