Work highlights

Our firm’s restructuring practice celebrates another success with the debt restructuring of a prominent Greek construction company. Acting as legal advisors to the company throughout the process—from the initial negotiation stages to the ongoing implementation—our client’s debt towards its principal creditor was reduced by 91.3%.

The restructuring agreement also extended to non-party unsecured creditors, relieving the client of over EUR 2 m. in debt. Additionally, it established a flexible repayment schedule for debt owed to the Greek State, consisting of 144 monthly installments.

The Multi-Member First Instance Court, considering the reasonable expectations for the agreement’s success and its potential to prevent our client’s bankruptcy and asset liquidation ruled in favor of ratification.

Acting as legal advisors to a leading hotel company, member of a reputable hotel group owning 5* and 4* hotels in the Dodecanese and Crete, we achieved the restructuring of its total debt amounting to EUR 31 million. Our team, after successfully negotiating the rehabilitation agreement with debtor's main creditor - a systemic bank, filed this agreement for ratification before the Multi-Member Court of First Instance of Rhodes. The Court, having considered the company's viability plan and future growth prospects, ratified the rehabilitation agreement, while rejecting the opposing arguments of other creditors who intervened before the Court. Following the ratification, our team was instructed to advise the client on the implementation of the terms of the rehabilitation agreement.

Our team successfully represented a well-established Greek hotel company owning a 5* hotel and a 4* hotel located in the island of Kos, before the Multi-member Court of First Instance of Kos achieving its debt restructuring of approximately EUR 40 million. Our team represented the company throughout the whole restructuring process, from the initial negotiations to the final submission and representation before the competent court. In connection with the main creditor, we achieved for our client an arrangement structured in three main tranches payable in 8 years with a reduction of more than 30 % of its total debt and a low interest rate. The competent court having verified the viability of our client’s business plan, ratified the agreement as submitted. Following the ratification, our law firm has been mandated to advise the client on the implementation of the rehabilitation agreement.

KBA Law Firm advised the shareholder of the company owning “Koufonisia Hotel & Resort” in connection with the sale of its 71,31% shareholding in Afoi Simou S.A., to Intracom Properties, a wholly-owned subsidiary of Intracom Holdings, a company listed on the  Athens Stock Exchange.

Koufonisia Hotel & Resort is the largest hotel on the Greek island, Koufonisia.