Bernitsas Law

Managing Partner: Panayotis Bernitsas
Number of partners: 11
Number of lawyers: 38
Languages:English, French, German, Greek, Italian, Spanish

Firm Overview:
Bernitsas Law is a market leader in the provision of commercial law services in Greece and one of the largest firms in the country. The firm counts industry frontrunners, listed and private companies, supranational, global and national entities and corporations, as well as small and medium sized enterprises from all the major industry sectors among its clients.

Main Areas of Practice:

Banking & Finance:
4 partners, 9 associates
■Notes Issuances: Nikos Papachristopoulos and team acted for (a) Piraeus Bank (PB) and Piraeus Group Finance (PGF) regarding the (i) issuance and offering to institutional investors of €400m principal amount of dated subordinated notes qualifying as Tier 2 capital instruments under the CRR issued by PGF and guaranteed by PB (notes), (ii) the entering into a subordinated loan facility between PGF and PB for the on-lending of the notes proceeds from PGF to PB, (iii) the listing of the notes on the Luxembourg Stock Exchange, and (iv) PB’s submissions to the SSM for the recognition of the notes as regulatory capital, (b) ELLAKTOR SA and ELLAKTOR Value Plc (EVP) regarding the issuance and international offering of €600m principal amount of notes due 2024 issued by EVP and initially guaranteed by Ellaktor, and their listing on the International Stock Exchange
■PIMCO Securitisations of NPLs: Athanasia Tsene and team advised Pimco on Project Pillar (involving a securitisation of residential, personal and small business loans) and have been advising Pimco on the ongoing process for Project Cairo (involving two SPVs for the securitisation of residential, personal and small business loans and a third SPV for the securitisation of corporate loans) and Project Europe (for the acquisition of a majority shareholding in FPS, a licensed servicing company currently fully owned and controlled by Eurobank)
■Apollo Secured SME NPL Portfolio and REO Portfolio Acquisition: Athanasia Tsene and team acted for Apollo Global Management LLC in the acquisition by a consortium comprised of funds managed by affiliates of Apollo and IFC of a mixed pool of a portfolio of NPLs to Greek SMEs and repossessed real estate assets in Greece
Key Clients: Alpha Bank, Bank of America Merrill Lynch, Barclays Bank, BNP Paribas, Citigroup, Credit Agricole, Credit Suisse, Deutsche Bank, Ellington Management Group, Morgan Stanley, Hellenic Financial Stability Fund, N.M. Rothschilds, Societe Generale

Competition/European:
3 partners, 1 counsel, 1 associate
■AIG Acquisition Clearance: Marina Androulakakis and team successfully represented the AIG Group before the Hellenic Competition Commission regarding the acquisition of sole control over AIG Greece SA, the Group’s Greek branch’s sole legal representative in Greece
■Media-Saturn-Holding and Olympia Group Ltd Joint Venture: Marina Androulakakis and team has been advising Media-Saturn-Holding GmbH on the competition law aspects, including merger control review, of their proposed merger with Olympia Group Ltd of the operations of Media Saturn Electronics Hellas Commercial and Holding AE with Retail World SA into a new joint venture company, in relation to which the HCC’S approval was issued in November 2019
Key Clients: AIG Group, Media Saturn Holding GmbH, Attica Group, Bristol Myers Squibb, BMW Hellas, Hellenic Healthcare, Hellenic Fuels & Lubricants, Hellenic Petroleum

Corporate/Commercial:
6 partners, 1 counsel, 12 associates
■Amerra Capital Management Acquisition of Majority Stakes: Nikos Papachristopoulos and team advised Amerra Capital Management LLC and Mubadala Investment Company PJSC, being the controlling shareholders of Andromeda Group, in the latter’s acquisition of majority stakes in Nireus SA and Selonda SA, two major Greek fish farming companies with vast international activities, from the four Greek systemic banks
■Media-Saturn-Holding and Olympia Group Ltd Joint Venture: Lambros Belessis, Evi Kitsou and team advise Media-Saturn-Holding GmbH in the proposed merger with Olympia Group Ltd of the operations of Media Saturn Electronics Hellas Commercial and Holding AE with Retail World SA to establish a new joint venture company
■Rolling Stock Maintenance Company (ROSCO): Yannis Seiradakis and team advised HRADF in the privatisation of ROSCO, the independent company maintaining the rolling stock, through the sale of shares representing 100% of the company’s share capital
Key Clients: Swatch Group, Kosmocar, Hipoges Iberia, Apivita, BMW Hellas, CVC Capital Partners, Diesel Hellas, National Bank of Greece, AIG, Samsung

Dispute Resolution:
5 partners, 6 associates
■Property Development Dispute: Dimitris Roussis and team are advising the Regulatory Authority for Energy in relation to a tendering process launched by ARIADNE Interconnection for the study, supply and installation of electric power conversion stations for the electricity interconnection between Crete and Attica
■Diesel Emissions Case: Christos Paraskevopoulos and team are advising a leading importer and distributor of vehicles, in relation to civil actions filed against them by consumers allegedly affected by software, the purpose of which was to optimise NOx emissions in certain vehicle models
Key Clients: Apivita, BMW Hellas, Hellenic Petroleum, Orion Pharma Hellas, TTI, Kosmocar

Employment:
1 counsel, 2 associates
■Employment Issues Arising in Acquisitions: Katia Papantonopoulou and team advised CVC Capital Partners on the employment issues relating to their purchase of four private hospitals in Athens, and continue to advise on claims under warranties
Key Clients: KPMG, BMW Hellas, Bristol Myers Squibb, Olympia Odos, CVC Capital Partners, Acun Media

Energy:
2 partners, 4 associates
■Alexandroupolis LNG Project: Panayotis Bernitsas, Yannis Seiradakis and team are advising Gastrade, the project company, in relation to the development of the Alexandroupolis Independent Natural Gas System (INGS) project ■Trans Adriatic Pipeline AG (TAP) Project: Panayotis Bernitsas, Yannis Seiradakis and team are advising on the project financing of TAP’s development of a c.871km gas pipeline connecting to the Trans-Anatolian Natural Gas Pipeline, sponsored by AzTap, Snam, BP Gas Marketing, Fluxys Europe, Enagas Internacional, SLU and Axpo Trading
Key Clients: European Investment Bank, European Bank for Reconstruction and Development, Gastrade, Hellenic Petroleum, ICGB

Real Estate:
1 partner, 3 associates
■Astir Palace Vouliagmeni Villas: Panayotis Bernitsas, Nikos Vouhiounis and team advise Jermyn Street Real Estate Fund IV LP in relation to the negotiations and the execution of sale and purchase agreements regarding plots within the Astir Palace Vouliagmeni Property for the construction of luxury residential villas, and are advising on the:
■Acquisition of a Touristic Resort development consisting of two five star hotels on Rhodes island
Key Clients: Jermyn Street Real Estate Fund IV LP, HIG, Trastor REIC, Florac, HRADF, Hellas Capital Leasing REIC, Värde Partners Europe

Restructuring/Insolvency:
6 partners, 11 associates
■$133M Refinancing of Bulk Carriers: Athanasia Tsene and team acted as lead counsel to a major Greek Shipping Group on the $133m refinancing of seven bulk carriers registered under the Cyprus flag, with Credit Agricole Corporate and Investment Bank as senior lender and bondholder
Key Clients: Piraeus Bank, Commerzbank, Cyprus Popular Bank Co, doBank, Eurobank Ergasias

Tax:
1 partner, 1 counsel, 1associate
■Tax Planning of Acquisition: Panayotis Bernitsas, Fotodotis Malamas and team advised Hellenic Healthcare Holding SA, a company majority controlled by funds advised by CVC, on the tax planning aspects of their acquisition of 100% of Ygeia SA, a leading private healthcare provider in Greece

TMT:
1 partner, 1 counsel, 2 associates
■BMW Hellas and BMW Austria Bank Advice: Marina Androulakakis and team advise BMW Hellas and BMW Austria Bank (Athens Branch) on data protection, including GDPR compliance, and regarding the contractual documents and privacy statements for BMW ConnectedDrive services
Key Clients: Acun Media Group, BMW Austria Bank (Athens Branch), Cyprus Telecoms Authority