Madirazza & Partners, Adriala network member in Croatia and one of the leading Croatian law firms, have won the IFLR Europe 2020 Award for Restructuring Deal of the Year
Madirazza & Partners was one of the key legal advisors on the Agrokor restructuring, which has won the prestigious title of the most significant restructuring project in Europe completed last year: https://www.iflr.com/Article/3929240/Banking/IFLR-Europe-awards-2020-winners-announced.html.
M&P participated in the proceedings from the very beginning until the end of implementation in April 2019. During the statutory restructuring proceedings under the newly enacted Emergency Administration Act, M&P was mandated as Croatian legal advisor for negotiating and drafting of Settlement Plan by the international financial institutions, members of the Creditors Council. At the Court hearing for the acceptance of the Settlement Plan, M&P advised a group of creditors whose voting rights amounted to approximately EUR 250 million.
It is the first time that a restructuring deal originating in Croatia has been considered as being so significant at a European level, and the first time that the combined restructuring knowledge and expertise of the law firms from several countries have been directly implemented in Croatia for the purpose of preventing the financial collapse of the largest regional company and a detrimental impact it would have on a huge number of its employees, suppliers, creditors, and other stakeholders, including the Republic of Croatia. This process included two years of intensive work under a novel Emergency Administration Act, a number of legal precedents in Croatia, the drafting of an ambitious and complex Settlement Plan, the analysis and regulation of over EUR 7 billion of claims, as well as the successful implementation of the deal to a new corporate structure under the name Fortenova.
Madirazza & Partners is honoured to receive such recognition alongside the top law firms, elite experts in worldwide restructuring, who worked on this deal and would like to thank them all of them for the excellent collaboration and support.