IFLR 1000
The Guide to the World's Leading Financial Law Firms

Nestor Nestor Diculescu Kingston Peterson (NNDKP) is a solid tier one firm whose history precedes it. Since the fall of communism, the firm has been able to "organise themselves to grow organically" and its reputation is testament to this success. "Nestor has a good team," says one partner. Competitors have praised Gabriela Ontica on account of her expertise on the capital markets.

NNDKP regularly advises state entities and domestic and international financial institutions. Furthermore, the reputation of the firm derives from its role on landmark securities transactions and the largest ever IPO in Romania.

"It is one of the top three law firms that is Romanian owned," says one client, adding: "I prefer Nestor because you get the same quality at a lower price. International firms have very high rates."

This year, the firm advised ING on securities law aspects related to the listing of the fund Fondul Proprietatea. The bank was one of the members of a syndicate appointed by Franklin Templeton Investments for the purpose of listing the fund on the Bucharest Stock Exchange. The firm was also involved in one of the most complex deals on the capital markets of 2010. This was a combined redemption and conversion of a bond issue of Rompetrol Rafinare, which had been fully acquired by the State in 2003 and matured in late September 2010. Illustrative of the high number of squeeze-out procedures on the market and indirect offers obligations becoming binding due to regulatory changes NNDKP advised the Ford Motor Company on the legal aspects pertaining to claims filed by minority shareholders contesting in court the squeeze-out procedure regarding Automobile Craiova shares.

Manuela Nestor is a well-respected figure and has built a formidable reputation. "Ms. Nestor's advice I value much," says one client, adding: "Many lawyers can kill a deal because they're too much of a lawyer. Ms. Nestor knows when to put the commercial hat on and when to put the lawyer hat on."

"I have endless admiration for Nestor," says one peer, adding: "They're focused on banking and have the strength and depth". Nestor Nestor Diculescu Kingston Peterson is another of those domestic firms steeped in history and a prominent symbol of the traditional order. On the back of substantial experience, the firm has carved itself a reputation as the firm to turn to when foreign investors enter the market. "I have had very positive experience with Nestor on a few occasions and would work with them again," says one happy client.

With over 35 years of experience, Manuela Nestor is one of Romania's leading commercial lawyers and fronts the Banking, Finance and Capital Markets practice of the firm.

This year, the banking team has been very active with regard to the restructuring of cross-border or domestic financing facilities, identifying possibilities of recovering debt and, consonant with a positive market trend, new money financings. In one of the more important financings of late, the firm advised the Den Braven Group with respect to Romanian law issues in connection with a €75 million refinancing facility extended to the group by a bank syndicate. Additionally, the firm advised the Korean Development Bank, the arranger and lenders, on a €20 million and €15 million working capital and refinancing facilities granted to the local subsidiary of a large Korean industrial conglomerate.

On the restructuring side, NNDKP advised Globe Trade Centre with regard to the restructuring of the €30 million financing facility granted for the development of a complex of residential buildings, FeliCity, in northern Bucharest. The firm also advised the same client with regard to the restructuring of the €27 million financing facility granted for the development of a complex of residential buildings, Rose Garden, in northern Bucharest.

Nestor Nestor Diculescu Kingston Peterson draws upon its wealth of experience and its substantial capacity to strengthen its position in the first tier. "It is the oldest and most respected firm on the market," one competitor says, adding: "Nestor has more capacity [in comparison to others in the market]." Clients have found the firm praiseworthy with one saying: "They're very quick and very responsive."

At an aggregate of €100 million, the firm continues to assist Campofrio Food Group on closing and post-closing matters related to the joint venture with Caroli Foods. This is aimed at the consolidation of its Romanian meat products manufacturing business. Additionally, the firm supported Alfred Toepfer International Netherlands, with regard to the indirect acquisition of the joint control over a national port operator company. This transaction represents the second phase of a two-step acquisition of full ownership and control over one of the two shareholders of the target. Furthermore, at €5.6 million, the firm assisted Sixt New Kopel in connection to the acquisition of the Bucharest Automotive Business of IPSO SRL. The firm also supported a local entrepreneur with respect to the sale of 100% of the shares of Rom Re Ro Munteanu to Dynea International.

Last but not least, the firm advised Motorola, with regard to local subsidiaries, as part of a global transaction (at €678 million) regarding the divestment of a part of the cellular networks business and transfer thereof to Nokia Siemens Networks.

Top tier Nestor Nestor Diculescu Kingston Peterson is highly regarded in project finance. It has become abundantly clear that the firm possesses the requisite know-how and fluency in this discipline and there is no doubt that this follows on from its renowned strength in banking and finance. "Nestor is brilliant in the banking department. They get on the local end of the deal where Norton Rose does the English law work," one partner says. "They do a great job, a delight to work with; very knowledgeable, they have sound experience. I love their methodology," says one partner, adding: "they have great experience but with no international lawyers on site and work with someone else."

Furthermore, lawyers of the firm command deep respect on the market. "She [Ruxandra Bologa] is a fine lawyer specialised in energy. M&A on energy or project finance," says one peer. "She [Alina Radu] is head of banking and works very closely with Nestor [Manuela Nestor] and together they can do anything," another partner cheerfully explains.

Over the last year, the firm has been involved in some notable mandates. At €86million, the firm is advising a major international group (as sponsor) on project financing and regulatory matters in regard to a landmark natural resources project in Romania. The deal is a first on the Romanian market for the relevant industry. Additionally, the firm supported a consortium of top Romanian banks in relation to the restructuring of a €42 million project financing granted to a Romanian public authority.

On the real estate side, the firm advised Globe Trade Center and Bluehouse Capital with regard to a refinancing facility of over €80 million extended by a syndicate of banks for the refinancing of the development of a major office buildings project (City Gate project) located in northern Bucharest. Additionally, at over €25 million, the firm advised a European banking group and its local subsidiary with respect to restructuring agreements in project finance and related security agreements concluded with a local real estate developer.