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

Tuca Zbârcea & Asociatii presence in the top tier is recognised. The firm, although still considered "relative newcomers" has "a good position" when compared to others. "Tuca has the largest turnover but works a lot with the state," says one partner. Despite tough market conditions, the firm has remained the top financial performer on the market for the third year running. The firm continues to expand regionally, and adds a strategic alliance with Turcan & Turcan of Moldova to its representative office in Madrid. Internally, the firm has promoted two managing associates, Silvana Ivan and Mihai Dudoiu, to partner roles.

The firm continues to be active as the only legal advisors to the Bucharest Stock Exchange (BSE). Such advice covers a range of matters including its activities on the capital markets, the relationship with NSC and the potential liability of BSE. The firm has also assisted BSE in various legal disputes concerning the alleged infringement of the capital market rules on shares trading. Additionally, the firm continues to be retained by the Central Depository, the sole local depository, clearing and settlement system serving the BSE. Furthermore, the firm is supporting a major Asian investment company's takeover process in respect of a Romanian listed company. This entails the analysis of numerous issues regarding the capital markets regime applicable in Romania and the possibility to implement various structures.

Finally, the firm is also part of the "Working Group on Reform of the Romanian Capital Markets" geared to optimising the current capital markets legal framework.

In this edition, Tuca Zbârcea & Asociatii retains and consolidates its position in the second tier. The future looks very promising for the firm and its prospects are a source for animated discussion. In light of a market that is increasingly competitive the tussle for higher places, looking ahead, will be very interesting. "Tuca will become a relevant player," says one competitor, adding: "Tuca will develop to being there. They did not have a banking team until last year. They will be more active this year. They brought in a senior associate from Cameron McKenna. He worked with Simon Dayes."

The senior associate alluded to is Mihai Dudoiu. Hired in May 2009, Mihai has developed a strong reputation on the market and has recently been promoted to partner status at the firm. The firm has been building its practice with a series of recruits and internal promotions. "Tuca have a new generation. They are young and will develop," another competitor says. However, this optimism is not unanimous, as one partner says: "Tuca have a senior associate from Cameron McKenna. They're good but not a competitor."

"Tuca is different from the normal law firm. In the mould of Musat they do a lot of government liaison work. They'll introduce you to the government," says one partner, adding: "They've done well. They're well connected but it's pretty much local banking work. They're good draftsmen".

This year, the firm is involved in some interesting mandates. Presently, the firm is acting as designated lead Romanian advisor to Caterpillar Financial, ING, Investec Bank and UniCredit as lead arrangers of €84 million term and revolving senior credit facilities to be granted to a leading European company active in mining operations. The firm also worked for Caterpillar Financial in relation to a €15 million equipment lease facility proposed to be made available to a Romanian mining company. Additionally, Tuca Zbârcea & Asociatii counselled Investkredit with regard to the restructuring of the €28 million credit facility agreement made available to a Romanian group of companies for financing the development and operation of an office and commercial project in Timisoara, Romania.

With the highest turnover among the Romanian domestics, Tuca Zbârcea & Asociatii has been busy hiring new members to its team in an effort to reinforce its pre-existing strength. The firm forms part of the corpus of three traditional Romanian firms, which maintain hegemony in the top tier. The large M&A team of the firm stands at 15 lawyers with three practice partners and another three partners actively involved in deals. Moreover, the firm has recently internally promoted Silvana Ivan and Irina Moinescu to the partnership. Cornel Popa is one individual who has been praised for his skill.

"Tuca is the largest by share number," says one partner, with another saying: "Tuca has good Romanian experience." The firm is well connected and close to the state and in the last 12 months, has been involved in some high-ticket mandates.

At €2.8 billion, the firm is advising Gabriel Resources / Rosia Montana Gold Corporation with regard to all M&A and privatisation matters relating to the project to open a gold mine in the Transylvania region. The project is the largest FDI (foreign direct investment) in Romania to date and has pointedly advanced the economy and promises to create much employment. At €2 billion, the firm is supporting Hidroelectrica in the implementation of the largest restructuring in the energy sector. This includes a combination of spin-off and merger operations to be conducted simultaneously at the level of 17 different state-owned entities in the power and heat generation sector. The completion of the project will result in the creation of two energy powerhouses, Hidroenergetica and Electra. Furthermore, the firm advised Sofiproteol / Saipol in a €80 million transaction for the acquisition of the majority shareholding in Expur - from the Swiss-based Alimenta Group.

Tuca Zbârcea & Asociatii is well connected and established. The firm had an active year and consolidates its position in the first tier while continuing to increase market share. In the last 12 months, the firm attracted some big-ticket mandates and has no doubt benefitted from its close relations to the state. "Tuca is active with the government or [with] investors that need the government," one competitor says. "Tuca is active with the government on roads," another adds, with a third adding: "They did good business in advising the government on infrastructure deals."

In the last 12 months, Tuca Zbârcea & Asociatii has been particularly active in the energy sector. The firm advised CEZ with regard to the financing facets that featured in the development and operation of one of the largest onshore wind farms in Europe (at 600MW). This was also the first major investment in renewable energy in Romania. The firm supported the client throughout the various stages of the project. This started with its acquisition and continued with the assistance in financing the development and operation of the project. The project financing is prepared on two different senior facilities, an aggregate of which is €460 million. Moreover, at €10 million, the firm advised Banca Romaneasca and Bancpost as lenders in the club financing of one of the first wind farm developments in Romania, which was financed on a project finance basis.

With regard to traditional energy, the firm is presently involved in deal, which promises much. In the range of €1.2 billion to €4.5 billion, depending on the capacity of the project, the firm is supporting Romgaz in the implementation of a LNG (liquefied natural gas) project in Romania. While the project requires the construction of liquefaction plant and LNG export terminal for Azeri gas in Georgia it will require an import terminal with re-gasification plant in Romania.