An active and ambitious firm, PotamitisVekris cemented its growing reputation for banking work last year and moved up to tier one. The firm holds its position in other areas again this year....
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An active and ambitious firm, PotamitisVekris cemented its growing reputation for banking work last year and moved up to tier one. The firm holds its position in other areas again this year.
"PotamitisVekris are doing well. They have a young and dynamic team," comments one competitor, while a client speaks to their legal strength: "The team has a high degree of technical knowledge and ability. They help you to see things from different angles."
Another client values the team's commerciality: "That's what makes them different to others; they take the time to understand the commercial issues and parameters of our actions and activities in order to advise us correctly."
The banking and capital markets teams at the firm have been particularly busy this year acting on a handful of landmark deals.
Leading lawyer George Bersis was active on most of these, advising the National Bank of Greece on a €5 billion MTN update and supplement, as well as closing a deal in July 2010 for leading food production company Vivartia, which needed significant renegotiation and refinancing of its group debt, through spin-offs and sales totalling €900 million.
Bersis was also present on the team that advised the underwriters on the 2011 Piraeus rights issue, a sizeable issuance of €805 million. The underwriters included Barclays, Credit Suisse, Goldman Sachs International and Morgan Stanley, and the rights became available in February 2011.
The team is also acting on some other interesting restructurings as Greek companies try and adapt to face the new circumstances. For example, Stathis Potamitis is acting for legacy engineering company Neorion as to a restructuring of loans for a subsidiary shipbuilding company of theirs. Total liabilities reach the €550 million mark, and it is hoped this work will be completed this year.
PotamitisVekris also maintains a more than serviceable corporate capability too. Its biggest mandate in this area over the last 12 months or so is undoubtedly its advisory role to SunEdison, a solar energy company, which was looking to establish joint ventures with interested Greek parties to develop large photovoltaic parks. These parks are set up to generate solar power using special photovoltaic panels, and the estimated value of this ongoing work is said to be up to and above €1 billion.
Its project finance work also reflects the general market sentiment toward renewable energy, and the firm advised on the €30 million financing for a 9.99MW photovoltaic plant for Selected Volt in March 2011; the plant will become the largest photovoltaic plant in Greece.
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