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

"BBH do good capital markets work," says one competitor. The firm was active in the debt capital markets through 2011 and in one deal advised the lead manager at PPF Banka on Home Credit's €119 million zero-coupon bond issue (a unique private bond issue in 2010, one of a very few successfully issued and listed on the Prague Stock Exchange). The firm also acted for Volksbank (as arranger) on Levade's €3 billion debt issuance programme.

BHH is a reputable firm in the banking domain and last year acted as legal counsel to the Skoda Transportation Group in connection with a €91 million revolving syndicated loan facility arranged by Citibank Europe, Ceská spo_itelna, ING Bank and Komercní banka. The firm also acted as local counsel to a syndicate of banks led by Wells Fargo Bank in relation to a €161 million cross-border structured financing for the Unifrax Group.

BBH's strong performance this year secures it a place in the second tier. The firm has built on its reputation as a successful M&A practice and there aren't many who doubt its improved deal flow. "They are a lot more active and have a lot more transactions," says one partner.

A clear highlight for the team last year was their advice to Skoda Investment on the last stage and final settlement of the €472 million sale of Skoda Power to the Korean company Doosan Heavy Industries & Construction, the largest M&A transaction in the entire CEE (Central & Eastern Europe) region for 2009.

Another substantial deal saw the team act for the PPF group and its investment partners (investment groups under Investicni klub and Bell & Blake) in the €164 million acquisition of a significant real estate portfolio in Prague. These transactions also saw the team provide advice on the preparation of several joint-venture companies

Another highlight saw the firm advise Saint-Gobain Building Distribution in its merger with another group company WAW (in the building materials & distribution industry). This process concerned the merger of two different legal structures and types of participating companies, which made necessary the parallel re-licensing of trade licenses and the change of the trade name of the successor company. Similarly, the firm advised Saint-Gobain Glass Solutions in the merger of three companies in the glass industry.

BBH's versatility has been on display again and the firm has had a solid year in restructuring and insolvency. This has not gone unnoticed by market commentators and its visibility has been duly noted. "I've got the feeling they're well positioned for the next year," says one partner. Tomas Otruba has been noted for his visibility on the market.

The firm represents insurance company Ceska pojistovna in insolvency proceedings against a former business partner of theirs, which became insolvent. An important feature of the ongoing insolvency proceedings lies in the fact that the real estate property of the bankrupt party has significant importance for the realization of a multi-billion CZK Prague infrastructural project financed with public resources. Additionally, the firm acts for Syner in particularly complicated insolvency proceedings against the company Palcor Czech (the client is the largest registered unsecured and absolute creditor of Palcor).

At €21 million, BBH represents Ceska sporitelna in the enforcement of receivables against a group of syndicated debtors. Subsequently, insolvency proceedings against these creditors have commenced and, upon the firm's proposal, there has been a declaration of bankruptcy. The firm is actively involved not only in the proceedings but also in setting the terms of the creditor´s bodies.