Turcan Cazac is the fresh new face of the firm that was Turcan & Turcan. A unanimous vote between staff led to the name change, and it is business as usual at the firm with just the name over the door changed....
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Turcan Cazac is the fresh new face of the firm that was Turcan & Turcan. A unanimous vote between staff led to the name change, and it is business as usual at the firm with just the name over the door changed.
This aside, it is clear that Turcan Cazac continues to be the pre-eminent law firm in Moldova. "Turcan Cazac should keep their position. I bump into them a lot and they are the largest firm in Moldova," concedes one competitor.
"Their technical ability was first-rate," says one banking client, and name partner and leading lawyer Alexander Turcan comes in for specific attention: "You don't have to ask for ideas, he just looks for ways to solve problems. He is also extremely knowledgeable, and always on top of any updates in the law."
It's not just his legal capability that draws praise either, with his links to the government proving very useful: "The good thing with Alexander is that he is very well respected and connected," comments a client.
As expected in this market, the firm's workload has been primarily on the banking side, especially restructuring mandates and the like. On one notable deal the firm acted for the European Bank for Reconstruction & Development (EBRD) and the International Finance Corporation (IFC) on a loan restructuring deal to ICS RED Union Fenosa, the largest electricity company in the country. The restructuring was worth around €3.5 million, with a second stage of the deal entailing a new loan facility to the tune of €21 million.
The firm also worked with the International Finance Corporation (IFC) on another deal, this one being the financing of Eximbank, a large Moldovan bank that was formed out of the ashes of the old USSR-controlled Bank for Foreign Affairs. This particular deal was completed for a value of €20 million.
Although the M&A market is flatlining somewhat, Turcan Cazac did close out a long running corporate transaction over the past 12 months. In this they advised on Horizon Capital's investment into the Bostavan Wineries Group. Horizon is an investment house that focuses on emerging markets in Europe, specifically in the Ukraine and Moldova, and this deal was worth €10.5 million when it closed, after almost a year's work, in June 2010.
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