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

The big change this year sees Schoenherr si Asociatii break into the top tier. There has been general agreement among competitors as to Schoenherr's visibility and class in the capital markets. "Schoenherr is a firm I can trust," says one partner. "Schoenherr had several mandates last year," says another competitor, with yet another adding: "Schoenherr are good in the capital markets."

The firm is very visible on the capital markets and has attracted some of the leading mandates of late. The firm advised managers Raiffeisen Capital & Investment, ING and BRD - Société Générale on the listing of Fondul Proprietatea on the Bucharest Stock Exchange. This was a major capital markets transaction last year as the property fund has historical significance and has a significant net asset value at €3 billion. As a consequence of the listing of Fondul Proprietatea, the trading volume on the Bucharest Stock Exchange has all but doubled.

Narcisa Oprea has been singled out and praised for her activity in the capital markets. "She's done a good job," says one peer, adding: For years she's been at the forefront of the capital markets". Narcisa led a team that advised Petrom and several of its Romanian subsidiaries on a corporate restructuring process that led to a series of mergers and a spin offs, which were geared to consolidate the activities of several group companies into one single company owned by Petrom. This type of spin off is the first of its kind in the Romanian regulated market and led to several highly complex capital markets aspects that had to be attended to for the successful implementation of the project. Finally, in the last 12 months, Schoenherr also acted for joint global coordinators Citibank and RBS with regard to a €750 million high-yield bond, a €1.3 billion high-yield bond and for lead book runner Deutsche Bank in relation to a €1 billion high-yield bond.

Market players have noted the increased visibility of Schoenherr si Asociatii. The space the firm occupies is no doubt helped by the representation they secure among Austrian banks and companies. I'm a fan of Schoenherr, they're in the right place," one peer says, adding: "Matei Florea is a genuine banking guy through all the implications of lending cross border." This year the firm has strengthened its reputation in domestic and cross border finance and will be looking to push ahead in the coming editions.

Led by Ioana Florescu on the Bucharest side, Schoenherr acted as the Romanian, Austrian, Hungarian and Slovak counsel to the agents and arrangers Deutsche Bank and Commerzbank in regard to €14 billion term and revolving facilities and a €3 billion forward start facility for German automotive components supplier Continental. Furthermore, owing to the current market situation, the firm has been engaged in novel solutions pertaining to the structuring of securities packages. Firstly, in the real estate sector, the firm advised Erste Group Bank and a club of lenders on the €120 million refinancing of Sun Plaza. Sun Plaza is one of the largest shopping malls and the only one to open in Bucharest in 2010. Moreover, this was one of the largest real estate financings of 2010. Secondly, the firm advised ING as facility agent in connection to a €75 million senior facility extended to a group of companies active in the field of professional insulation materials.

On the regulatory side, Schoenherr's Bucharest team advised Volkswagen on Romanian financial services regulation in connection to the client's Austrian and CEE (Central 7 Eastern Europe) aspects of the creation of an integrated automotive group with Porsche led by Volkswagen.

The seasoned firm Schoenherr si Asociatii has been busy and visible. "Schoenherr is quite active," one partner says, with another adding: "Schoenherr are close to Austrian investors and do work for Petrom which adds deals to their portfolio." Mihai Radulescu is one individual that has been drawn out for praise. "From Schoenherr, Mihai Radulescu is good. I met him and saw how he dealt [with matters] and he made a good impression," says one competitor. Furthermore, the experienced Markus Piuk has been a notable among his peers. "Markus Piuk is a good lawyer," says another partner.

In the last 12 months, the firm has been active in advising its key client Petrom, the largest Romanian company, in relation to the spin-off of its wholesale and retail units into a separate entity. This action is the largest corporate reorganisation in Romanian history. Moreover, for the same client, at €20 million, the firm advised Petrom in relation to the finalisation of the acquisition of approximately 35% of Petrom Moldova. Additionally, Schoenherr's Bucharest office continues to advise the Romanian Government in relation to the takeover of CEZ's participations in Energo-Nuclear by Nuclearelectrica and in further developments in the process of financing, construction and operation of the Units 3 and 4 at Cernavoda Nuclear Power Plant.

Another highlight for the firm saw them advising East Point Holdings on the €45 million sale of its subsidiary Agri Point to CHS Europe. Apart from the sale of the company, Schoenherr advised on the pre-closing restructuring of Agri Point.