While 2020 was all around lacking in terms of variety of big transactions, we managed to finish the year strong with a couple of big projects successfully concluded during the very last days of the year. We have assisted with the corporate reorganisation of the only Bulgarian satellite operator Bulgaria Sat EAD and specifically with the off-shore transfer of the share capital of the company, while preserving the multiple ranking share pledges established over the shares ensuring the continuity of the security for the financing of the satellite project.  We acted as Bulgarian law counsel to the Export-Import Bank of the United States of America as senior lender and to Deutsche Bank Trust Company Americas, acting as senior and junior agent, and ensured that the restructuring process is completed efficiently for all participating parties in order to ensure that Bulgaria keeps its position in providing satellite communication services in Europe, including South East Europe and the Middle East regions.

The project took over 18 months to complete and strengthened the cooperation between Allen & Overy, acting through its Washington D.C. office and Spasov & Bratanov. Our team was led by Nadia Hadjova with support provided by Krasimir Mitkov.