White & Case LLP - News - There Are No Visible Direct Effects of the Economic Downturn on Our Business

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There Are No Visible Direct Effects of the Economic Downturn on Our Business
December 25, 2008, BizLawyer

The Bucharest office of White & Case is involved in real estate transactions focusing on the development of commercial projects and massive acquisitions of agricultural land for the development of agricultural farms and wind energy parks.

"Most of the transactions we worked on this year were in banking and finance and real estate. Worth mentioning is the stagnation of the real estate activities in certain segments, such as residential project development. Our real estate activity is now concentrating on the development of commercial projects and massive acquisitions of agricultural land for the development of agricultural farms and wind energy parks. In the financial sector the compensation is even more visible, as there is a clear growth in demand, particularly for refinancing," said partner Delia Pachiu.

Pachiu says there are no visible effects of the economic downturn on the business of White & Case Bucharest at this time. "Even if activity in some practice areas drop, there will be other areas, precisely the ones determined by the recession, which will go up. With a team with multiple specializations, we have full capacities to cover those areas and we can quickly shift towards a slightly modified structure of our services."

White & Case Bucharest will continue to expand in the banking and finance areas in the future and expects to see a growth in project financing and infrastructure projects within the programs of central and local authorities. "Given that the energy sector will continue to develop even in the current circumstances, we will focus on it, particularly in the area of energy production from renewable sources," said Pachiu. In addition, there will also be growth in the area of restructuring and insolvency, as well as corporate and litigation.

By coordinating with the global network of the firm, our office -- just several months since its establishment -- has consolidated a good client base, both at international level, and at the local level. In addition, the law market has proved a good potential for development, even with the current economic downturn. The year 2009 was successful for our office," said Pachiu.

One of the most complex transactions involving White & Case lawyers was the China Development Bank financing of the Zapp project to purchase telecommunication equipment worth €220 million. "Our office worked in collaboration with the colleagues in Beijing in connection with the legal and regulatory due diligence for Telemobil, drafting the crediting agreements, negotiating the security package and legal opinion on corporate issues for Telemobil," said Pachiu.

Another important transaction White & Case Bucharest participated in was the largest emerging markets corporate bond in history. "Together with our offices in New York and London, we advised ABN AMRO, Citigroup and Credit Suisse, as joint arrangers, on the issue of long-term notes amounting to $3 billion by KazMunaiGas," said Pachiu.

	In the Media
Lawyers Delia Pachiu Locations Bucharest	There Are No Visible Direct Effects of the Economic Downturn on Our Business December 25, 2008, BizLawyer The Bucharest office of White & Case is involved in real estate transactions focusing on the development of commercial projects and massive acquisitions of agricultural land for the development of agricultural farms and wind energy parks. "Most of the transactions we worked on this year were in banking and finance and real estate. Worth mentioning is the stagnation of the real estate activities in certain segments, such as residential project development. Our real estate activity is now concentrating on the development of commercial projects and massive acquisitions of agricultural land for the development of agricultural farms and wind energy parks. In the financial sector the compensation is even more visible, as there is a clear growth in demand, particularly for refinancing," said partner Delia Pachiu. Pachiu says there are no visible effects of the economic downturn on the business of White & Case Bucharest at this time. "Even if activity in some practice areas drop, there will be other areas, precisely the ones determined by the recession, which will go up. With a team with multiple specializations, we have full capacities to cover those areas and we can quickly shift towards a slightly modified structure of our services." White & Case Bucharest will continue to expand in the banking and finance areas in the future and expects to see a growth in project financing and infrastructure projects within the programs of central and local authorities. "Given that the energy sector will continue to develop even in the current circumstances, we will focus on it, particularly in the area of energy production from renewable sources," said Pachiu. In addition, there will also be growth in the area of restructuring and insolvency, as well as corporate and litigation. By coordinating with the global network of the firm, our office -- just several months since its establishment -- has consolidated a good client base, both at international level, and at the local level. In addition, the law market has proved a good potential for development, even with the current economic downturn. The year 2009 was successful for our office," said Pachiu. One of the most complex transactions involving White & Case lawyers was the China Development Bank financing of the Zapp project to purchase telecommunication equipment worth €220 million. "Our office worked in collaboration with the colleagues in Beijing in connection with the legal and regulatory due diligence for Telemobil, drafting the crediting agreements, negotiating the security package and legal opinion on corporate issues for Telemobil," said Pachiu. Another important transaction White & Case Bucharest participated in was the largest emerging markets corporate bond in history. "Together with our offices in New York and London, we advised ABN AMRO, Citigroup and Credit Suisse, as joint arrangers, on the issue of long-term notes amounting to $3 billion by KazMunaiGas," said Pachiu.