RMDT's extensive experience in the region covers a broad
cross-section of financial, investment and commercial transactions of
virtually every variety. Noted below are a few examples of the
experience of the firm and its professionals.
Counsel In The Largest Privatizations In Romania
RMDT has advised in 4 of the 7 largest privatizations in Romania since
1989.
Indeed, out of the 15 largest privatizations in the country since 1989,
RMDT represented buyers in 8 of these transactions.
RMDT advised one of the world's major telecom operators in regard to the
largest foreign investment made in Romania since 1989 in the acquisition
and privatization of RomTelecom, Romania's fixed telephone service
provider, including providing advice concerning the legal and regulatory
issues involved in structuring the transaction and the complete due
diligence examination of the company. Most significantly, the firm
successfully stewarded this complex transaction through the Competition
Council in a first-of-its-kind procedure that created the precedent for
future applications before the Council.
Counsel In the Largest Acquisitions in Romania
Among a long list of the largest and also the most diverse transactions
of any firm operating in Romania, RMDT has advised on:
- the acquisition of Romania’s the largest oil refinery,
- the purchase of a half billion dollar automotive manufacturing business,
- the privatization of the largest metals plant in Romania,
- the acquisition of the second largest steel plant in the country,
- the privatization of Petrom, the
state oil company,
- the sale of the largest automotive parts manufacturer in Romania,
- the sale of one of the nation's largest cement manufacturers; and
- the privatization of Romanian petrochemical plants, tire producers, farm
machinery manufacturers, cable manufacturers and telecommunication
operations, packaging plants, and pharmaceuticals, to name just a few of
the industries in which the firm has provided counseling.
In all of these transactions, RMDT brought together the unique
combination of good lawyering and public affairs counseling that are
essential in a transitional political and economic environment such as
Romania in order to conclude transactions successfully.
Advisors in Almost All Sectors of the Romanian Economy
RMDT has represented numerous foreign investors in acquisitions, joint
ventures and other privatization transactions, including the largest
multinational investors in Romania from the United States, Canada,
Germany, the United Kingdom, Israel, Italy, the Netherlands,
Switzerland, Austria, South Korea, Mexico, Australia, Belgium,
Luxembourg, Liechtenstein, Poland, Russia, Finland, Hungary, India,
Japan, Greece, Turkey and Cyprus in transactions including:
- the acquisition and licensing of radio and television stations,
- the formation of a US $100 million production facility for
Europe's second largest tire producer,
- the acquisition of assets of banking institutions in Romania,
- leasing arrangements for investors involved in mining and oil
exploration concessions, industrial manufacturing and trade industries,
- establishment and operation of joint ventures in the Disadvantaged and
Tax Free Zones of Romania,
- the purchase of aeronautical and defense industry firms,
- the acquisition of chemical and petro-chemical production facilities
- a joint venture with Romania's largest pipe and valve producer,
- the acquisition and licensing of cable television companies, and
- the establishment of major breweries, mineral water plants, automotive
parts manufacturers, kitchen appliance manufacturers and retail stores.
RMDT advises multinational industrial and service businesses and major
commercial and investment banks in structuring and undertaking domestic
and cross-border mergers and acquisitions, joint ventures and equity
investments.
Creative structuring of mergers and acquisitions is a hallmark of RMDT
that often utilizes the cooperation of several H&R offices and intensive
support from its competition law experts.
Significant Tax Law Practice in Romania
The firm has provided domestic tax advice to such major corporations as
the world's largest beverage company, the world's largest manufacturer
of mainframe computers, the world's largest consumer products
manufacturer, one of Europe's largest pharmaceutical firms, several
foreign banks, and leading multinational defense contractors and other
firms engaged in manufacturing, shipping and real estate development.
This expertise is further enhanced by the hands-on supervision of Mark
A. Meyer, Esq., widely acknowledged to be the leading international
lawyer active in Romania, who served as Co-Chairman of President Emil
Constantinescu's Blue-ribbon Presidential Commission on Tax Reform and
continues as a member of the Tax Reform Commission of the Ministry of
Finance, and as a special advisor for legal and economic matters to five
European heads of state.
Sophisticated Banking, Finance and Securities Practice in Romania
RMDT's banking practice is well established and highly regarded in
Romania. The firm has represented the largest foreign banking
institution in Romania in numerous transactions, and it has advised at
one time or another most of the largest international investment banking
firms in the world on one or more transactions including proposed
municipal bond offerings, privatizations, debt and equity acquisitions,
and institutional investment strategies.
The firm has also provided legal advice with respect to compliance and
regulatory issues in Romania, currency swaps, corporate governance, and
fiduciary issues, as well as securities and commodities matters.
For example:
- RMDT is actively involved in all aspects of international loan
transactions (including secured lending) in Romania for major financial
institutions throughout the world,
- The firm acts as international counsel for the Ministry of
Transportation in regard to securitized and non-securitized bond
offerings on European national markets,
- RMDT's attorneys successfully concluded a major foreign currency swap
after the issuance of Romanian Samurai bonds on the world market,
- RMDT obtained the requisite approvals and licenses necessary for a
number of our clients to commence banking operations in Romania,
- RMDT attorneys have performed legal due diligence examinations on the
National Bank of Romania, several Romanian banks and other financial
institutions,
- RMDT advised listed companies on the Bucharest Stock Exchange and the
RASDAQ in regard to compliance issues and stockholder matters,
- RMDT developed the policy framework and drafted the legislation
necessary for the conversion of the Private Ownership Funds into mutual
funds, and has assisted the International Monetary Fund with respect to
the implementation of a secondary securities market in Romania, and
- Herzfeld & Rubin, P.C., also acted as General Counsel to the Bucharest
Stock Exchange during its first year of operation.
Infrastructure Redevelopment and Project Finance
RMDT has played a major role in some of the most significant Power
projects in Romania, including the proposed power generation and partial
privatization arrangements for one of Conel's largest plants.
In order to assist some of the largest companies doing business in
Romania in securing needed financing for infrastructure investments,
RMDT attorneys formulated a "commercial paper program" whereby
promissory notes issued by the companies were sold and traded. Such an
issuance provided a superior form of financing as opposed to bank
credits that were limited and obviated the need to engage in a costly
currency exchange.
RMDT attorneys have also structured syndicated loans from Western
lenders, guaranteed by the Romanian Ministry of Finance, and required to
finance the country's short-term energy needs.
RMDT acts as international counsel for Romania’s National Road
Administration in regard to bond offerings for road construction
projects,
RMDT attorneys have represented successful bidders in both analog and
GSM licenses for cellular telephone networks in the most substantial
telecommunications transactions to date in Romania. We have worked on
transactions involving satellite, radio, cable television and other
related areas.
Largest Real Estate Practice in Romania
The firm has an extensive practice in virtually all aspects of real
estate development and finance in Romania, with broad experience in
matters relating to the ownership, assembly, acquisition, development,
construction, operation, financing and securing of real estate assets.
RMDT represents prominent U.S. and international developers in a wide
range of matters including the aborted purchase and sale of land for the
development of undeveloped areas of Bucharest for a $2.2 billion
entertainment center.
The firm has also provided advice to the Government of Romania in regard
to the creation of historic urban district legislation and urban
business improvement legislation in connection with the renovation of
the nation's historic urban districts.
Additionally, among other transactions, RMDT has provided and continues
to provide, advice with respect to:
- the redevelopment of Baneasa Airport,
- the development of over a dozen hotel and resort projects, and
- the acquisition of land and the negotiation and review of
leases for properties, including agricultural land, which efforts
involve the preparation of purchase and lease agreements, as well
as mortgage and funding documentation, and the provision of advice
on complex environmental and pollution matters, land ownership
issues relative to claims by previous owners, ownership issues,
and the clarification of conflicting titles.
- Various office and hotel projects in Romania for the regions largest
real estate developers, including the largest such developers from
Israel and Greece
Regional Balkan Counsel
RMDT operates as regional counsel in the Balkans for several of its
multinational clients who base their regional operations in Bucharest.
This includes advice regarding Bulgarian, Serbian and Moldovan legal
issues.
For example, in the Republic of Albania, the firm is currently advising
a Turkish-based consortium on the creation of a
public/private/partnership to redevelop Tirana’s international airport,
and advising a US-based firm on the construction of a modern hospital
facility in the country.
RMDT has substantial experience in representing foreign companies in
transactions in the Republic of Moldova. For example, RMDT advised a
Turkish-based consortium on the privatization of the Moldovan State
telephone company, one of the world’s largest pharmaceutical firms on
the creation of a Moldovan joint venture, a computer hardware
manufacturer on the creation of a facility in the country, and Canada’s
major lottery operator in a complex arrangement for a new Moldovan
national lottery.
In Bulgaria, RMDT represented one of the world’s largest oil companies
in regard to the establishment of a distribution network and the aborted
privatization of an oil refinery.
In the Republic of Montenegro, Herzfeld & Rubin, P.C. has engaged in a
number of transactions involving the tourist industry on the Dalmatian
coast and acts as counsel to the Republic and its Prime Minister, H.E.
Milo Djukanovic.
References from clients in your particular industry sector are available
upon request.
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