GREECE
Bulgaria
Italy
Albania
Greece
Turkey
Athens
Law and Practice Contributed by: Panagiotis (Notis) Sardelas, Matina Kagkelari and Aris Sifakis Sardelas Petsa Law Firm
Contents 1. Private Credit Overview p.79 1.1 Private Credit Market p.79 1.2 Interaction With Public Markets p.79 1.3 Acquisition Finance p.79 1.4 Challenges p.80 1.5 Sponsored/Non-Sponsored Debt p.80 1.6 Recurring Revenue Deals and Late-Stage Lending p.80 1.7 Deal Sizes, Fund Sizes and Fundraising p.80 1.8 Impending Regulation and Reform p.80 2. Regulatory Environment p.80 2.1 Licensing and Regulatory Approval p.80 2.2 Regulators of Private Credit Funds p.81 2.3 Restrictions on Foreign Investments p.81 2.4 Compliance and Reporting Requirements p.81 2.5 Club Lending and Antitrust p.82 3. Structuring and Documentation p.82 3.1 Common Structures p.82 3.2 Key Documentation p.82 3.3 Restrictions on Foreign Direct Lenders p.83 3.4 Use of Proceeds and Acquisition Financings p.83 3.5 Debt Buyback p.83 3.6 Recent Legal and Commercial Developments p.84 3.7 Junior and Hybrid Capital p.84 3.8 Payment in Kind/Amortisation p.84 3.9 Call Protection p.84 4. Tax Considerations p.84 4.1 Withholding Tax p.84 4.2 Other Taxes, Duties, Charges or Tax Considerations p.84 4.3 Tax Concerns for Foreign Lenders p.85 5. Guarantees and Security p.85 5.1 Assets and Forms of Security p.85 5.2 Floating Charges and/or Similar Security Interests p.86 5.3 Downstream, Upstream and Cross-Stream Guarantees p.86 5.4 Restrictions on the Target p.86 5.5 Other Restrictions p.87 5.6 Release of Typical Forms of Security p.87 5.7 Rules Governing the Priority of Competing Security Interests and/or Claims p.87
5.8 Priming Liens and/or Claims p.88 5.9 Cash Pooling and Hedging/Cash Management Obligations p.88 5.10 Appointment of Collateral Agent p.88 6. Enforcement p.88 6.1 Enforcement of Collateral by Non-Bank Secured Lenders p.88 6.2 Foreign Law and Jurisdiction p.89 6.3 Foreign Court Judgments p.90 6.4 A Foreign Private Credit Lender’s Ability to Enforce Its Rights p.90 6.5 Timing and Cost of Enforcement p.91 6.6 Practical Considerations/Limitations on Enforcement p.91
7. Bankruptcy and Insolvency p.92 7.1 Impact of Insolvency Processes p.92 7.2 Waterfall of Payments p.93
7.3 Length of Insolvency Process and Recoveries p.93 7.4 Rescue or Reorganisation Procedures Other Than Insolvency p.93 7.5 Risk Areas for Lenders p.93 7.6 Transactions Voidable Upon Insolvency p.93 7.7 Set-Off Rights p.94 7.8 Out-of-Court v In-Court Enforcement p.94 7.9 Dissenting Lenders and Non-Consensual Restructurings p.94 7.10 Expedited Restructurings p.94
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