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This constitutes the largest office investment transaction in the Czech Republic ever. Union Investment Real Estate (open-ended German investment fund) on sale of Trianon office building in a prominent office district in Prague 4 – Budějovická to REICO real estate investment fund owned by Česká spořitelna, part of Erste Bank Group. The first real estate transaction between two open-end funds in the Czech Republic, i.e., a transaction between entities that are subject to strict regulation due to their nature. CBRE Global Investors on its successful sale of the landmark Dancing House building (in Czech: Tančící dům) in Prague. TK Development on the disposal of ‚Fashion Arena Outlet Center‘, the largest outlet shopping centre in the Czech Republic. Pramerica Real Estate Investors on the disposal of office building Burzovní Palác, located in the historical centre of Prague and seat of Prague Stock Exchange.
Insolvency law and restructuring The Prague office of Clifford Chance has a team of 11 specialists, including 2 partners, focusing on the area of restructuring and insolvency. Depending on the particular case, which may often also include tax, financial, corporate or real estate aspects, the number of specialists can be increased, as required. In close cooperation with the office‘s corporate and real estate practices, the restructuring & insolvency team regularly advises clients on the most complicated, demanding and complex mandates. Its members benefit from deep banking & finance experience especially when advising clients on post-commencement financing of insolvent companies, an area in which the team dominates the market.
Recent client assignments include advising: KKCG
Industry B.V. on ongoing advice on all aspects of the insolvency proceedings and post-commencement financing of PILSEN STEEL, s.r.o. with subsequent consensual assignment of all claims towards PILSEN STEEL s.r.o. to VEB Capital, the investment arm of the Russian Development Bank VNESHEKONOMBANK, inclu-
ding the sale of 100% stake in the tolling vehicle PILSEN TOLL s.r.o. to VEB Capital, and their final exit from the insolvency proceedings. Česká spořitelna, a.s. as the majority creditor in a club of two financing banks on all aspects of the insolvency of JOB AIR Technic, a Czech aircraft maintenance provider, and on the client‘s position as agent and lender under a syndicated facilities agreement. Komerční banka, a.s. as the largest secured and unsecured creditor in connection with insolvency filings against CTY GROUP, a holding company with 33 subsidiaries, and against one of its largest companies, Modřany Power. Česká spořitelna on the defence of procedural and substantive rights in the insolvency proceedings concerning Oděvní podnik (OP Prostějov), a well-known Czech clothing producer, including several appeal proceedings as well as several filings with the Czech Constitutional Court. We continue to advise KKCG a.s. on challenges by some of the creditors in connection with the alleged invalidity of the agreement for the sale of enterprise with the insolvency administrator. The insolvency court has to date denied three of four claims and its ruling was upheld by the appellate court. The rulings of the insolvency court and appellate court are important judicial precedents in Czech insolvency law.
Litigation practice Our litigation and dispute resolution practice is focused on contentious issues arising in a wide range of commercial contexts and comprises lawyers with extensive experience across every segment of the corporate, financial and real estate world. At Clifford Chance we understand the challenges of conducting international business and regard litigation as a manageable business risk. We are committed to resolving disputes as efficiently as possible, offering advice that is both practical and commercial as well as exploring alternative methods of dispute resolution. In recent years we have helped our clients to achieve success in some of the most high-profile domestic and cross-border disputes and we also believe we are ideally positioned to support our clients in disputes in the Czech Republic and internationally.