01/16/2020

NECA Advises on Bulsatcom Debt Restructuring


Bulsatcom EAD, Bulgaria's leading television provider, has completed the restructuring of its €85 million senior debt facilities.

NECA acted as financial advisor to Bulsatcom founder Plamen Genchev on the restructuring. The restructuring resulted in a write-down of existing debt in exchange for equity, plus a €30 million new money facility. It also entailed bringing all Bulsatcom suppliers current on their receivables.

NECA's mandate included commercial and financial advice on the loan facilities agreements, the shareholder agreement, negotiations with suppliers, and the post-restructuring business plan. NECA also coordinated Mr. Genchev's legal team on his behalf.

"NECA's advice was indispensable in this very challenging process," said Genchev. "[NECA Partner] Ken Lefkowitz worked daily with my team and me for more than 9 months to get the restructuring done. I'm very grateful for his support."

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