Clifford Chance

Bulgarian Telecoms Giant Vivacom – given a new lease of life by English scheme

15 November 2012

NEF Telecom Company B.V. (a Dutch company) and Bulgarian Telecommunications Company AD (a Bulgarian company) which form part of the Vivacom group (the "BTC Companies") join a growing list of foreign companies which have utilised an English law scheme of arrangement as part of its €1.7bn corporate restructuring. Following on from other cases such as Rodenstock and Primacom, this judgment provides another example of a situation where foreign borrowers with English law governed finance documents have opted to use a scheme of arrangement to restructure their debts.

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