OREANDA-NEWS. August 31, 2010. SORAINEN Estonia, Latvia and Lithuania advised Parex banka on its restructuring under the plan approved by the Latvian Government earlier in 2010. The restructuring involved transfer of a significant share of Parex assets and liabilities (including loan and deposit portfolios) to Citadele banka, fully owned by the same controlling shareholders as Parex. SORAINEN Latvian office was the lead adviser to Parex in coordinating advice from foreign jurisdictions on the transfer, covering banking, financial regulatory, secured lending, company law and competition law issues plus many key aspects of restructuring under Latvian law (including the main agreements between Parex and Citadele), reported the press-centre of SORAINEN.

SORAINEN Lithuanian and Estonian offices advised on all important legal issues and practical solutions in their jurisdictions, local company law, banking, financial regulatory and competition law issues relevant for the restructuring plus drafting local transaction documentation and obtaining regulatory approvals for the Parex restructuring, including transfer of local branches and subsidiaries plus assets and liabilities. This is by far the largest and most complex restructuring to have taken place in the Baltics.

The SORAINEN Latvia team was led by partners Rudolfs Engelis, Eva Berlaus and Girts Ruda with associates Santa Selga, Inese Heinacka and Edite Stipra. The SORAINEN Estonia team was led by partners Reimo Hammerberg and Kaupo Lepasepp with senior associate Paul Kunnap and specialist counsel Urmas Volens. The SORAINEN Lithuania team was represented by partners Kestutis Adamonis, Tomas Kontautas with senior associates Mantas Petkevicius, Agne Jonaityte, Tadas Milasius and Lauras Butkevicius.