Led by Péter Köves, Lakatos Köves & Partners moves up into tier two this year. Established in 1991, the firm earned itself a sound reputation for its involvement in key transactions in the development of the Hungarian economy....
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Led by Péter Köves, Lakatos Köves & Partners moves up into tier two this year. Established in 1991, the firm earned itself a sound reputation for its involvement in key transactions in the development of the Hungarian economy. It also enjoys a good reputation for finance work. In difficult times, the ex-Clifford Chance operation has had to be creative in the market and while its relationship with Clifford Chance remains strong, it is developing links with leading independent firms in a range of jurisdictions. With English law capabilities and obvious proficiency in Hungarian law, the firm is a strong option as local counsel and continues to attract notable mandates. "Given the fact that they're an absolute premier banking practice and have the knowledge and reputation, they could be in tier two," one competitor says. Furthermore, clients have been generally pleased with the firm's output. "I can't fault their work. They were responsive, efficient and got things done in budget," one client says. "They spotted the issues in Hungarian law and proposed solutions."
Deals
This year, Lakatos Köves & Partners was involved in significant transactions connected to the collapse of Malev. The reputation of the firm's aircraft finance practice enabled it to secure the instruction of aircraft leasing companies such as Macquarie and SAS to recover planes. Consequently, the firm was engaged by a leaser to lease three planes out to WizzAir. Furthermore, the firm worked alongside Clifford Chance advising the coordinating committee of banks on the planned and approximately $500 million financial restructuring of a major Ukrainian industrial company, Donbass. This promises to be one of the most complex restructuring deals ever faced by Hungary, as it would involve the restructuring of independently granted foreign and local financings within one framework.
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English partner Richard Lock leads Lakatos Köves & Partners' M&A practice. The team co-operates closely with other practice areas in advising domestic and global corporate and financial institutions on its corporate and commercial law issues....
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English partner Richard Lock leads Lakatos Köves & Partners' M&A practice. The team co-operates closely with other practice areas in advising domestic and global corporate and financial institutions on its corporate and commercial law issues. In the last year, despite tough market conditions, the firm has been involved in a number of classical M&A transactions and multi-jurisdictional restructurings. With English and Hungarian law capabilities, the firm consolidates its market position. "They're good experts and we're always satisfied with them," one client says. "They're very flexible."
Deals
Amid tough market conditions, Lakatos Köves & Partners has been able to secure some notable mandates. The firm advised the Dubai based Al Habtoor Group on its acquisition of Budapest's Le Meridien Hotel from the Hungarian subsidiary of the Israeli CEE Group. This purchase is interesting in that it marks growing interest from Gulf based investors in buying Hungarian assets. In addtion, Aviva and Clifford Chance engaged the firm in regard to the Hungarian aspects of Aviva's disposal of its Central Europe insurance business in Hungary, the Czech Republic and Romania. Also, the firm was involved in the reversal of a 1997 privatisation when it advised Suez Environnement and RWE in the €41 million sale of its shareholding interest in Budapest Waterworks to the Budapest Municipality.
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Lakatos Köves & Partners is a tier three project finance firm. The firm’s strong real estate and finance practice is driven by Attila Ungár and Péter Köves....
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Lakatos Köves & Partners is a tier three project finance firm. The firm’s strong real estate and finance practice is driven by Attila Ungár and Péter Köves. It certainly has the experience and expertise as evidenced by its prior involvement in large motorway and energy projects.
Deals
Lakatos Köves & Partners advised Europa Capital with respect to its projects in Hungary. This is especially so with respect to the Eiffel Square development and Zala Park, a project restructuring requiring expertise in finance, bankruptcy laws, dispute resolution and real estate. Furthermore, the firm advised the fund, MSDC Management, in respect to the refinancing of its investment in Toreador, an oil company, in connection to its Hungarian projects.
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