Bernitsas Law has successfully applied the failing firm defence before the HCC, achieving clearance for the merger by absorption of ANEK by Attica Group and the repayment by the post-merger entity of ANEK's loan obligations to its creditors.
This is the first time that the failing firm defence has been successfully brought before the HCC and creates a significant precedent.
Attica Group is a leader in the provision of ferry services for passengers and cargo in the Eastern Mediterranean Sea. ANEK is one of the oldest passenger shipping companies in Greece, dating back to 1967, operating on the Piraeus-Crete routes and the Adriatic Sea lines.
The Bernitsas Law team was led by Managing Partner, Panayotis Bernitsas and Partner Marina Androulakakis working with Senior Associate Tania Patsalia.
The HCC’s press release can be viewed here.