An approaching milestone after decades – Part 1: Overview and jurisdiction
A year has passed since the outbreak of COVID-19 in Austria and many legal problems remain unresolved. The problem seems new, but the legal provisions of the Austrian Civil Code em-ployed to deal with thae consequences of the pandemic are more than 200 years old, and were drafted in order to deal with quite different pandemic effects. The law refers to “extraordinary events” such as “fire, war or pandemic, major floods, weather events.” There is agreement that COVID-19 is a pandemic and therefore an extraordinary event in the meaning of the law.
Schoenherr has advised Raiffeisen Bank International as arranger on a true sale securitization of a EUR 538 million portfolio of vehicle leasing receivables by Raiffeisen Leasing Group. Clifford Chance advised RBI on German law aspects of the transaction, and anchor investors, which include the European Investment Bank and the European Investment Fund, were advised by Linklaters and Binder Groesswang.
In December 2020 the Higher Administrative Court issued an interesting ruling regarding the party status of environmental organisations (EOs). Until now, the scope of EOs' participation rights in Austrian nature conservation proceedings was unclear. The court's ruling clarifies that EOs' party status is to be interpreted broadly.
Jank Weiler Operenyi, the Austrian member of Deloitte Legal, has advised the Kruger Group, the minority shareholder in soda maker manufacturer Sodapop Austria GmbH, on the acquisition of the remaining shares of the company from BAST Unternehmensbeteiligungs GmbH and ROHE Vertriebsmanagement und BeteiligungsgmbH. Austria's Berger Ettel law firm reportedly advised the sellers.
Binder Groesswang and White & Case advised Verbund AG on their issuance of innovative green and sustainability-linked notes with a volume of EUR 500 million. Schoenherr and Linklaters advised BofA Securities and J.P. Morgan in their capacities as joint ESG structuring agents and joint bookrunners, as well as Erste Group, Morgan Stanley, and Societe Generale in their capacities as Joint Bookrunners.