Hristov & Partners, alongside with the global counsel, has advised MTD Products Inc., with headquarters in Cleveland. Ohio, the leading manufacturer of outdoor power and lawn care equipment, on the restructuring of its business operation in Bulgaria. The restructuring was based on business review and included among others voluntary liquidation of the Bulgarian subsidiary company and the entry into a distribution agreement with a new entity, formed by the local management.
The firm was initially instructed to advise on the contemplated management buy-out, and subsequently the mandate was revised to include the liquidation procedure for the local entity MTD Bulgaria EOOD, acting in a close collaboration with the client’s global and regional legal and operational teams and the appointed administrator (liquidator) in the challenging and unprecedented circumstances of Covid-19 pandemic lock-downs. The team was led by Pavel Hristov, Partner, supported by Dragomir Stefanov, Associate, within the firm’s corporate and commercial practice.