Borenius advised Nordic Environment Finance Corporation (NEFCO)
We advised Nordic Environment Finance Corporation (NEFCO), an international finance institution established by the five Nordic countries to finance green investment projects, primarily in Eastern Europe in a court case against the Latvian company United Panel Group Europe, which bought Zheshartsky Plywood Mill (Zheshart).
Zheshart has been under bankruptcy proceedings since 2008 and we have previously represented NEFCO as one of the creditors in these bankruptcy proceedings.
In 2014 the bankruptcy proceedings were concluded by the signing of a settlement agreement. In addition, United Panel Group entered into a suretyship agreement with NEFCO to secure payment under the settlement agreement. Since no payment was made to the client, we initiated a court case against the surety.