First fully remote signing of an Annex


We are pleased to inform you that our law firm, cooperating closely with the renowned Greek law firm, Kyriakides Georgopoulos, with its registered office in Athens, has successfully conducted its first fully remote signing of an annex to a credit agreement in electronic form, since the restrictions related to the COVID-19 pandemic were imposed.

The credit agreement, now annexed for the fourth time, was concluded exactly two years ago in April 2018. Under the agreement, Bank Gospodarstwa Krajowego granted a credit of EUR 15.5 million for development of the existing 4-star hotel and the construction of the new 5-star hotel on the Greek island of Zakynthos to Rainbow Tours S.A. with its registered office in Łódź, as well as to White Olive A.E. and Rainbow Hotels A.E., two Greek companies with its registered office in Athens, which are part of the Rainbow Tours group, the second largest tour operator in Poland.

Annex No. 4 was signed in connection with the conclusion of an investment agreement by Rainbow Tours S.A. and White Olive A.E. with Fundusz Ekspansji Zagranicznej (FEZ), managed by PFR Towarzystwo Funduszy Inwestycyjnych S.A., with its registered office in Warsaw, under which FEZ invested in the development of the hotel business of the Rainbow Tours group on the Greek market. As a result of this investment, FEZ will become a minority shareholder in the Greek company - White Olive A.E.

White Olive A.E. already has three hotels in Greece. The funds raised under the investment agreement with FEZ will be allocated to the acquisition of two further facilities by this company, thus expanding its hotel portfolio in Greece to five.

Both the Polish and Greek entities benefited from concluding the annex to the credit agreement in electronic form, as provided under the Civil Code, which has the same effect as written form. Thanks to the use of electronic form, all persons signing the annex could do so fully remotely and safely from home, which is of utmost importance given the current
COVID-19 situation. Lawyers from both Bird & Bird and Kyriakides Georgopoulos law firm fully coordinated the entire process.

The project was managed on behalf of Bird & Bird by Maciej Georg, Counsel and Head of the Transactions Desk in the Financing and Financial Services practice, supported by Filip Windak, Junior Associate in the Financing and Financial Services practice at Bird & Bird’s Warsaw office. On behalf of the Greek law firm Kyriakides Georgopoulos, the project was managed by Zaphirenia Theodoraki, Associate, and supervised by Konstantinos Vouterakos, Partner.