KLC Law Firm in the deal of the year

KLC Law Firm acted as legal advisor of ThyssenKrupp group of companies (namely ThyssenKrupp Marine Systems AG, Howaldtswerke Deutsche Werft GmbH and Hellenic Shipyards SA) in a major dispute resolution agreement with the Greek State for the settlement of long lasting disputes related to the Submarine Programs of Hellenic Navy with a total budget of nearly 3 billion Euro. The engagement of KLC by ThyssenKrupp group of companies comprised in the first place the initiation of ICC arbitration proceedings and later the conduct of prolonged settlement negotiations, the drafting of all relative settlement and defense procurement agreements, the advise on several complex legal issues and the overall handing of the contract formation, execution and closing procedure. The final agreement between ThyssenKrupp group of companies and the Greek State was ratified by the Hellenic Parliament and provided for the overall settlement of all disputes as well as the re-structuring and expansion of the Submarine Programs of Hellenic Navy in a total deal of more than 1,3 billion Euro. The said agreement paved also the way and enabled the transfer of the majority stake in Hellenic Shipyards SA from ThyssenKrupp group to Privinvest Shipbuilding SARL, a company affiliated to Abu Dhabi Mar LLC.