Mandate

Vinge has advised Scandic in connection with its rights issue and the agreement on new credit facilities

July 15, 2020

Vinge has advised Scandic Hotels Group AB (publ) on a fully underwritten rights issue, which will provide Scandic with issue proceeds amounting up to approximately SEK 1,765 million before deduction of transaction costs, and on the agreement of new credit facilities amounting to SEK 1,400 million.

The new shares are expected to be admitted to trading on Nasdaq Stockholm around 29 June 2020.

With 53,000 hotel rooms in operation at 268 hotels in about 130 locations, Scandic is the leading hotel company in the Nordic region. Most of Scandic’s hotels are operated under the fully-owned Scandic brand, which is the best-known hotel brand in the Nordics.

Scandic is listed on Nasdaq Stockholm, Mid cap.

Vinge’s team primarily consisted of Jesper Schönbeck, David Andersson, Amanda Knutsson, William Kåge, Anders Sundin Lundberg, Eléonore Friberg (Capital markets), Louise Brorsson Salomon, Thomas Sjöberg, Robert Wikholm, Linn Adelwald, Ludvig Wettergren and Elias Lundin (Banking and Finance).

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Advokat Daniel Daun and advokat Victor Ericsson at Vinge’s Malmö and Stockholm offices respectively have been appointed as new partners as of 1 January 2023. Jacob Jeanrond, Caroline Krassén, Henrik Schön, Maria Dahlin Kolvik, Sara Strandberg and Linn Adelwald have been elected as counsel at Vinge’s Stockholm office.
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COP26 - a step in the right direction to achieve the Paris Agreement goals

On 13 November 2021, the two-week international climate summit COP26, held in Glasgow, UK, was concluded after leaders from over 190 countries agreed on a new deal, the so-called Climate Pact in Glasgow. The aim of COP26 was for leaders from around the world to agree on how to step up global action to tackle the climate crisis. The agreement, which will set the global average temperature increase at between 1.8 and 2.4 degrees Celsius, is a step towards achieving the Paris Agreement's (COP21) more ambitious target of a maximum increase of 1.5 degrees.
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The EU Court of Justice dismisses Belgium’s request in Opinion 1/20, but points out that the dispute settlement mechanism of ECT is not applicable to ‘intra-EU disputes’

The Energy Charter Treaty (ECT) is under renegotiation. Its Article 26, which provides a dispute settlement mechanism, has however not been announced as being subject to such renegotiations. On 2 December 2020, Belgium submitted a request to the EU Court of Justice (CJEU) for an opinion on whether the dispute settlement mechanism of the draft ECT, assuming it remains unchanged, could be interpreted as allowing its application intra-European Union, i.e. between an EU Member State and an investor who is a national of another Member State, and whether this would be compatible with the EU Treaties, in particular Article 19 TEU on the role of the CJEU and Article 344 TFEU on the autonomy of EU law.
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