Kambourov & Partners holds on to its place in the second tier. It is a seasoned firm in the market, well connected with international law firms for local counsel work on the big ticket transactions and present on a good number of the larger and more complicated transactions in the market."Very satisfied with the work of the firm," says one client, while a banking client who engaged the firm on "very specialised" banking matters says: "We had very good cooperation with them."The firm has divided itself into 14 different practice areas, separating out restructuring and insolvency from banking and finance to better service the trend of insolvencies, particularly in the real estate sector, debt restructurings and project refinancings. It has a strong corporate practice and a growing finance practice, having advised banks including UniCredit, First Investment, Piraeus and Crédit Agricole.Recent finance work saw Vladimir Rangeloff work with Wragge & Co to advise HSBC Bank on the security package for a $300 million bridge facility for the merger of two listed natural resource companies Petroceltic International and Melrose Resources. The merger was one of the biggest deals in 2012.Other interesting deals saw the firm assist repeat client Luigi Lavazza on the sale of its 100% share stake in ONDA Coffee Break to Softstok and Energo-Pro Bulgaria, the largest electricity generator from hydropower in Bulgaria, in the acquisition of hydro-power facilities with 62.5MW of capacity from a competitor.In restructurings, Yavor Kambourov acted for one of the largest Bulgarian banks in relation to the insolvency proceedings of a debtor for a project financing for the construction and development of a tourist complex.