News

Central Bank fines on unregistered or late-registered foreign investments

20 September 2001

Brazilian Monetary Council Resolution No. 2883 of August 30, 2001 imposes new fines on late-registered and unregistered foreign investments in Brazil, including direct investments, loans, and other transactions. Under the resolution, any registration made after 30 days from the date of the event (ie date of entry of funds) will entail the imposition of fines, with few exceptions.

Government approves reform of Public Services Law (142/1994)

20 September 2001

The Colombian government has given its approval to Law 689 amending the Public Services Law, which will come into effect on October 28. As of that date, state entities that provide a public service will no longer be required to contract under the State Contracting Statute (Law 80 of 1993). This will certainly simplify the current contracting process with the remaining state-owned public services companies, since as from the end of November these public companies will be able to freely contract with third parties under the general commercial regulations for private companies.

The privatisation of water and sewerage

20 September 2001

The National Secretariat for State Reform has appointed the advisers and consultants who will work with the Government in the privatisation of the state water and sewerage company CORPOSANA, which will be effected by a sale or by capitalisation. CORPOSANA provides water and sewerage services in the capital and other large towns, although the sewerage services are limited. Steps are being taken to restructure the company in preparation for privatisation while ensuring the continued provision of regular services. The invitation to tender is expected to be announced within the next two months.

Sáenz Valiente and Cleary Gottlieb represent Grupo Clarín and Multicanal in US$195-million deal

14 September 2001

A multinational team of lawyers advised Argentine media giant Grupo Clarín and its affiliate Multicanal in the refinancing of Multicanal’s existing debt obligations in a transaction concluded on August 24.

Cleary, Gottlieb counsels Morgan Stanley in senior notes programme

14 September 2001

Cleary, Gottlieb, Steen & Hamilton's New York office recently represented Morgan Stanley as sole bookrunner in the Rule 144A/Regulation S offering of US$421 million 7.373 per cent Senior Notes due 2022 by Autopista del Maipo Sociedad Concesionaria SA, a Chilean highway concessionaire.

Barrios Fuentes Urquiaga Abogados advises on the Bristol-Myers Squibb divestiture of Clairol

14 September 2001

Cravath, Swaine & Moore and Morgan Lewis & Bockius LLP have selected Barrios Fuentes Urquiaga Abogados as Peruvian counsel in the divestiture of the personal care products company Clairol from BMS.

Bruchou assists Argentine banks in acquisition of CASISA restructuring credit facility

14 September 2001

Bruchou, Fernández Madero, Lombardi & Mitrani has acted as legal counsel to Banco Río de la Plata SA and Banco de Galicia y Buenos Aires SA in the acquisition of approximately 41.5 per cent of the capital stock of Caminos de las Sierras SA (CASISA). The two banks acquired the shares in CASISA from José Cartellone Construcciones Civiles SA, a major local conglomerate. CASISA holds the concession to operate the Red de Accesos a la Ciudad de Córdoba, the City of Córdoba's, and Argentina's second busiest motorway belt.

Cruzat, Ortúzar - Baker & McKenzie Santiago in US$150-million bond issue

14 September 2001

Cruzat, Ortúzar & Mackenna Ltda - Baker & McKenzie Santiago has advised Hipermercado Jumbo SA in relation to a bond issue of 6 million pesos (equivalent to US$150 million) which was completed in August.

International and local firms assist in Chilean issue

14 September 2001

Carey y Cía is advising Financial Security Assurance Inc (FSA) on a local issue by Sociedad Concesionaria Autopista del Sol SA of long-term UF bonds worth approximately US$121 million. The regular scheduled payments of principal and interest will be secured by an insurance policy to be issued by FSA.

Demarest e Almeida and Trench, Rossi advise in purchase of Global Telecom shares

14 September 2001

Trench, Rossi e Watanabe Advogados, associated with Baker & McKenzie, has advised Motorola in the sale of its stake in Global Telecom, the Band B mobile telephone operator in the Brazilian States of Paraná and Santa Catarina. The deal was completed on July 26.