News

Tozzini, Freire, Teixeira e Silva Advogados advises IFC on 30-year port concession

27 July 2001

Brazilian firm Tozzini, Freire, Teixeira e Silva Advogados has advised the International Finance Corporation (IFC), the private sector arm of the World Bank Group, and the Brazilian state of Pernambuco in the structuring of the concession for a container terminal in the port of Suape in Recife in northeastern Brazil.

Arias, Fábrega, Sullivan & Cromwell and Arnold & Porter advise in note purchase offer

27 July 2001

Panama's Arias, Fábrega & Fábrega and New York's Sullivan & Cromwell advised Salomon Smith Barney, Inc, as dealer manager of an international offer launched by the Republic of Panama to purchase up to US$245 million aggregate principal amount of 7.875 per cent Notes due February 13, 2002 for cash and warrants.

Brigard & Urrutia and Shearman & Sterling assist in credit agreement

27 July 2001

On July 16, 2001, Cementos del Caribe - a company pertaining to the Argos group, listed in the Colombian Stock Exchange, executed a US$40 million Credit Agreement with ABN Amro Bank NV, Citibank NA - Nassau Branch, Banco Corfinsura Internacional Inc and Bancolombia (Panamá) SA.

Estudio Rosselló and Luis Hernández Berenguel, Abogados merge

27 July 2001

Rafael Rosselló and Luis Hernández, senior partners of Estudio Rosselló and Luis Hernández Berenguel, Abogados (recommended by Latin Lawyer 250 for tax law) are to merge their two firms - effective from August 1, 2001.

Uruguay moves for mandatory filing of financial statements

27 July 2001

On July 4 the Executive Branch approved a decree under which all Uruguayan companies with total assets of not less than approximately U$S 450.000 or with a net operating income of not less than approximately U$S 1.500.000 will be required to file their annual financial statements with the National Comptroller Bureau ("Auditoría Interna de la Nación" or "AIN").

Chilean New Certification Requirements for Wreck Removal

27 July 2001

With effect from 6th June 2001 the Chilean Maritime Authority require evidence of satisfactory and sufficient (a) insurance, or (b) financial guarantee, or (c) internationally accepted P&I coverage in respect of wreck removal and subsequent liability for vessels calling at Chilean ports. Except for warships or other government ships not engaged in commerce, these regulations apply to all ships of 500 GT and over.

Opening for foreign banks in Costa Rica

27 July 2001

The Central Bank has announced a series of legislative reforms governing the financial sector, including changes that could permit the establishment of foreign banks in the country.

Risks out in the open for Brazil

27 July 2001

On July 13, 2001, the Brazilian Securities and Exchange Commission (CVM) declared that a due translation into Portuguese of any and all reports, filed by foreign private issuers with the US Securities and Exchange Commission (SEC) under the North-American Securities Act, must now be submitted by law. The legislation could herald a new era of openness for Brazilian companies.

Chile amends income tax on interest payments

27 July 2001

The Chilean Tax Law was amended on June 19, 2001, changing among other things, the tax regime for interest paid on external loans received by Chilean companies.

Mattos Filho Advogados advises Embratel on yen-denominated financing

20 July 2001

Brazilian firm Mattos Filho, Veiga Filho, Marrey Jr e Quiroga Advogados, through its Rio de Janeiro branch office, advised Empresa Brasileira de Telecomunicações SA - Embratel, in connection with a Japanese yen-denominated term loan agreement of ¥15.2 billion, equivalent to US$125 million. The closing date was on June 25, 2001.