News

CSFB invests US$100 million in Banco General Notes

08 March 2002

Credit Suisse First Boston is to buy up to US$100 million-worth of Notes issued by BG Receivables LLC, a special purpose vehicle set up to securitise Visa and MasterCard Receivables generated by Banco General, SA, the second-largest Panamanian bank. The first tranche of the deal closed on February 22.

Amcham Peru launches arbitration centre

08 March 2002

The Peruvian branch of the American Chamber of Commerce (Amcham Peru) has opened up its new arbitration centre for business. The Lima-based centre started operations in February. Julio Gallo, partner at the law firm Barrios Fuentes Urquiaga Abogados, led the team of five lawyers in charge of preparing the centre’s regulations.

Nicholson & Cano lures Beccar Varela partners

08 March 2002

These may be dark days for Argentina, but business seems to be booming for Estudio Nicholson & Cano Abogados - so much so that the firm has taken on two new partners, both poached from Estudio Beccar Varela. Corporate lawyer Ignacio J Randle and international banking specialist Federico Caparrós Bosch joined Nicholson y Cano in February, along with a team of five associates from their practice groups.

Bidding for US$272.4 million highway concession under way

08 March 2002

The Costa Rican Government has issued the terms and conditions of the public bidding process for the San José-San Ramón Corridor highway concession. The deadline for receiving offers is June 5.

'Streamlined' merger review procedure fails to convince

08 March 2002

The Chairman of the Council for Economic Defence (CADE) has recently announced that Brazil’s ‘System for Economic Defence’ - the three-part regulatory structure consisting of CADE, the Economic Law Secretariat (SDE) and the Economic Analysis Secretariat (SEAE) - will adopt a simplified review procedure for ‘acts of concentration’ such as mergers, acquisitions and transfers of corporate control.

US$250-million note issue by Brazilian pulp-maker

01 March 2002

Brazil’s largest pulp-maker, Aracruz Celulose SA (Aracruz), has issued US$250 million in 5.984 per cent promissory notes due 2009 secured by a future shipment of bleached eucalyptus market pulp. The notes, insured by XL Capital Assurance Inc, received a final AAA rating. Greenberg Traurig LLP advised the issuer; Levy & Salomão Advogados and Sidley & Austin Brown & Wood LLP advised Salomon Smith Barney as underwriter. Dewey Ballantine LLP represented the insurer. The transaction closed on February 6.

Brazil issues US$1.25 billion in global bonds

01 March 2002

The Republic of Brazil has made an offering of US$1.25 billion aggregate principal amount of 11 per cent US dollar-denominated global bonds due 2012. The transaction closed on January 11. Pinheiro Neto Advogados and Sullivan & Cromwell advised the underwriters, JP Morgan Securities and Salomon Smith Barney, while Arnold & Porter represented Brazil.

Souza, Cescon and Pinheiro Neto advise on Bradesco's absorption of Deutsche Bank Investimentos DTVM

01 March 2002

Brazil’s largest private bank, Banco Bradesco SA, has acquired Deutsche Bank’s local asset management arm, Deutsche Bank Investimentos DTVM SA (DTVM). Bradesco’s lawyers in the transaction were Souza, Cescon Avedissian, Barrieu e Flesch - Advogados; Deutsche sought advice from Pinheiro Neto Advogados.

Bolivar freely floated against the US dollar

01 March 2002

On February 12, President Hugo Chávez announced several measures designed to address the twin problems of insufficient budget funding and capital flight. Among these measures is a decision to scrap the band within which the Bolivar floated between upper and lower limits set by the Central Bank. The new exchange scheme allows for the free flotation of the Bolivar, although the Central Bank will intervene to prevent violent exchange rate movements.

Government revises emergency amendments to Argentine Bankruptcy Code

01 March 2002

The recent Emergency Business and Production Act (Ley de Emergencia Productiva y Crediticia, Law No. 25,563: ‘the Act’) included several significant amendments to Law No. 24,522 (Ley de Concursos y Quiebras, ‘the Bankruptcy Code’). On February 15, the executive branch issued Decree 318/2002 amending the Act.