News

Bruchou, Fernández Madero and Estudio Alegria help in Monroe Americana's debt restructuring

28 September 2001

Bruchou, Fernández Madero, Lombardi & Mitrani has assisted a syndicate of banks in the structuring and negotiation of a debt-restructuring agreement covering indebtedness in excess of US$35.5 million entered into by Monroe Americana SA, one of the leading pharmaceutical products distributors in Argentina, and the majority of its creditors.

Brazilian firms assist in acquisition of Ferro's subsidiary in Brazil

28 September 2001

Squire Sanders & Dempsey LLP, Tozzini, Freire, Teixeira e Silva and Franseschini Advogados have assisted Ferro Corporation ('Ferro') and OM Group, Inc (OM) in the acquisition of Cerdec Ceramics do Brasil Ltda by Ferro's subsidiary in Brazil, Ferro Enamel do Brasil Indústria e Comércio Ltda, as part of a worldwide transaction between Ferro and OM.

Law firms' joint ventue 'first of its kind'

28 September 2001

Mexico City-based Creel, García-Cuéllar y Müggenburg and Monterrey-based Canales y Garza have executed a joint venture agreement for the purpose of developing new business opportunities in the northeastern region of Mexico and in particular in Monterrey.

D'Empaire chosen by BlueSentinel

28 September 2001

BlueSentinel has selected D'Empaire Reyna Bermúdez Abogados as one of the Venezuelan members of the Ulyses Network, its network of law firms. BlueSentinel is a leading provider of customised international business screening and performs individually-tailored due diligence for companies worldwide who are interested in developing international trade relationships.

Colombia passes new law for the exceptional treatment of territorial regimens

28 September 2001

The government of Colombia has sanctioned Law 677, which creates so-called special economic zones for exportation within the frontier municipal territories of Buenaventura, Cúcuta, Valledupar and Ipiales and its metropolitan areas.

New rules on the approval of restrictive agreements and mergers and acquisitions

28 September 2001

By means of Circular Letter No. 10 of August 6, the Superintendency of Industry and Trade (Colombian Competition Authority) has set out new terms and conditions for the approval of restrictive agreements, integrations, mergers and acquisitions.

Labour benefits of expatriate workers

28 September 2001

On September 19, 2001 the Social Cassation Chamber of the Supreme Tribunal of Justice handed down its decision in a lawsuit brought by a foreign employee of an oil company seeking to be paid the difference in labour benefits and other employment benefits for the time served with affiliated corporations, both in Venezuela and abroad.

New provisions designed to create an efficient, secure and reliable payments system

28 September 2001

On August 30, 2001, the Brazilian Central Bank (Bacen) announced that the Brazilian Monetary Council, in the form of Resolution 2882, had made several provisions regarding the national payments system and the houses and providers of clearing and settlement services operating within it.

Argentina reinforces rights of depositors

28 September 2001

In an attempt to restore confidence in the local banking system, the Argentine Congress recently passed Law No. 25,466 ('the Law') on the intangibility of bank deposits, which prohibits the Federal Government from taking any measure ordering mandatory conversion, freezing or restructuring or in any manner affecting deposits in Argentine pesos or foreign currency. Clearly influenced by the current economic crisis, the Senate confirmed with no objections, and in a matter of minutes, passage the bill approved by the Chamber of Representatives which was promulgated on September 24, 2001

Amendment to the Constitution restricts scope of Provisional Measures

28 September 2001

The publication on September 12, 2001 of Amendment 32 has led to significant changes to the Federal Constitution of Brazil. The Amendment modifies nine articles of the Constitution, and its most important changes relate to Provisional Measures, whose scope has been restricted.