News

Cárdenas & Cárdenas helps Enka negotiate international debt restructuring

08 June 2001

Cárdenas & Cárdenas Abogados has assisted Enka de Colombia SA, one of the largest fibre manufacturing companies in Colombia, in the negotiation of an International Debt Restructuring Agreement with a syndicate of banks which includes Dresdner Bank Lateinamerika Aktiengesellschaft, ING Barings, Banque Européene pour l’Amérique Latine (BEAL) SA, Lloyds TSB Bank Plc, Société Générale and Standard Chartered Bank.

Pérez Alati wins arbitration award

08 June 2001

As an effective alternative to drawn-out court litigation, JM Huber Argentina SA was awarded around US$3.5 million in compensation and damages in an arbitration proceeding that had been instituted by Huber against Celulosa Argentina SA for breach of contract relating to a precipitated calcium carbonate (PCC) plant in Zarate.

Souza, Cescon structures investment-grade bonds for Brazilian utility

08 June 2001

Brazilian firm Souza, Cescon Avedissian, Barrieu e Flesch Advogados represented Bank of America Securities LLC as lead underwriter of a US$300-million bond issue by AES Tietê Holdings. AES Tietê Holdings is the controlling shareholder of AES Tietê SA, a Brazilian power generation company created following the privatisation of CESP and ultimately owned by the AES Corporation.

Demarest to act for Foreign Ministry abroad

08 June 2001

Demarest e Almeida Advogados, the largest law firm in Latin America following its recent merger with Azevedo Sodré, is to act through its New York office as the permanent general representative outside Brazil of the Brazilian Ministry of External Relations.

Lease finance for power plants in Brazil

08 June 2001

Winston & Strawn was involved in closing major synthetic lease financings for Westdeutsche Landesbank for the EletroBolt (Enron) and Macae (El Paso) thermal power plants in Brazil, which together represented over US$1 billion in financing. Enron and El Paso Energy were the borrowers.

Future of thermal projects in Brazil remains unclear

08 June 2001

Frustrating investors’ expectations, provisional measure MP 2149 did not remove one of the main impediments to the building of thermoelectric plants in Brazil: the ability of power generators to pass-through their costs by the acquisition of natural gas, which is priced in US dollars.

Estudio Rosselló and COPRI publish compilation of Peruvian regulations on infrastructure concessions

08 June 2001

Over the last decade the Peruvian Government has introduced a great number of structural reforms permitting and promoting local and foreign investment in Peru. Such reforms have included the passing of several laws creating an adequate legal framework to foster, among other things, the awarding of infrastructure concessions as one of the main mechanisms for promoting the development of local infrastructure.

Ecuador simplifies patent system

08 June 2001

The Patent Cooperation Treaty (PCT) has been in effect in Ecuador since May 7, 2001. It was adopted at the conference held in Washington in June 1970 within the framework of the BIRPI (the predecessor of OMPI), which entered into effect on January 24, 1978, and was implemented on June 1 of the following year. At present there are 111 Member States of the PCT, including Ecuador, which acceded to the Treaty in October 2000.

Bank customers head list of claimants

08 June 2001

The judges of the First Civil Chamber of the High Court (Tribunal de Justiça) of the state of Minas Gerais have ratified the first instance decision in a bank failure case and ruled that former customers of Banco do Progresso SA, whose bankruptcy was ordered in October 1999, cannot be regarded as regular creditors and should be therefore given priority in the restitution process. Banco do Progresso SA was based in the city of Belo Horizonte in Minas Gerais, and had 33 branches nationwide.

Banks no longer recognise inflation

08 June 2001

By Circular No. 014 of April 2001, effective January 1, the Colombian Bank Superintendent has ordered banks and other financial institutions under its supervision to eliminate the adjustments based on the increase of the Consumers Price Index (CPI). For income tax purposes, however, losses on adjustment of net worth are still deductible.