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Winston & Strawn lawyer sets up on own
Winston & Strawn lawyer sets up on own

Winston & Strawn lawyer sets up on own

24 May 2002

Thomas Vega-Byrnes has left Winston & Strawn and has set up his own solo practice, Thomas Vega-Byrnes LLC. He will continue to work in international power projects and will build upon established relationships with commercial, government and multilateral lenders, equipment suppliers and contractors.

Cleary advises Uruguay on US$250-million offer
Cleary advises Uruguay on US$250-million offer

Cleary advises Uruguay on US$250-million offer

12 April 2002

Uruguay has made a SEC-registered US$250-million offering of 7 7/8 per cent notes due 2009, under the country's shelf registration statement. The transaction closed on March 25 and the notes were listed on the Luxembourg Stock Exchange on March 28.

US$133-million cash injection for Uruguay's Banco Comercial
US$133-million cash injection for Uruguay's Banco Comercial

US$133-million cash injection for Uruguay's Banco Comercial

15 March 2002

In an attempt to resuscitate Uruguay’s largest but ailing private bank following a multimillion-dollar fraud scandal, shareholders JP Morgan Chase, Credit Suisse First Boston (CSFB) and Dresdner Bank Latin America have clubbed together with the government of Uruguay to pump a total of US$133 million into Banco Comercial.

New tax legislation in Uruguay: Law No. 17,453
New tax legislation in Uruguay: Law No. 17,453

New tax legislation in Uruguay: Law No. 17,453

15 March 2002

On February 28, the Uruguayan Congress approved Law No.17,453 (‘the Act’), which is designed to address the existing fiscal deficit. Some of the changes introduced by the Act relevant to foreign business are summarised below:

Ferrere Lamaison advises IFC on loan to Banco de Montevideo for acquisition of Banco La Caja Obrera
Ferrere Lamaison advises IFC on loan to Banco de Montevideo for acquisition of Banco La Caja Obrera

Ferrere Lamaison advises IFC on loan to Banco de Montevideo for acquisition of Banco La Caja Obrera

18 January 2002

The International Financial Corporation (IFC) has agreed to issue a $9 million subordinated loan to Uruguay's Banco de Montevideo for the acquisition of the formerly state-owned Banco La Caja Obrera.

End of Uruguayan State monopoly of oil importation and refinery
End of Uruguayan State monopoly of oil importation and refinery

End of Uruguayan State monopoly of oil importation and refinery

18 January 2002

In accordance with the law dated December 27 2001 (“the Act”), the Uruguayan congress has put an end to 70 years of State monopoly - exercised by the State-owned oil company, ANCAP - over the importation, refinery and exportation of crude oil, and over the exportation of oil-derived products (“the Monopoly”).

Bid for the Construction of a Gas Power Station
Bid for the Construction of a Gas Power Station

Bid for the Construction of a Gas Power Station

11 January 2002

UTE, the State-owned electricity company, has called for a bid in order to identify a private investor for the construction of a new gas power station that will replace the State-owned fuel oil power station, the so-called Central Batlle. The deadline for presenting offers is January 22, 2002.

Competition in the cellular and long-distance telephony markets
Competition in the cellular and long-distance telephony markets

Competition in the cellular and long-distance telephony markets

21 December 2001

The Uruguayan Government has approved Decree No. 442/001 of November 13 establishing an interconnection regime governing international and cellular telephony operators.

Irish buyer for Sursoft's software assets
Irish buyer for Sursoft's software assets

Irish buyer for Sursoft's software assets

23 November 2001

The Irish software manufacturer Trintech has purchased the sole production, distribution and marketing rights to a software package developed by the Uruguayan company Sursoft. The software is used to ensure the safety of credit card transactions over the net. The deal, worth over US$5 million, is expected to close this month.

Portuguese in joint venture with Uruguayan paper maker
Portuguese in joint venture with Uruguayan paper maker

Portuguese in joint venture with Uruguayan paper maker

09 November 2001

The Portuguese company Companhia Mineira de Talcos Ltd. (COMITAL), has entered into a joint venture agreement with Fábricas Nacionales de Papel (FANAPEL), an Uruguayan company, to set up industrial facilities for the production of chemical products for paper and painting companies. The plant opened for business on October 12.