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Many large Japanese companies are about to adopt takeover defences that are contrary to the interests of their shareholders. Nicholas Benes uses a hypothetical company, Yamato Aluminium, to illustrate their impact

A slew of legal advisers helped conclude Thailand's largest and most prolonged debt restructuring. The $3.7 billion restructuring of Thai Petrochemical Industry (TPI) included a $750 million debt/equity conversion and a $650 million equity purchase by strategic investors. Johnson Stokes & Master, led by Bangkok partner Steven Miller, advised the committee of creditors which included 140 lenders. Baker & McKenzie acted for the original plan administrator and Norton Rose represented the second plan administrator. TPI was advised by Linklaters before the court-based rehabilitation. Siam Niti provided Thai law advice to the second plan administrator and International Legal Counsellors Thailand represented TPI's executives and former controlling shareholders.

Allen & Overy Shook Lin & Bok and White & Case advised on South East Asia's largest securitization to date. IndoCoal Exports issued $800 million in structured notes. Kenneth Aboud led the Allen & Overy Shook Lin & Bok team acting for Credit Suisse as arranger. White & Case acted for the originator Bumi Resources. Ali Budiardjo Nugroho Reksodiputro gave Indonesian law advice and Maples and Calder advised the securitization vehicle on Cayman Islands law.

Orrick Herrington & Sutcliffe hired three partners to its New York office, including two lawyers from Thelen Reid & Priest. Burton Haimes was previously vice chairman of Thelen Reid & Priest's corporate group and head of its European practice, while George Wang centres his practice on advising French companies on US law. The third partner to join Orrick was King Milling, who previously worked with Kirkpatrick & Lockhart Nicholson Graham in New York, advising on corporate and M&A.

The Fair Trade Commission of Korea (KFTC) has introduced a new bill to amend the Monopoly Regulation and Fair Trade Act (MRFTA) to promote the conversion of conglomerates into a holding company structure.

Foreign investment requires a supportive and conducive legal environment and legal institutions. In this light, legal certainty is as vital as political stability and economic opportunities.

How hedge funds are reshaping deals

In a survey of the European hedge fund market, Northern Trust found that regulation needs to have several tiers dependent on investor profile

Are the promises of Hong Kong's financial regulator to get tough on hedge fund misselling anything more than talk? Siew-Fong Leung reports

US hedge funds are being drawn to a growing European distressed debt market and, in the process, changing the way it functions, say Igino Beverini and Bruno Cova