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Jeremy Sandelson was voted managing partner of Clifford Chance's London office, with effect from January 1 2006. Sandelson, head of the firm's litigation and dispute resolution practice, takes over from Peter Charlton, who is to become global head of the firm's corporate practice. The role of London managing partner incorporates that of managing partner of the Dubai office.

Argentina's most heavily populated region, Buenos Aires, opened an offer to restructure more than $3 billion in debt. The offer was launched last month and is due to expire December 16 and close in early 2006. Argentina's federal government defaulted on more than $100 billion in debt in 2001 and the country's provincial governments followed suit. The federal government closed its groundbreaking exchange offer in June this year, and the Buenos Aires provincial government is now attempting to restructure its own debts. Cleary Gottlieb Steen & Hamilton, which advises the national government, is also acting for the Buenos Aires government. Roger Thomas and Carmen Corrales are the firm's lead partners on the exchange, but lawyers from Cleary's offices in Rome, Frankfurt, Paris, London, Brussels and Moscow are also involved. Shearman & Sterling is advising Citigroup Global Markets, the global coordinator of the swap, with Antonia Stolper as lead partner.

After years of planning, the UK has launched a comprehensive update of its company laws to cut red tape, limit auditor liability and increase shareholder powers. By Vanessa Knapp

Asset manager adds to CDO track record White & Case and Ashurst have advised on a new €410 million collateralized debt obligation by Oryx European. Ashurst advised Axa IM Paris as the portfolio manager and White & Case acted for UBS as transaction manager. Ashurst London Partner Erica Handling advised on the structure and the documentation while the firm's Paris office advised on the due diligence aspects of the acquisition of senior and mezzanine debt.

Protectionist business interests risk derailing Japan's merger reforms to allow foreign companies to make non-hostile acquisitions in the country. M&A adviser Nicholas Benes argues that meaningful change is essential if Japan is to raise its woeful levels of foreign investment

The last year has seen a phenomenal leap in the Indian airline industry, with a number of small, low-cost, no-frills airlines being floated on the stock exchange, leading to a growing demand for passenger aircraft, most of which are imported into India.

By Sandro Castañeda Ricci and Martha Elizabeth Altamirano Ortíz of PricewaterhouseCoopers

The leading legal advisers on global project finance deals The top three firms remain unchanged since last year. Allen & Overy tops the table in terms of total value and volume of deals, with Clifford Chance and Latham & Watkins close behind. Skadden Arps Slate Meagher & Flom has the highest value per deal of the top 10 firms, while Slaughter and May is the big climber, up 31 places in the rankings since 2004.

The European Investment Bank and Nordic Investment Bank completed the €640 million financing for the design, construction and maintenance of the A1 motorway in Poland. White & Case, led by Jacek Czabanski, represented the banks on the financing. Wardynski & Partners advised the Polish Treasury and CMS Cameron McKenna acted for concessionaire Gdansk Transport Company (GTC). GTC will construct and operate the motorway, receiving revenues from availability and performance payments. The project will be implemented in collaboration with the Polish Ministries of Finance and Infrastructure and the national roads authority.

Lead arrangers Credit Suisse, Calyon and Aareal Bank completed a $700 million credit facility to finance Colony Capital's acquisition of Raffles Holdings' hotel operations. Latham & Watkins, led by John Otoshi in Hong Kong and Michèle Penzer in New York, advised the lead arrangers and worked with in-house counsel James Wood at Credit Suisse. Willkie Farr & Gallagher was lead adviser to Colony Capital on the financing.