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Three new federal laws recently became effective in Russia: the Law on Special Economic Zones, the Law on Concession Agreements and the Law on Credit Histories. These laws will facilitate and protect foreign investment, enhance predictability when dealing with Russian investment targets and help to develop the Russian business landscape.

Article 129 of Legislative Decree No. 385 of September 1 1993 (the Italian Banking Act), as subsequently amended, requires the issuers or offerors of securities in Italy to notify the Bank of Italy in order to be allowed to place the securities in Italy.

Allen & Overy's Stephen Jaggs and Andrew Harrow led a team advising G Steel on its debut offshore bond issue, the first high-yield bond issue from Thailand since the Asian financial crisis. The proceeds of the five-year $100 million bonds will go towards financing G Steel's production capacity expansion project and for general corporate purposes. Linklaters advised the underwriter, UBS Investment Bank, and Freshfields Bruckhaus Deringer acted as counsel to the trustee.

From January 1 2006 legislation implementing EU and OECD requirements on the criminal responsibility of legal entities and partnerships will take effect in Austria. This legislation is called Verbandsverantwortlichkeitsgesetz (VbVG).

James Rice reveals the role local lawyers can play in closing a deal and the techniques banks and issuers use to choose local counsel

Ben Maiden says attempts to reach a solution over auditors' involvement in due diligence are failing

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.

Many US companies and individuals rushed to file for bankruptcy before a new law came into effect on October 17. Skadden Arps Slate Meagher & Flom was assigned as lead counsel to Delphi Corporation on its Chapter 11 restructuring. Delphi, which was spun off from General Motors in 1999, is the world's largest manufacturer of car parts. Delphi revealed details of $4.5 billion in financing that it plans to use to fund its operations while in Chapter 11. This will include up to $2 billion in debtor-in-possession financing from lenders led by JPMorgan Chase and Citigroup Global Markets. The Skadden Arps team representing Delphi includes partners John Butler and John Lyons in Chicago and Kayalyn Marafioti in New York. The company hopes to emerge from Chapter 11 in 2007.

NRG Energy reached an agreement to buy Texas Genco for about $5.8 billion in stock and cash. Under the deal, which brings together two US power firms with a combined 26,000 MW in generating capacity, NRG will also assume $2.5 billion of Texas Genco's debt. Skadden Arps Slate Meagher & Flom advised NRG Energy on the acquisition. The firm's team comprised lawyers in New York, Houston, Wilmington and Washington DC, including partners Erica Ward, John Ale, Clifford Naeve, Robert Pincus and Stacy Kanter. Simpson Thacher & Bartlett advised Texas Genco, with David Sorkin leading the firm's team.

Creditors in Indonesia can choose from several ways to secure their loans, including fiduciary security, mortgages over land, pledge over movable goods and hypothec over a ship. This latter option allows a creditor to secure his receivables against a vessel. Hypothec remains in place even if that ship then changes ownership.