Search results for

Italian banks may now issue covered bonds, as a result of the enactment of Law Decree 35 of March 14 2005, converted into Law 80 of May 14 2005.

Jersey is moving towards an overhaul of its fiscal policy, which will allow locally owned companies to enjoy the same zero rate of income tax as foreign-owned companies.

According to the Kuwait Tax Law (Decree 3 of 1955), every body corporate carrying on business in Kuwait should pay tax on its Kuwait operations. The tax is calculated at an increasing rate depending on levels of profit, up to a maximum of 55%.

Clipper Group was advised by Lawrence Graham on its placing and admission to AIM, the London market for growth stocks. The wind turbine developer has an initial market capitalization of £180 million, taking it into the new FTSE AIM 50 index. The company raised £75 million. Lehman Brothers was nominated adviser to the float; their legal advisers were Freshfields Bruckhaus Deringer. US firm Reicker Pfau Pyle & McRoy provided US legal advice to Clipper.

Airline turns to structured finance Citibank acted as arrangers on a $100 million conduit financing for Asiana Airlines. The transaction represents the first European export credit agency-supported transaction for Asiana. Allen & Overy advised Citibank and the European credit agencies, with partner Mario Jacovides leading the London team and William Ho running the transaction in Hong Kong. Mallesons Stephen Jaques acted for the lease equity provider, Allco Finance. Milbank Tweed Hadley & McCloy acted for Asiana Airlines.

Debevoise & Plimpton and Simpson Thacher & Bartlett were the lead advisers on one of the largest leveraged buyouts (LBOs) of the last 15 years. The Ford Motor Company has agreed to sell car rental company Hertz, a wholly-owned subsidiary, to a group of private equity firms for $15 billion, including almost $9 billion in debt. Debevoise & Plimpton advised the consortium, which comprised the Carlyle Group, Clayton Dubilier & Rice and Merrill Lynch Global Private Equity. Franci Blassberg and David Brittenham led the Debevoise team. Simpson Thacher & Bartlett represented Ford and Hertz on the deal through a team including mergers and acquisitions partners David Sorkin, Peter Malloy and Sean Rodgers. Simpson Thacher had already been mandated to advise the company on a planned IPO. Weil Gotshal & Manges was retained by the consortium's financial advisers Deutsche Bank, Lehman Brothers and Merrill Lynch. The LBO will involve high-yield and bridge financing, plus a large new asset-backed securities (ABS) programme. Corey Chivers and Rod Miller are Weil Gotshal's corporate finance partners on the deal, Frank Nocco and Jason Smith will advise on ABS issues.

Real rights to real property In Albania, a loan agreement is usually associated with a securing charge agreement on collateral. In most cases, the securing charge is a mortgage on real property owned by the debtor. In practice, the parties usually agree in the loan agreement to register a mortgage deed with the real estate register as a condition precedent to the loan agreement taking effect. So the loan agreement usually becomes effective and the loan will be disbursed in favour of the purchaser at the moment the mortgage agreement is registered with the real estate register.

Many recent US reforms on independent directors' responsibilities are misguided and unclear. Delaware's state court rulings may be doing more to promote good corporate governance than SEC or stock exchange rules, says Richard Hall of Cravath, Swaine & Moore LLP

Owen Foley and John Jones of Misick & Stanbrook provide an overview of corporate governance issues for international business corporations formed in The Turks and Caicos Islands

Hans Sachse and Aravind Ramanna of Boekel De Nerée outline developments in the Dutch governance regime since the implementation of the Tabaksblat Code