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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

Chris Humphries of Stuarts Walker Hersant provides a summary of the duties of a director of a company incorporated under Cayman Islands Law and the consequences they face if they breach their duties

By Ana Teresa Rizo and Ofilio Mayorga of FA Arias & Muñoz

While other jurisdictions develop their corporate governance regimes, Anguilla is keen to maintain a flexible approach. By Martin Welsh of Harney Westwood & Riegels

Central American overview

Fund management