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Shearman & Sterling and Simpson Thacher & Bartlett advised on Dresser-Rand Group's initial public offering (IPO). The offering, which raised $567 million, listed the engineering company's shares on the New York Stock Exchange. Edward Tolley of Simpson Thacher was issuer counsel on the deal. James Scott of Shearman & Sterling advised the underwriters, who were led by Citigroup and Morgan Stanley.

The replacement of a 70-year old piece of energy regulation should remove obstacles for investors wanting to buy into the US utilities market. By David Bloom and Samantha Hampshire

Alistair Graham and Larry Byrne, who act for a UK executive facing extradition to the US over price-fixing claims, argue that the new extradition system between the countries is deeply flawed

Robert Ebe and Brett Waxdeck explain how US courts became comfortable with non-US arbitration decisions

Icsid arbitration is an underused avenue for resolving sovereign bond disputes, yet it offers advantages that could afford better protection to investors. Peter Griffin and Ania Farren explain why

Romania's new Property Law created much controversy in the country, but in fact it will not change many of the substantive laws and procedural rules that have governed the Romanian real estate system. The Property Law (Law 247/2005 regarding reform in the property and justice fields and other ancillary measures), adopted on July 22 2005, has not touched the core of the real property system, but has instead lessened various hurdles faced by investors in Romania and made the judicial process easier for individuals seeking restitution of their properties. Changes have been made to the rules governing restitution of real estate and a property fund has been created that will act as an economic substitute in cases where restitution in kind is not practicable.

Over the last six months there have been a number of positive developments in the Dutch market for public-private partnerships (PPP) projects. Although public-private partnerships have been used in the Netherlands for a few years, so far the number of projects has been limited. Despite a positive attitude and appetite for this type of projects in the market, central government was treading carefully. In recent years it has carried out a number of pilot projects to establish whether PPPs were a possibility for projects in the Netherlands. These included the first PPP project for schools (which closed at the end of 2004) and a PPP project for the offices of the Ministry of Finance (the consultation phase is complete and the BAFO negotiations are about to start).

Herbert Smith Moscow advised ABN AMRO and ING, on Russian oil company TNK's $1.4 billion restructuring of secured debt. The deal involved obtaining consent from 42 syndicate banks and is the largest debt restructuring in Russia this year. Moscow finance partner John Balsdon led the Herbert Smith team on the restructuring, with support from insolvency partner Alison Deeth in London. Finance partner Jason Fox advised ABN AMRO. White & Case advised TNK. In-house lawyers Irina Savina and Yuri Korsoun coordinated the restructuring for ING and ABN AMRO respectively, in Moscow.

Diogo Ortigão Ramos and António Rocha Mendes of Gonçalves Pereira, Castelo Branco & Associados highlight the advantages of maintaining the acquisition vehicle and the target as separate entities after a leveraged acquisition

It is possible to show that an individual acted with criminal intent, but how can the criminal intent of a company be proven? By Rui Patrício of Morais Leitão, Galvão Teles, Soares da Silva & Associados