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Wang Ling and Fred Chang of King & Wood highlight the issues that Chinese banks and their foreign strategic investors alike have to face before, and even more importantly, after closing

China is no longer all about inward investment. The sheer size, strength and growth of the economy means Chinese companies are making acquisitions of their own as they look to expand internationally. John E Lange of Paul Weiss explains on page 45 how Chinese companies are taking advantage of their lower cost base to buy unprofitable lines of business from western companies and to make strategic acquisitions to bring in new technologies. Structuring these deals as joint ventures means coping with not only cross-border M&A legal issues, but also complex intellectual property agreements.

Frances Cohen explains why the Seventh Circuit's decision in Kircher is a victory for defendants in securities class actions

For multinational companies with Chinese operations, the country's liquidity restrictions make treasury structures difficult. But two legal changes make life a little easier for corporates. Jean-Marc Deschandol and Tom Luckock explain

Insolvency and restructuring laws across the EU are a mess of different approaches: some creditor-friendly, some creditor-hostile. Andrew Wilkinson, Tony Horspool and Ian McKim argue that it is time for change

The Korea Federation of Banks (KFB), a trade association representing the interests of the Korean banking industry, has amended its Guidelines Concerning Management and Sale of Capital Stock Acquired by Creditor Financial Institutions by way of Debt-to-Equity Swap (the KFB Guidelines) to enhance the level of transparency during the sale of restructured companies. The amended KFB Guidelines, to which all banks in Korea are bound, took effect as of June 3 2005 and will apply to the up-coming sale of restructured companies.

Islamic finance has grown exponentially in recent years. Now many believe securitization is the next financing method to be adapted to comply with Islamic law. By Tamara Box and Mohammed Asaria

Jersey has completely revised the layout of its laws to make them more accessible and user-friendly.

The German Ministry of Defence has entered into a private finance initiative (PFI) deal with a consortium of four defence industry manufacturers. The transaction concerns financing for flight simulators used to train army and navy pilots on the new Nato transport helicopter. Consortium members CAE, Eurocopter, Rheinmetall Defense Electronics and Thales have entered into an 18-year €488 million deal with the Ministry. Stephen Hodgson led a White & Case team advising the consortium while the German Ministry of Defence used its internal legal team.

Freshfields Bruckhaus Deringer has advised UK department store operator Debenhams on the £2.05 billion refinancing of its third- party and shareholder debt and a related corporate restructuring. CSFB, Citigroup, Merrill Lynch and Morgan Stanley acted as lead arrangers for the syndicated loan facilities. The refinancing follows private equity consortium Baroness Retail's acquisition of Debenhams in 2003. The Baroness consortium is made up of funds advised by CVC, Texas Pacific Group and Merrill Lynch Global Private Equity Group. Partners Brian Gray, Karen Fountain, Patrick Gaynor and Ken Dierden led the Freshfields team. Shearman & Sterling advised the lead arrangers.