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Chadbourne & Parke is advising General Electric Capital on its purchase of a stake in 20 of Cogentrix's 28 power plants for $273 million. The deal is part of Aquila's purchase of privately-held power producer Cogentrix Energy. The transaction includes a purchase price of $415 million for 100% of the common stock of Cogentrix, as well as the assumption of $355 million of debt and approximately $770 million of non-recourse project-level debt.

The government of India has permitted voice over internet protocol commonly known as internet telephony with effect from April 1 2002. The guidelines issued by the government permit only Indian internet service provider licensees to provide internet telephony to their customers. However, internet telephony is, presently limited to calls:

The European Regulation on Insolvency means proceedings commenced in one member state must now be recognized across the EU. Jennifer Marshall of Allen & Overy looks at some of the variables between the insolvency regimes in different countries

Following the enactment of the most recent Investment Companies Law (Ley de Sociedades de Inversión) last year, the National Securities Commission (Comisión Nacional de Valores) is now considering regulations that would allow authorized asset managers to:

Electronic money has entered Austrian law. The e-money Act regulating the issuance of e-money became effective as of April 2 2002. It is largely based on the EC Electronic Money Directive of September 2000.

Under the amended Commercial Code of Japan, which took effect on April 1 2002, the provisions relating to convertible bonds were replaced by rules relating to bonds with stock acquisition rights. The purpose of the amendment is to treat the option element of the convertible bond in a similar fashion to a bare stock acquisition right. The aim of the amendment was not to change the substance of the law on convertible bonds.

An innovative football securitization has set a precedent for future sports financings in the Italian market. Parma football club's €95 million ($88 million) securitization of sponsorship, licensing agreements and television rights is the first football securitization since the introduction of a new securitization law in 1999.

The first German public to private leveraged buyout under the country's new takeover laws has been structured, testing the new regime. Allen & Overy, Freshfields Bruckhaus Deringer, Hengeler Mueller and Shearman & Sterling have each been involved in the legal work on the deal, in which CIBC World Markets helped finance the acquisition of Gardena Holding by Green Holding, a new company established by Industri Kapital 2000 Limited.

Samsung Capital has completed its third international asset-backed securitization deal. Freshfields Bruckhaus Deringer, which has been involved on all the company's deals so far, advised Merrill Lynch, the arrangers. The deal was valued at $296 million and differed from the previous two in that it was placed in the US in reliance on Regulation S and Rule 144A. It was launched through the Cayman Islands-registered Samsung-Capital Auto 2002-1 special purpose vehicle and achieved a triple-A rating thanks to a monoline wrap provided by Financial Security Assurance (FSA).

By Clare Davidson, New York