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The US government has called on Japan to overhaul its rules on cross-border share swaps in mergers and acquisitions. Foreign businesses operating in Japan have long called on the Japanese government to liberalize the range of options open to them to finance deals. Japanese law does not allow cross-border exchange of shares if the deal involves Japanese and foreign companies, although domestic companies can exchange shares between themselves.

Law Decree No 63 of April 15 2002 sets new provisions in connection with the financing of public works.

In the UK, Weil Gotshal & Manges closed a second football club securitization for client Bear Stearns with DLA advising Manchester United on a £30 million ($44 million) ticket receivables deal. Weil Gotshal and DLA also worked opposite each other in the same roles for Everton FC's securitization. Weil Gotshal advised Barclays Capital as lead manager on the £357 million securitization of credit card receivables by Capital One Bank. Clifford Chance advised Capital One Bank which is using the master trust structure.

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 Australian treasurer may prohibit a foreign investment or order the investor to divest other interests if the deal is considered contrary to the national interest. The treasurer's powers and the notification and review procedures for proposed acquisitions of Australian land or businesses (subject to certain thresholds) are set out in the Foreign Acquisitions and Takeovers Act 1975 (the Act).

By Rob Mannix and Thomas Williams

Philip Gilligan of Lovells Hong Kong and Joe Bannister in London compare the challenges of recovering assets in China with the approach taken by the English courts

Frederic Rich of Sullivan & Cromwell in New York considers the key issues facing the project finance market over the coming years

The European Commission has agreed a formula on state aid for Landesbanks that should protect investors from a bank default. But the rules leave them at the mercy of guarantors. Robin Griffith and Michail Papadakis of Clifford Chance report

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