Search results for

Following a series of crises in the country’s banking sector, and various attempts at reform, the Turkish government has at last made significant amendments to its banking law. Mehmet Irmak Canevi and Halide Çetinkaya of Derman Ortak Avukat Bürosu, Istanbul, examine the changes and ask if the government has finally got things right?

Freshfields Bruckhaus Deringer has acted for Deutsche Bank as arranger on the first French whole-business securitization to use a domestic special purpose vehicle (SPV). The euro 700 million ($590 million) Powerhouse Finance transaction is the first whole-business deal to use a domestic Fonds Commun de Créances (FCC). Previous securitization deals in France have used vehicles based in offshore jurisdictions such as Jersey or Ireland.

Latham & Watkins and Davis Polk & Wardwell have structured the $1.1 billion limited recourse financing for the Hamaca heavy oil production and upgrading project in Venezuela. The deal is the first heavy oil project since the Sincor-sponsored transaction in mid-1998, and marks renewed interest and confidence in the country.

Herbert Smith advised lead manager Royal Bank of Scotland and trustee Citicorp on the £251 million ($351 million) mixed asset securitization for UK retail lender and insurer Paragon. The securitization involved combing loan and second mortgage principal and income payments into a single issue. Finance partner Jane Borrows led the Herbert Smith team, which also included derivatives specialist Dina Abagli, tax specialist Bradley Phillips and property partner James Barnes. Slaughter and May partner Chris Smith advised Paragon with Scottish firm Tods Murray and Northern Ireland firm L'Estrange & Brett advising on Scottish and Northern Irish law respectively.

Linklaters in Brazilian joint venture

Richard Walker, director of enforcement for the US Securities and Exchange Commission (SEC), has quit the regulator after 10 years of service in another blow to the Commission's recruitment needs. Walker's decision to leave the regulator for more lucrative rewards in industry mirrors increasingly frequent moves by the SEC's lawyers, accountants and examiners. Acting SEC chairman Laura Unger has been reported as stating that high-level departures at the watchdog have created a "staffing crisis".

Volatile markets, near defaults, attorney lay-offs, protests, record debt swaps, new capital markets rules, street barricades, law firm break ups. It’s all happening in Argentina. But which firms are faring best in the crisis that doesn’t seem to end? Tom Nicholson went to Buenos Aires to find out

US firms act on Egyptian bond first The London offices of White & Case and Dewey Ballantine have advised on Egypt's first international bond issue.

Sidley, Austin, Brown & Wood has closed Asia's first whole-business securitization, using Malaysia's UK-style insolvency and security laws to structure a deal robust enough to satisfy the rating agencies. The $250 million floating rate secured note benchmark deal, arranged by Nomura International for 1st Silicon, a new silicon water fabrication plant in Sarawak, has created the potential to use whole-business legal technology elsewhere in the region.

BBLP, Europe's continental alliance of European law firms, was in danger of breaking up last month after a further four partners resigned from the group's German member firm Beiten Burkhart Mittel & Wegener (BBMW). Coming barely a month after the defection of all but one of the firm's Frankfurt-based partners, the resignations have forced BBMW to accelerate its search for a UK partner and plug the gap in the alliance's European coverage. Mergers and acquisitions partner Christian von Sydow has been moved from the firm's Munich office to Frankfurt. BBMW is reported to be in merger negotiations with the UK firm Simmons & Simmons, but both Simmons and BBMW have so far refused to comment. However, Martin Aman, managing partner of BBLP's Swiss member firm Meyer Lustenberger, said in July that his firm had been informed of merger talks between the German and UK firms, although he refused to comment further.