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Lloyd's litigation

The debt crisis of the 1980s may be over, but the litigation arising from the various sovereign defaults is not. The holding of a recent case, Pravin Banker Associates v Banco Popular Del Peru, 1997 WL 134390 (2nd Cir NY), may have serious repercussions for rescheduling sovereign debt.

On April 2 1, the European Council of Industry Ministers reached agreement on important changes to the existing EU merger control regime under Council Regulation 4064/89 (the Merger Regulation). The principal amendments relate to:

The second-largest computer networking company, 3Com, is acquiring modem maker US Robotics in a US$6.6 billion stock swap, in an attempt to seize market share from market leader Cisco Systems.

Advanced Micro Devices, one of the largest US manufacturers of microchips, has concluded the financing of a microchip plant in Dresden. This is one of the largest project financings to take place in the former East Germany. Arranger and lead manager Dresdner Bank helped complete syndicated debt finance totalling Dm1.65 billion.

Road Administration Adviser: Veikko Palotie & Co

Allen & Overy has announced further appointments in eastern Europe with three Hungarian lawyers joining associate Kinga Sugar in the Budapest office. The firm's Budapest strategy has been under consideration since August 1996 when the firm reviewed its association with local practice Déri & Co. "When we came into the region we thought the best way to operate was to associate with another firm," says Ian Elder, the London partner responsible for Hungary. "But after a while you get tensions on whether to expand or make certain investments and we decided it was better to be in control of our own destiny." Last month the firm added nine lawyers in Warsaw and Elder says that the right model for the region is shown by Poland where the firm had no local practice to associate with.

The new law on pledges in Poland should give project finance and other asset-backed lenders the protection they have lacked in the past. By Tomasz Dabrowski and George Macdonald of Salans Hertzfeld & Heilbronn, Warsaw and London

The Commission has adopted a proposal modifying the Capital Adequacy Directive (93/6) to reflect the 1996 amendment to the Basle Capital Accord, which comes into force at the end of 1997.

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