IFLR Search

Gazprom US$2.5 billion facility agreed

Russian gas company RAO Gazprom has obtained a US$2.5 billion credit facility, its first such facility without government guarantees and other public sponsoring. The loan is secured by proceeds from gas sales contracts with Western gas purchasers, and will finance sections of the Jamal pipeline. It is governed by German law and underwritten by an international consortium of banks lead managed by Dresdner Bank Group.

April 30 1997

Brazil

Privatization: amendments to corporate and capital markets law. On April 10 1997, Congress approved a Bill introducing amendments to Law 6404/76 (Law on Corporations) and 6385/76 (Law on Capital Markets). Rights of minority shareholders have been altered to allow more flexibility in cases of mergers or split-ups. The aim of the Bill is to assist the privatization process.

April 30 1997

Polish pledge law will free up debt capital

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

April 30 1997

Vietnam

Two recent changes to Vietnam's banking laws have been heavily criticized by foreign bankers. Circular No. 07/TT-NH1 dated December 27 1996 concerning bank cheques, which came into force on April 1 1997, imposes tight restrictions on the use of cheques within Vietnam.

April 30 1997

Switzerland

In the largest ever leveraged buyout effected on the European continent, Doughty Hanson & Co Ltd acquired the Geberit Group. Doughty Hanson, acting as general partner of various limited partnerships, controls Geberit International SA which purchased the shares of the Group's parent company, Geberit Holding AG, from certain members of the Geberit family who had held all of the shares in Geberit Holding AG either directly or through four personal holding companies.

April 30 1997

Sweden

As mentioned in last month's International Financial Law Review (see page 56) a parliamentary committee has suggested a wide-ranging reform of the Companies Act, in particular proposing rules allowing companies to repurchase their own shares.

April 30 1997

Denmark

The Danish rules on netting are found in Sections 57 and 58 of the Securities Trading Act (STA) of December 20 1995 which entered into force on May 1 1996.

April 30 1997

Cyprus

The long-awaited Mergers and Acquisitions (M&A) Law was finally passed by parliament in April 1997. The M&A Law is based on EU Directives and is fully harmonized with EU rules.

April 30 1997

Lloyd’s cases strain US securities law

Four US appeal court rulings on Lloyd’s-related litigation have failed to resolve the issues. The conflict challenges part of the US securities law regime. By David Bernstein of Rogers & Wells, New York

April 30 1997

Telkom South Africa attracts record inward investment

SBC Communications of the US and Telekom Malaysia have formed a consortium to buy a 30% stake in state-owned Telkom South Africa. The deal will cost the consortium US$1.26 billion, and will be the biggest direct foreign investment in South Africa.

April 30 1997

Search results for