Search results for

Houston, Texas energy trading company Enron's $1.9 billion sale of utility Portland General Electric to Northwest Natural Gas this October provided a welcome slice of acquisition work for three firms.

Many employers have incorporated a pay in lieu of notice clause (PILON) into their contracts of employment. This clause reserves the right of the company to terminate an employment with immediate effect by making a payment in lieu of that person's entitlement to notice. (The legal advantage of the clause is that termination can occur with immediate effect but without any breach of contract. This means any post-termination obligations on the employee, such as restrictive covenants, may remain in force rather than fall away due to the employer's breach.)

In a significant liberalization of the currency laws, Russia has abolished the licensing requirement for foreign currency loans with terms of over 180 days. This dramatic new change appeared in Central Bank Regulation No.1030-U, dated September 10 2001, and became effective on October 1. The new regime substantially simplifies the ability of Russian corporate borrowers to attract and repay hard currency loans from non-resident banks and companies for terms of over 180 days (long-term currency loans). Previously, such loans required individual licences from the Central Bank, and this requirement often delayed cross-border financings.

Key deals - Czech Republic Privatization of Komercni Banka (October 2001) Société Générale buys Czech government's majority stake Value: euro 1.2 billion ($1.07 billion) Société Générale Allen & Overy

Czech Republic Baker & McKenzie vos Praha City Center

The nations of central Europe are queuing up to join the EU’s rich club. But in their haste they risk tripping over themselves and catching the west’s economic cold. Ben Maiden and Thomas Williams report from Prague, Warsaw and Budapest on how laws firms are coping

"The interests of the commercial community will be best served if banks are able to take and operate a fixed charge on the basis of Siebe Gorman"

Singapore's United Overseas Bank (UOB) has wrapped up its takeover of Singaporean rival Overseas Union Bank (OUB) with a S$1.3 billion ($715 million) bond issue, the largest of its kind in Singapore. It also launched a US-dollar denominated $1.27 billion issue.

Thacher Proffitt expands finance team

Simmons & Simmons has continued the expansion of its Asian services with the recruitment Masons' Hong Kong litigation team. The move comes just one month after the firm secured a joint venture in Tokyo with mid-size Japanese firm TMI Associates.