Financial Restructuring Chosen 'Deal of the Year' By LatinLawyer

Profession:Hughes Hubbard & Reed LLP

LatinLawyer magazine has named the financial

restructuring of PdVSA's Orinoco oil project as the

restructuring "Deal of the Year." The transaction

included four joint ventures to finance extra-heavy crude oil

projects in Venezuela's Orinoco belt. One of them was the

workout and repayment in full of defaulted term loans owed by Mobil

Cerro Negro Ltd. and PdVSA Cerro Negro S.A. to a syndicate of bank

lenders. Hughes Hubbard attorneys Richard Stern, Patrick Gartland

and Gabrielle Glemann represented ABN AMRO Bank N.V. as the

administrative agent for the bank lenders.

LatinLawyer will honor its "Deal of the Year"

winners at a dinner in Sao Paulo on March 5. "Given the

climates in the financial sector and Venezuela, it is commendable

that all the financing agreements have been successfully

renegotiated or repaid in one form or another,"

LatinLawyer observed.

Mr. Stern will be speaking about financial restructurings at

Hughes Hubbard's 3rd annual seminar, "New Prospects for

Latin America," to be held on Thursday, March 26, at the

Biltmore Hotel in Coral Gables, Florida.

To register for our seminar or for more...

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