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,"
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...