Financial Restructuring Chosen 'Deal of the Year' By LatinLawyer

Profession:Hughes Hubbard & Reed LLP

LatinLawyer magazine has named the financialrestructuring of PdVSA's Orinoco oil project as therestructuring "Deal of the Year." The transactionincluded four joint ventures to finance extra-heavy crude oilprojects in Venezuela's Orinoco belt. One of them was theworkout and repayment in full of defaulted term loans owed by MobilCerro Negro Ltd. and PdVSA Cerro Negro S.A. to a syndicate of banklenders. Hughes Hubbard attorneys Richard Stern, Patrick Gartlandand Gabrielle Glemann represented ABN AMRO Bank N.V. as theadministrative agent for the bank lenders.LatinLawyer will honor its "Deal of the Year"winners at a dinner in Sao Paulo on March 5. "Given theclimates in the financial sector and Venezuela, it is commendablethat all the financing agreements have been successfullyrenegotiated or repaid in one form or another,"LatinLawyer observed.Mr...

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