Law Firm News

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Cleary, Gottlieb, Steen & Hamilton, L.L.P.

Major Argentine Natural Gas Pipeline Company in Debt Restructuring
Cleary Gottlieb is acting as co-counsel to a creditors committee in the $575 million debt restructuring of Transportadora de Gas del Norte S.A. The offer was launched on August 3 and the expiration date is August 31 (unless extended by the company).

TGN is one of the few remaining Argentine utilities seeking to restructure its financial debt following the economic crisis of 2001-2002. The creditors committee, which includes Stark Investments, ING and D.E. Shaw, has worked closely with the company for more than two years to design a new restructuring proposal after earlier attempts by the company to restructure its financial debt failed to garner sufficient creditor support. The committee members have also entered into a support agreement with the company pursuant to which, among other requirements, TGN must consummate the offer without seeking court approval of the restructuring agreement (known in Argentina as an Acuerdo Preventivo Extrajudicial) in the event that holders of at least 98% of the outstanding debt of the company participate in the offer.

In addition to the committee members and other creditors who have also executed support agreements with TGN, the International Finance Corporation has also agreed to participate in the exchange offer, representing in the aggregate 80.02% of TGN’s outstanding debt as of the launch date of the offer.

Under the exchange offer, holders of TGN’s outstanding debt can exchange their bonds and/or bank loans for a combination of: (1) a pro rata portion of a US$52.4 million cash payment (together with interest accrued on such amount since January 1, 2005); (2) new amortizing 8-year notes; (3) new bullet 8-year notes; and (4) new class C common shares representing up to 20% of TGN’s post-issuance capital stock. Participating holders would also receive additional cash payments at closing in lieu of interest accrued on the new exchange notes since January 1, 2005 (net of any partial interest already paid by the company during such period).

08-03-2006

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Thacher Proffitt & Wood LLP

Rich Hans Co-chairs "The Robert J. Kase Wall Street Camp Scholarship Award Reception"
Rich Hans Co-chairs "The Robert J. Kase Wall Street Camp Scholarship Award Reception" on August 3, 2006 which raises money to provide summer camp scholarships to disabled and disadvantaged youths.

08-03-2006

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Chadbourne & Parke LLP

Chadbourne Represented Newmont Mining on US$125 Million Loan for Ghana Gold Mine
Chadbourne & Parke represented Newmont Mining Corp. in connection with a $125 million loan to the Ahafo gold mine in Ghana to support the country’s mining sector.

The loan, made through the International Finance Corporation, the private sector arm of the World Bank Group, consists of $75 million for IFC’s own account and an additional $50 million in syndicated loans from commercial lenders to Newmont Ghana Gold Limited, a subsidiary of Newmont Mining, for the construction and operation of the mine.

The banks participating in the syndicated loan are Calyon, NM Rothschild and Sons Limited, Bank of Nova Scotia, Société Générale and Royal Bank of Scotland plc.

Working for Chadbourne on the deal were London office partner Nabil Khodadad and associates Stefan Unna and Luke Westmore. ""This is a landmark financing as it is IFC’s first large mine financing after the World Bank’s Extractive Industries Review,"" said Khodadad. ""Newmont and IFC addressed not only commercial issues, but also worked together to ensure that the Ahafo project complies with the highest environmental and social standards and promotes sustainable development.""

The mine has created more than1,200 permanent jobs and will be an important source of income for Ghana. It will pay over $300 million in taxes and royalties to Ghana, increase the country’s gold production by 30% and raise its foreign exchange earnings by eight to ten percent.

08-03-2006

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Chadbourne & Parke LLP

Chadbourne Represented Sellers in $450 Million Deal
Chadbourne & Parke LLP represented the owners of Sociedad Punta de Lobos (SPL) in the sale of the company to K+S Aktiengesellschaft (K+S), a German public company that is one of the world's leading suppliers of fertilizers and salt products.

The purchase price was approximately $450 million.

Headquartered in Santiago, Chile, SPL is Latin America’s largest salt producer, which has 10,000 years worth of salt reserves. It obtains most of its salt from a mine in the Atacama Desert, in the north of Chile.

The sellers included a group of Chilean private equity investors led by Jose Yuraszeck, Chile's highest profile entrepreneur, and Citicorp International Finance Corp., a New York-based entity which is part of Citicorp's international private equity arm.

Both SPL and K+S have significant operations in various countries throughout the world. As a result, the transaction had to be approved by the antitrust authorities of Germany, Chile, the United States and Brazil. In addition, governmental and civil antitrust claims in Chile had to be settled before closing.

Working on the deal for Chadbourne were New York office partners Allen Miller, Marjorie Glover, William Cavanagh and Cindy Wenig; DC partners William D'Amico and Andrew Giaccia; Latin America counsel Carlos Albarracin; and associates Marta Pulasky-Kelly, Benjamin Gris, Brad Berman and Dan Greenberg.

08-03-2006

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Spilman Thomas & Battle, PLLC

SPILMAN THOMAS & BATTLE, PLLC ANNOUNCES REELECTION OF MANAGEMENT COMMITTEE MEMBER AND NAMING OF SENIOR ATTORNEYS
The law firm of Spilman Thomas & Battle, PLLC is pleased to announce the re-election of the following management committee member and naming of senior attorneys:

David P. Ferretti has been elected for another two-year term as Member in Charge of Lawyer Administration. This is the third term for Ferretti in this position, where he is in charge of attorney matters and oversight of legal work at the Firm. His primary areas of practice encompass corporate law, mergers and acquisitions and public finance. Ferretti is a graduate of the University of Virginia with a BA. in 1978 and a J.D. in 1981.

Andrew P. Arbogast has been named a Senior Attorney. He practices in the Firm’s product liability, toxic tort and insurance defense practice groups. He represents a number of major manufacturing facilities and insurance carriers in both state and federal courts. Arbogast graduated from West Virginia University in 1997 with a B.A. in Political Science and his J.D. in 2000.

Marey Casey has been named a Senior Attorney. Her primary areas of practice are insurance defense and general litigation. Prior to joining the firm, Casey practiced law with an emphasis on insurance defense and served as a law clerk to Judge Frank E. Jolliffe and Judge James J. Rowe, Judges for the Eleventh Judicial Circuit of West Virginia. In 1992, she received her Abitur diploma from the Leonardo-da-Vinci Gymnasium in Berlin, Germany. She graduated summa cum laude with a B.A. degree in English from West Virginia State College in 1996. Casey earned her J.D. from Washington and Lee University School of Law in 2000.

Matthew P. Heiskell has been named a Senior Attorney. His primary area of practice is general litigation. He graduated from West Virginia University with a B.A. in Political Science in 1995. He received his J.D. in 1998 from Duquesne University School of Law. Heiskell received his LL.M. in International Trade and Banking in 1999 from American University Washington College of Law.

As one of the region’s largest law firms, Spilman Thomas & Battle, PLLC offers a fullservice legal practice. Spilman maintains offices in Charleston, Morgantown and Wheeling, West Virginia; Pittsburgh, Pennsylvania and Winston-Salem, North Carolina.

08-03-2006

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Smith Pachter McWhorter PLC

PENSION REFORM ACT CREATES CAS, COST RECOVERY ISSUES; TAX LEGISLATION TO INCREASE WITHHOLDS ON CONTRACTORS
Smith Pachter McWhorter constantly tracks current events, issues, and trends in Government Contracts to keep clients on the cutting edge of legal and policy developments.

08-03-2006

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Porter & Hedges LLP

Porter & Hedges Joins HBA's Equal Access to Justice Program
Porter & Hedges, along with several other major law firms have joined the Houston Bar Association's Equal Access to Justice Program. In doing so, the firm has made a 5-year commitment that indicates it will uphold a pledge to provide representation in a certain number of cases each year, based on the number of attorneys in the firm. The goal of the program is to provide pro bono representation in at least 1,250 cases through the Houston Volunteer Lawyers Program each year, and to increase that goal in each following year.

08-03-2006

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