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Italian lawyers test new legislation

Thomas Williams reports on how Italy’s lawyers are testing the country’s new takeover and securities rules and working on deals to modernize the economy

May 31 2002

Hotel sale and leaseback securitization sets precedent

A rare sale and leaseback hotel securitization is expected to establish a template for future deals in the industry. Morgan Stanley's £531 million ($776 million) sale and leaseback for Thistle Hotels is the first successful commercial mortgage-backed securities deal (CMBS) to come from a single originator rather than using a pool of hoteliers to spread the risk.

May 31 2002

Europe delays prospectus directive

European finance ministers last month failed to discuss the controversial prospectus directive, despite approving two other components of the EU's plans for an integrated securities market by 2003. The European Council of Finance Ministers (Ecofin), approved the draft directives on market abuse and financial conglomerates, but left off the agenda the prospectus directive, which aims to put in place a legal framework for companies to issue a single Europe-wide prospectus.

May 31 2002

Chadbourne advises on $273 million General Electric deal

Chadbourne & Parke is advising General Electric Capital on its purchase of a stake in 20 of Cogentrix's 28 power plants for $273 million. The deal is part of Aquila's purchase of privately-held power producer Cogentrix Energy. The transaction includes a purchase price of $415 million for 100% of the common stock of Cogentrix, as well as the assumption of $355 million of debt and approximately $770 million of non-recourse project-level debt.

May 31 2002

India

The government of India has permitted voice over internet protocol commonly known as internet telephony with effect from April 1 2002. The guidelines issued by the government permit only Indian internet service provider licensees to provide internet telephony to their customers. However, internet telephony is, presently limited to calls:

May 31 2002

Comparing Europe's insolvency rules

The European Regulation on Insolvency means proceedings commenced in one member state must now be recognized across the EU. Jennifer Marshall of Allen & Overy looks at some of the variables between the insolvency regimes in different countries

May 31 2002

Mexico

Following the enactment of the most recent Investment Companies Law (Ley de Sociedades de Inversión) last year, the National Securities Commission (Comisión Nacional de Valores) is now considering regulations that would allow authorized asset managers to:

May 31 2002

Austria

Electronic money has entered Austrian law. The e-money Act regulating the issuance of e-money became effective as of April 2 2002. It is largely based on the EC Electronic Money Directive of September 2000.

May 31 2002

Japan

Under the amended Commercial Code of Japan, which took effect on April 1 2002, the provisions relating to convertible bonds were replaced by rules relating to bonds with stock acquisition rights. The purpose of the amendment is to treat the option element of the convertible bond in a similar fashion to a bare stock acquisition right. The aim of the amendment was not to change the substance of the law on convertible bonds.

May 31 2002

Parma securitization opens Italian sports market

An innovative football securitization has set a precedent for future sports financings in the Italian market. Parma football club's €95 million ($88 million) securitization of sponsorship, licensing agreements and television rights is the first football securitization since the introduction of a new securitization law in 1999.

May 31 2002

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