Morgan & Morgan represented an insurance company in a civil process of claim for a defective life insurance policy
Morgan & Morgan advised Banco General, S.A. and Banistmo, S.A. in the structuring of an issuance of corporate bonds for an amount of up to US$320,000,000 carried out by Alternegy, S.A.
Morgan & Morgan advised Banco General, S.A. and Banistmo, S.A. in the structuring of an issuance of corporate bonds for an amount of up to US$320,000,000 carried out by Alternegy, S.A. The bonds were issued by Alternegy, and Banco General and Banistmo acted as joint arrangers and underwriters of the bonds. The bonds were registered with the Superintendency of Capital Markets of Panama and listed on the Panama Stock Exchange.
The bonds have a maturity of 10 years, interest will be paid quarterly at a floating rate (minimum 5.5%) and payments of principal will be made every six months with a balloon payment at the maturity date. Alternegy is a subsidiary of Celsia, a Colombian group of companies engaged in power generation, and it operates two hydroelectric power plants in Panama. Repayment of the bonds are secured by collateral trusts constituted under Panama and Costa Rica law. The funds received from the issuance of the bonds will constitute a new source of financing for Alternegy and will be used to repay a bridge loan granted to one of its affiliates, and which had been obtained for the purposes of financing the acquisition and operation of two hydroelectric power plants owned by Alternegy in Panama, namely Lorena and Prudencia; a hydroelectric power plant owned by Bontex in Panama, namely Gualaca; and a wind power plant owned by Planta Eólica Guanacaste, S.A. (PEG) in Costa Rica, namely Planta Eólica de Guanacaste.
Morgan & Morgan also advised Banistmo Investment Corporation, S.A., in its capacity as i) trustee of the Panamanian collateral trust. The assets of said trust include, among others, receivables generated by the power plants operated by Alternegy and Bontex in Panama, a mortgage over the real property owned by Alternegy and Bontex in Panama, a pledge over the shares of Alternegy and Bontex held by Celsia, rights to receive payment under certain guarantee bonds; and ii) beneficiary of the Costa Rican collateral trust, the trustee of which is Banco Improsa and the assets of which include, among others, the flows generated by the Costa Rican power plant operated by PEG, real property of PEG and a movable guarantee over the shares of PEG held by Celsia.
In the transaction, Morgan & Morgan’s attorneys worked with the executives of Banco General and Banistmo’s department of investment banking in Panama and with the members of Banca de Inversión Bancolombia, S.A., Bancolombia’s investment banking company in Colombia.
Partners Ramon Varela and Ricardo Arias, senior associates Kharla Aizpurua Olmos and Roberto Vidal, and associates Ana Carolina Castillo and Cristina De Roux, participated in this transaction.
Foreigners who require a work permit must personally assist to the Ministry of Labor for their affiliation
By means of the Executive Decree No. 76 of December 26th, 2017, foreigners who require a work permit must personally assist to the Ministry of Labor for their affiliation.
- This Executive Decree provides that, prior to filing the work permit petition, applicants must personally assist to the Ministry of Labor for their affiliation.
- A biometrics system will be created and the affiliation will consist of a scan of the fingerprints, passport and a photograph.
This Decree entered into force on December 27, 2017, after its publication in the official gazette No. 28433-A. Nevertheless, the authorities are carrying out the necessary adjustments for the implementation of the system.
Morgan & Morgan advised Grupo Eleta in the sale of a minority stake in the Pear Island Project to the Grivalia Group
Morgan & Morgan acted as Panamanian counsel to Grupo Eleta in the sale of a minority stake in the Pear Island Project to the Grivalia Group, a global real estate investment company.
Pedro Gonzalez Island (Pearl Island) is located at Archipelago Las Perlas, Pacific Ocean. The project consists of the integrated development of approximately 1,600 hectares of the island, including an airport, several hotels, a town center, several marinas, among others amenities.
This cross-border transaction involved Panama, England and Wales.
Roberto Vidal, senior associate of Morgan & Morgan, participated in this transaction.
Morgan & Morgan advised a manufacturer of insulated panels and insulation boards with respect to the acquisition of a Spanish conglomerate
Morgan & Morgan acted as local counsel to one of the most important manufacturers of insulated panels and insulation boards in the acquisition of a Spanish conglomerate involved in the polyurethanes business with presence in the Republic of Panama.
This cross-border deal was closed in the last quarter of 2017 and was the biggest transaction realized by the acquirer to date.
Partner Francisco Arias and associates Pablo Epifanio, Adolfo Campos and Milagros Caballero, participated in this transaction.
Article published in the Tax Column of the newspaper La Prensa (November 26, 2017)
In Panama, of the 12 taxes of a national nature, only 2 of them expressly do not typify the figure of tax fraud, however, they have, like the other 10, pecuniary sanctions constituted by surcharges and interest for late payment of tax obligations.
To read the full article click here.
Carlos Ernesto González Ramírez, partner of Morgan & Morgan and expert Commercial and International Law, was interviewed by China Global Television (CGTN) as part of the report made by this news agency in the framework of the visit of public officials and Panamanian businessmen to the People´s Republic of China.
“We foresee as lawyers an increase in investment in Panama from Chinese companies, as well as an increase on vessels that will register as Panamanian Merchant Marine”, said Mr. Gonzalez Ramirez.
The complete report is available here.
Morgan & Morgan represented a prestigious company in the electricity sector, in a criminal complaint filed against them, their directors and technical staff, for the alleged commission of crime against collective security.
Partner Omar Rodriguez and associates Rodolfo Palma, Humberto Vanegas and Mayte Sanchez, participated in this process.
Partner Jose Carrizo, head of the Litigation and Arbitration practice of the firm, contributed with the Panama chapter of Enforcement of Foreign Judgments Guide 2018, a publication of Law Business Research Ltd. In this edition participated recognized trial lawyers from 23 countries of America, Europe, Asia and Africa.
The complete guide is available here.
Article published in the Tax Column of the newspaper La Prensa (November 5, 2017)
Panama grows and evolves in the face of the challenges of the globalized world. However, we must not lose our essence as a country dedicated to world service and commerce. Accepting all the inexplicable international demands in the world of taxation, merely change our fiscal “DNA”.
To read the full article click here.