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Español Morgan & Morgan advised in connection with the sale of Cerro Azul Power Generation Corp.
Morgan & Morgan advised Del Mar Asset Management L.P., in connection with the sale of Cerro Azul Power Generation Corp.
In April 2014, Cerro Azul Power Generation Corp. received a license from the Panamanian government to build and operate a thermal power plant with a 45 MW capacity in Vista Hermosa, Pacora, district of Panama, province of Panama.
In August 2016, the company was sold to Enersyst International BV subject to certain conditions.
Partner Francisco Arias and Associate Gilbert Mallol, participated in this transaction.
- Published in expertise, Francisco Arias, Gilbert Mallol
Morgan & Morgan carries out pro bono work in El Tecal
As part of our CSR work, on Saturday September 19, a team of lawyers and volunteers from Morgan & Morgan participated in a Legal Orientation Day held at El Tecal, Arraijan, in collaboration with Fundación para el Desarrollo Integral de la Mujer y la Familia (Fundader). A great number of people received free legal assistance and participated in a workshop covering topics related to domestic violence and healthy relationships.
The aim of these Legal Open Houses is to promote access to justice and gender equality in the country’s most vulnerable populations.
Attorneys Kharla Aizpurua Olmos, Gilbert Mallol, Yosela Escudero, as well as volunteers Andrés Mejia, Luis Melendez, Alba Rodriguez y Paola Perez, made up the group that provided services for this initiative.
By participating in this initiative, Morgan & Morgan reaffirms its commitment to the Pro Bono Declaration of the Americas being the first Panamanian firm signatory of this initiative.
Como parte de nuestra labor de RSE, el pasado sábado 19 de septiembre, un equipo de abogados y voluntarios de Morgan & Morgan participaron en una Jornada de Orientación Legal llevada a cabo en la comunidad de El Tecal, Arraiján, en colaboración con la Fundación para el Desarrollo Integral de la Mujer y la Familia (Fundader). Muchas familias del área asistieron a recibir asistencia legal gratuita y charlas de capacitación sobre temas relacionados a la violencia doméstica y promoción de relaciones sanas.
El objetivo de estas jornadas es promover el acceso a la justicia y la equidad de género en las poblaciones más vulnerables del país.
El equipo que prestó sus servicios para esta iniciativa estuvo conformado por los abogados Kharla Aizpurúa Olmos, Gilbert Mallol, Yosela Escudero; y los voluntarios Andrés V. Mejía, Luis Meléndez, Alba Rodríguez y Paola Pérez.
Con su participación en estas jornadas, Morgan & Morgan reafirma su compromiso con la Declaración Pro Bono de las Américas al ser la primera firma panameña signataria de esta iniciativa.
- Published in Gilbert Mallol, Kharla Aizpurua, News, Probono
Morgan & Morgan advised the lenders with respect to loans for an amount up to US$300 million for the financing of a four wind farms in Panama
Morgan & Morgan acted as Panamanian counsel to International Finance Corporation (IFC), Nederlandse Financierings-Maatschappij voor Ontwikkelingslanden N.V. (FMO), Societe de Promotion et de Participation pour la Cooperation Economique (Proparco), Oesterreichische Entwicklungsbank AG (OeEB), Central American Bank for Economic Integration (CABEI), Banco General, S.A. and Banco Nacional de Panamá; as lenders, in connection with a US$300 million debt-financing for the ongoing construction, operation and maintenance of the second phase of the Penonomé wind power project comprising a 215 MW wind power plant consisting of four wind farms in the Republic of Panama.
The project is expected to be the largest wind farm in Central America and a new component in Panama´s renewable energy matrix.
Partner Ramon Varela and associates Kharla Aizpurua Olmos, Gilbert Mallol and Carlos Hoyos, participated in this transaction.
Morgan & Morgan actuó como asesor legal panameño de la International Finance Corporation (IFC), Nederlandse Financierings-Maatschappij voor Ontwikkelingslanden N.V. (FMO), Societe de Promotion et de Participation pour la Cooperation Economique (Proparco), Oesterreichische Entwicklungsbank AG (OeEB), Banco Centroamericano de Integración Económica (BCIE), Banco General, S.A. y Banco Nacional de Panamá, como acreedores, en relación con el financiamiento de hasta US$300 millones para continuar la construcción, operación y mantenimiento de la segunda fase del proyecto de parque eólico de Penonomé que comprende una planta generadora de energía eólica de 215MW consistente en cuatro parques eólicos en la República de Panamá.
Este proyecto se espera sea el parque eólico más grande de Centroamérica y un nuevo componente en la matriz de energía renovable en Panamá.
El socio Ramón Varela y los asociados Kharla Aizpurúa Olmos, Gilbert Mallol y Carlos Hoyos participaron en esta transacción.
- Published in Carlos Arturo Hoyos, Energy, Gilbert Mallol, Kharla Aizpurua, Projects, Ramon Varela
Morgan & Morgan carries out pro bono work in El Chorrillo
As part of our CSR strategy, on Saturday May 24th, 2014, a team of lawyers and volunteers from Morgan & Morgan participated in a Legal Orientation Day held at El Chorrillo, province of Panama, in collaboration with Movimiento Nueva Generación. A group of people received free legal assistance and participated in a workshop covering topics related to domestic violence and healthy relationships, emphasizing the importance of equal opportunities for men and women.
The aim of these Legal Open Houses is to promote access to justice and gender equality in the country’s most vulnerable populations.
Attorneys Gilbert Mallol and Dorcas Osorio, as well as volunteer Andres V. Mejia made up the group that provided services for this initiative.
By participating in this initiative, Morgan & Morgan reaffirms its commitment to the Pro Bono Declaration of the Americas being the first Panamanian firm signatory of this initiative.
Como parte de nuestra estrategia de RSE, el pasado sábado 24 de mayo de 2014, un equipo de abogados y voluntarios de Morgan & Morgan participaron en una Jornada de Orientación Legal llevada a cabo en el Centro Cultural El Chorrillo, en colaboración con el Movimiento Nueva Generación. Un grupo de personas recibió asistencia legal gratuita y participaron de un taller en donde se trataron temas relacionados a la violencia doméstica y promoción de relaciones sanas, haciendo énfasis en la importancia de la igualdad de oportunidades entre hombres y mujeres.
El objetivo de estas jornadas es promover el acceso a la justicia y la equidad de género en las poblaciones más vulnerables del país.
El equipo que prestó sus servicios para esta iniciativa estuvo conformado por los abogados Gilbert Mallol, Dorcas Osorio; y el voluntario Andrés V. Mejía.
Con su participación en estas jornadas, Morgan & Morgan reafirma su compromiso con la Declaración Pro Bono de las Américas al ser la primera firma panameña signataria de esta iniciativa.
- Published in Gilbert Mallol, News
Morgan & Morgan advised Banistmo S.A., as trustee of the ENA Este Trust, in relation to the issuance and public offering of corporate bonds for an amount of up to US $212 million
Morgan & Morgan represented Banistmo S.A. in the issuance of corporate bonds for an amount of up to US$212,000,000.00 which were successfully placed through the Panama Stock Exchange. The bonds were placed by Banistmo S.A., acting as trustee of the ENA Este Trust, registered with the Superintendency of Securities of the Republic of Panama.
The payments to the holders of such bonds are backed by the ENA Este Trust, which is as well a guarantee and administration of payments trust organized under the laws of the Republic of Panama created by ENA Este, S.A., and Empresa Nacional de Autopista, S.A. (ENA), as settlors and the latter as servicer, and Banistmo S.A., as trustee. The trust assets of ENA Este Trust are composed primarily of the assignment of the toll payments for the phase 2 of Corredor Norte (which is comprised of two tranches: (i) Golf-Tocumen; and (ii) Gonzalillo-Pedregal), funds of the reserve accounts of the ENA Este Trust which includes reserves up to the amount of US$52,000,000.00 and additional reserve accounts for operation, capital investments and operation costs of a total of US$1,750,000.00, the shares of ENA Este, S.A, and the capital contributions done by Empresa Nacional de Autopista, S.A. (ENA), of the excess cash flow once the series 2011 class B bonds issued for the ENA Sur Trust are cancelled.
The Bonds offered to the investing public as a result of this transaction obtained an AAA.pa and BBB- International risk rating granted by risk rating agencies with great experience and excellent reputation. All of the bonds were purchased.
Partner Inocencio Galindo, and associates Kharla Aizpurua Olmos, Ricardo Arias and Gilbert Mallol, participated in this transaction.
Morgan & Morgan advised Credit Suisse and HSBC, with respect to a financing agreement for the construction of the Ciudad de las Artes project
Morgan & Morgan acted as counsel to Credit Suisse AG, Cayman Islands branch, as assignee and administrative agent and to HSBC Bank (Panama), S.A., as local collection agent, in a US$50,960,135.51 Master Assignment Agreement of certain credit rights of Consorcio Omega, conformed by Omega Engineering Inc. and Omega Engineering LLC, as assignor.
Consorcio Omega has assigned under the Master Assignment Agreement and ancillary documents all of its payment rights arising from the US$54,527,345.00 design and construction contract executed between Consorcio Omega and Instituto Nacional de Cultura (INAC), for the construction of the Ciudad de las Artes. It is the first – and only – turnkey contract into which INAC has entered.
Morgan & Morgan partners Francisco Arias and Inocencio Galindo, and associates Kharla Aizpurúa Olmos, Aristides Anguizola and Gilbert Mallol, participated in this transaction.
- Published in Aristides Anguizola, expertise, Francisco Arias, Gilbert Mallol, Inocencio Galindo, Kharla Aizpurua, Projects
Morgan & Morgan advised Credit Suisse and HSBC, with respect to a financing agreement for the construction of the Ciudad de las Artes project
Morgan & Morgan acted as counsel to Credit Suisse AG, Cayman Islands branch, as assignee and administrative agent and to HSBC Bank (Panama), S.A., as local collection agent, in a US$50,960,135.51 Master Assignment Agreement of certain credit rights of Consorcio Omega, conformed by Omega Engineering Inc. and Omega Engineering LLC, as assignor.
Consorcio Omega has assigned under the Master Assignment Agreement and ancillary documents all of its payment rights arising from the US$54,527,345.00 design and construction contract executed between Consorcio Omega and Instituto Nacional de Cultura (INAC), for the construction of the Ciudad de las Artes. It is the first – and only – turnkey contract into which INAC has entered.
Morgan & Morgan partners Francisco Arias and Inocencio Galindo, and associates Kharla Aizpurúa Olmos, Aristides Anguizola and Gilbert Mallol, participated in this transaction.
Morgan & Morgan asesoró a Credit Suisse AG, sucursal de las Islas Caimán, como cesionario y agente administrativo, y también a HSBC Bank (Panamá), SA, como agente local de recolección, en un Contrato de Cesión Maestro por un valor de US$ 50,960,135.51 de determinados derechos de crédito del Consorcio Omega, conformado por Omega Engineering Inc. y Omega Engineering LLC, como cedente.
El Consorcio Omega ha cedido en el marco del Contrato de Cesión de documentos maestros y auxiliares todos sus derechos de cobro derivados del contrato de diseño y construcción por un valor de US$ 54,527,345.00 suscrito entre el Consorcio Omega y el Instituto Nacional de Cultura (INAC), para la construcción de la Ciudad de las Artes. Es el primer – y único – contrato de esta índole (llave en mano) en el que el INAC ha participado.
Francisco Arias e Inocencio Galindo, socios de Morgan & Morgan, y los asociados Kharla Aizpurúa Olmos, Aristides Anguizola y Gilbert Mallol, participaron en esta transacción.
- Published in Aristides Anguizola, Banking Law, expertise, Francisco Arias, Gilbert Mallol, Inocencio Galindo, Kharla Aizpurua
Morgan & Morgan Attorneys carry out Pro Pono work in San Miguelito
As part of our CSR strategy, on Saturday March 16, a team of lawyers and volunteers from Morgan & Morgan and Fundalcom participated in the third Legal Orientation Fair of 2013. This event took place in the Urracá Valley in San Miguelito at the ‘Cielos Abiertos’ Church, where we were able to provide legal advice to 12 people and offer training in the field of domestic violence prevention to 14 others.
The group of volunteers who offered their services for this event consisted of lawyers Fernando Alfaro, Gilbert Mallol and Ana Griselda Tribaldos; and Gustavo Perez from Fundalcom. A group of volunteers from the firm also participated. We thank everyone for their cooperation.
By participating in this Fair, Morgan & Morgan continues to reaffirm its commitment to the
Pro Bono Declaration for the Americas, being the first and only Panamanian firm signatory of this initiative
Como parte de nuestra estrategia de RSE, el sábado 16 de marzo, un equipo de abogados y voluntarios de Morgan & Morgan y Fundalcom participaron en la tercera Jornada de Orientación Legal 2013. La misma se llevó a cabo en el área del Valle de Urracá en San Miguelito en la Iglesia Cielos Abiertos, en donde se logró brindar atención legal a 12 personas y una capacitación en el tema de prevención de Violencia Doméstica a 14 personas.
El grupo de voluntarios que prestaron sus servicios para este evento estuvo conformado por los abogados Fernando Alfaro, Gilbert Mallol y Ana Griselda Tribaldos; y Gustavo Pérez de Fundalcom. También participó un grupo de voluntarios de la firma. Agradecemos a todos su colaboración.
Con su participación en esta feria, Morgan & Morgan sigue reafirmando su compromiso con la Declaración Pro Bono de las Américas al ser la primera y única firma panameña signataria de esta iniciativa.
- Published in Gilbert Mallol, News, Probono, Tribaldos Ana Griselda
Morgan & Morgan advised Dos Pinos in its acquisition of non-alcoholic beverage business in Panama
Morgan & Morgan represented Cooperativa de Productores de Leche Dos Pinos R.L., the largest dairy company in Costa Rica, in its acquisition of the milk and juice business in the Republic of Panama of Refrescos Nacionales, S.A. and Cervecería Nacional, S.A., subsidiaries of the brewer and bottler SABMiller. The transaction included the milk and juice plant in the province of Chiriquí and trademarks Nevada, La Chiricana and Tutti Frutti. The transaction was signed on January 18, 2013 and is subject to verification by Panama’s competition authority (Acodeco).
The firm’s team was led by partner Francisco Arias G. with the support of associate Gilbert Mallol, as well as partner Ricardo Lachman (labor), associate Allen Candanedo (intellectual property), associate Ana Cristina Castrellon (environment), associate Ana Carolina Castillo and associate Carlos Arturo Hoyos; and partner Carlos Ernesto González Ramírez is steering the process with Acodeco.
Morgan & Morgan representó a la Cooperativa de Productores de Leche Dos Pinos RL, la mayor empresa de lácteos en Costa Rica, en la adquisición de la empresa Refrescos Nacionales, SA y Cervecería Nacional, SA, ambas filiales de la cervecera y embotelladora SABMiller y dedicadas al negocio de leche y jugo en la República de Panamá. La transacción incluyó la planta de leche y jugos en la provincia de Chiriquí y las marcas Nevada, La Chiricana y Tutti Frutti. La transacción fue firmada el 18 de enero de 2013 y está sujeta a verificación por parte de la Autoridad de Protección al Consumidor y Defensa de la Competencia (ACODECO).
El equipo de la firma fue liderado por el socio Francisco Arias G., con el apoyo del asociado Gilbert Mallol, así como también con el apoyo del socio Ricardo Lachman (Derecho Laboral), el asociado Allen Candanedo (Propiedad Intelectual), la asociada Ana Cristina Castrellón (Derecho Ambiental), la asociada Ana Carolina Castillo, y el asociado Carlos Arturo Hoyos. El socio Carlos Ernesto González Ramírez está dirigiendo el proceso con ACODECO.
Morgan & Morgan advises the issuer in a senior notes issue for an amount up to US$600 million to complete the acquisition of Corredor Norte
As part of the acquisition of the Corredor Norte, Morgan & Morgan also represented the Ministry of Economy and Finance, Empresa Nacional de Autopista, S.A. (ENA), and ENA Norte, S.A. (an affiliate of ENA), in a U.S. $600,000,000 issuing of 4.95% Notes due 2028, registered before the National Securities Commission of the Republic of Panama and successfully placed through the Panama Stock Exchange.
The acquisition of the Corredor Norte was one of the centerpieces of the Panamanian government’s infrastructure improvement plan, and was implemented through ENA Norte, S.A. As collateral on the Notes, ENA Norte, S.A., assigned its rights under the Concession to the ENA Norte Trust, a trust created in order to act as issuer of the Notes.
HSBC Securities (USA), Inc., and Global Bank Corporation acted as Joint Lead Managers, while HSBC BANK (PANAMA), S.A., was selected to act as trustee of the ENA Norte Trust.
Fitch Ratings assigned a BBB rating in the International Scale, and an AAA in the National Scale to the Notes. The issue of these secured notes was structured with a pass-through repayment mechanism, with all excess cash to be used to repay the principal. The proceeds from the Notes, which were issued under Rule 144-A/Reg S, were used to finance part of the US$647MM purchase price for the Corredor Norte concession.
Morgan & Morgan acted as Panamanian counsel for MEF, ENA and ENA Norte. Partner Inocencio Galindo led the Morgan & Morgan team, which was also comprised of partner Ramon Varela and associates Roberto Vidal, Ricardo Arias, Gilbert Mallol and Ana Carolina Castillo. And partners Raul Castro, Eduardo Gonzalez, and associate Nestor Broce, were all assumed the principal responsibility in the trustee operation.
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