Milbank Represents Group of International Lenders in $692 Million Financing for New Deep Sea Drilling Ship Purchased by Brazil’s Schahin Group

Friday, December 16, 2011
In one of the most significant cross-border financings involving Brazil’s offshore energy sector this  year, Milbank, Tweed, Hadley & McCloy LLP has represented a consortium of major international lenders providing a US$692 million debt facility for the purchase of the Black Diamond I deepwater drillship by Schahin Group.  The Brazilian energy and construction conglomerate is purchasing the drillship – to be built by Korea’s Samsung Heavy Industries – and will then charter it to Brazil’s Petrobras (Petróleo Brasileiro SA).  Schahin Group has also entered into an operating agreement with Petrobras.  Milbank advised joint lead arrangers The Export-Import Bank of Korea (Kexim), Mizuho Corporate Bank, WestLB AG and Standard Chartered Bank – along with a group of five other lenders from Europe and Asia.

More >>

Tags:  Milbank LLP | Sao Paulo

VCCC Project PPP Financial Close a Milestone for Clayton Utz Projects and Finance Teams

Friday, December 16, 2011
Clayton Utz continues to be at the forefront of social infrastructure project activity in Australia, with the announcement of financial close of the $1 billion plus Victorian Comprehensive Cancer Centre (VCCC) Project marking a significant milestone for the firm’s client Plenary Group, and Clayton Utz as its legal advisers.
Clayton Utz Melbourne Projects and Finance partner Marcus Davenport led the firm’s team that has advised Plenary Group on all aspects of Plenary Health consortium’s successful bid for the VCCC Project, from initial bid through to financial close. The Plenary Heath consortium comprises Plenary Group, Grocon, PCL Constructors Pacific Rim and Honeywell. Lawyers in Clayton Utz Melbourne’s Corporate and Construction practice areas also provided support on the transaction, led by partners Brendan Groves and Naomi Kelly.

More >>

Baron and Budd Shareholder Bruce Steckler Part of Negotiation Team in $800 Million Chinese Drywall Settlement

Friday, December 16, 2011
Baron and Budd shareholder Bruce Steckler was part of the team that helped negotiate a landmark Chinese drywall settlement with KNAUF Plasterboard Tianjin (KPT), one of the largest manufacturers in the Chinese drywall litigation. The settlement comes as a result of 18 months of careful negotiation between the Plaintiffs’ Steering Committee (PSC), of which Steckler is a member, and KNAUF, and aims to help thousands of families suffering from defective Chinese drywall, which has been linked to corrosion of metal components and possible serious health issues. The total value of the settlement is estimated to be from $800 million to $1 billion.

More >>

Simpson Thacher to Open Office in Seoul, Korea

Thursday, December 15, 2011
Simpson Thacher & Bartlett LLP announced today that it plans to open an office in Seoul, Korea as soon as practicable in 2012.  Partner Youngjin Sohn will relocate to Seoul, together with several associates from the Firm’s Hong Kong office, where the Firm’s Korea team is currently located.

More >>

Tags:  Simpson Thacher & Bartlett LLP