Davis Polk Advises Prada S.p.A. on Its Initial Public Offering

Wednesday, June 29, 2011
Davis Polk advised Prada S.p.A. in connection with its HK$16.7 billion (US$2.15 billion) initial public offering of ordinary shares. The global offering consisted of a public offering in Hong Kong and an international offering in reliance on Rule 144A and Regulation S. The global offering consisted of both primary and secondary shares, which are listed on the Hong Kong Stock Exchange under the stock code of “1913.”

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Tags:  Davis Polk & Wardwell LLP | Hong Kong

S&C Achieves Significant Appellate Victory in MBIA Case, Reinstating $5 Billion Suit Against the Insurer

Wednesday, June 29, 2011
On June 28, S&C achieved a major victory in the Court of Appeals of the State of New York, successfully reinstating a fraudulent conveyance action brought by 11 of the world’s leading financial institutions, including Bank of America, Morgan Stanley, UBS and others, against the monoline insurer MBIA Insurance (“MBIA”). The bank policyholders challenge a 2009 restructuring that stripped $5 billion in assets from MBIA, thereby slashing MBIA’s ability to honor its contractual obligations to structured-finance policyholders and leaving MBIA as a “dying” insurer with a “junk” credit rating.

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Tags:  New York

Dewey & LeBoeuf Represents Los Angeles Dodgers as Team Files for Chapter 11 Bankruptcy Protection

Tuesday, June 28, 2011
The Los Angeles Dodgers filed for protection under Chapter 11 of the U.S. Bankruptcy Code in order to protect the franchise financially and provide a path that will enable the Club to consummate a media transaction and capitalize the team. Dodger owner Frank McCourt cited Major League Baseball Commissioner Bud Selig’s refusal to approve the Fox transaction as the cause for the Chapter 11 filing.

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Tags:  Los Angeles

Baker & McKenzie Advises Fortune REIT on its HKD3.8 Billion Term Loan and Revolving Credit Facilities

Tuesday, June 28, 2011
Baker & McKenzie recently advised ARA Asset Management (Fortune) Limited, as manager of Fortune Real Estate Investment Trust (“Fortune REIT”), on a five-year term loan and revolving credit facilities of up to an aggregate principal amount of HKD3.8 billion, comprising a HKD2,830 million term loan facility and a HKD970 million revolving credit facility granted to Fortune REIT.  Part of the new facilities was used to refinance existing facilities of HKD3.1 billion due in October 2013, and the balance will be used for financing the corporate funding requirements of Fortune REIT, including any acquisition opportunities and other yield enhancing asset enhancement initiatives.

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Tags:  Baker McKenzie | Hong Kong

Davis Polk Advises Abax Global Capital in Connection With a Going-Private Transaction Involving Harbin Electric

Monday, June 27, 2011
Davis Polk is advising Abax Global Capital in connection with a going-private transaction which will result in Nasdaq-listed Harbin Electric, Inc. being taken private by Tech Full Electric Company Limited, an acquisition vehicle that will be owned by the chairman and CEO of Harbin Electric, Mr. Tianfu Yang, certain other members of Harbin Electric’s management and Abax Global Capital.

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Tags:  Davis Polk & Wardwell LLP | Hong Kong

Ashurst Advises KOGAS on Investment in US$16 Billion Gladstone LNG Project

Monday, June 27, 2011
Ashurst has advised Korea Gas Corporation (“KOGAS”) on its acquisition of a stake in the US$16 billion Gladstone Santos LNG project (“GLNG”), which completed on 16 February 2011. KOGAS and Total have acquired a combined interest of 15% in GLNG. Ashurst also advised KOGAS on the associated 20-year LNG off-take contract, which provides for the sale by GLNG of 3.5 million tonnes per annum (mtpa) of LNG to KOGAS.

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Tags:  Ashurst