Banking and Insurance
| Capital Markets | Energy
and Oil | Labor and Employment
Litigation and Arbitration | Mergers
Project Financing and Debt Restructuring
Regulatory Procedures. Competition and
Antitrust | Tax | Telecommunications
Banking and Insurance
- We assisted Irwin Mitchell LLP with regard to the Venezuelan law aspects of a case, where the clients were the victims of an airplane accident in Venezuela and the parents of a child who died in such accident, which occurred in April 2009. They sued, before an English court, an English tour operator and a Venezuelan airline, as the second defendant. Our clients reached very satisfactory settlement terms with the Venezuelan airline in November 2014. There were specific topics of applicable Venezuelan law, such as damages and liability, time bar limitations, insurance coverage and exchange controls regulations.
- In 2012 and 2013, we assisted the initial purchasers, assisted by Cravath, Swaine & Moore LLP, and the bank lenders, led by Deutsche Bank and assisted by Latham & Watkins, in bond issues by Smurfit Kappa of (i) EUR 200 million; (ii) US$ 300 million; (iii) EUR 250 million (September 2012). We then assisted the same parties with regard to a further issue of EUR 400 million (January 2013). Then, in July and August 2013, Smurfit Kappa refinanced its debt with another syndicate and we assisted our clients, counseled by Latham & Watkins, in the termination of the security trust agreement, designed by our firm for the initial financing granted in 2002. We had previously represented the bank lenders (Deutsche Bank AG, London Branch, Citigroup Global Markets Limited, Credit Suisse First Boston International and J.P. Morgan Plc. as Mandated Lead Arrangers) with regard to the Venezuelan law aspects of the financing of the acquisition of Kappa Holding B.V. and its subsidiaries by the Jefferson Smurfit Group
- In 2012, we assisted the bank lenders and the debtor in a syndicated loan (Bs.F 800 million) granted to Corporación Telemic, C.A. (Intercable). The banks were led Mercantil Banco Universal, and the loan was structured by Mercantil Merinvest, Casa de Bolsa, C.A. We designed a novel structure, based on two brief contracts, drafted by us: (i) an agreement to regulate exclusively the relations between the debtor and the bank leader (acting in representation of the syndicated banks); and (ii) an agreement to regulate the relations between the banks, where the debtor was not a party. This simplified structure implied significant savings, helped the negotiations, and avoided the risks related to the use of complex documents, drafted for other jurisdictions.
- We assist the most important Venezuelan banks, such as (i) Banesco, with regard to the design and implementation of certain new banking products, the standard form agreements it proposes to its borrowers and suppliers, important individual loan and services agreements, certain consumer law and antitrust law issues related to its contracts, matters related to its shareholding structure and certain investments; (ii) Mercantil, on the drafting of the documents (loan agreements, mortgages and pledges, etc.) related to the financing of constructions, and the revision and analysis of the documentation regarding the corresponding security interest; and (iii) Citibank, regarding the limitations that apply to the offer to clients in Venezuela of banking, investment and insurance services rendered abroad. We also provide advice to Citibank with respect to certain problems that have arisen with regard to estates, trusts, exchange control regulations, etc. In addition, we have been assisting several of Citibank’s entities or branches abroad in reviewing the corporate documentation of Venezuelan companies which are to do business with such entities or branches.
- We assisted the bank lenders in the major syndicated loans granted in Venezuela since the nineties, including the financing of the Petrozuata project (US$ 2,4 billion) and the Hamaca project (US$ 3.5 billion), both in the Orinoco Oil Belt, and the financing of the petrochemical project, Fertinitro (US$ 810 million), as well as the Sidor refinancing after its privatization (US$ 1,8 billion). In all these cases, we designed the security structure packages. The lender of record structure used in the Petrozuata financing, and the security trusts, designed by our firm for the Hamaca and Sidor financings, were the first of its kind in Venezuela; and the Venezuelan law documents drafted by our firm for these projects were used as a model in other financings
- In 2008 we assisted one of the largest Venezuelan financial institutions with regard to the design and implementation of a new product for the capital markets. The legal analysis included banking and capital markets regulations, credit and tax issues, in a structure that, if and when approved, will be the first of its kind in local markets; as well as the drafting of all the related documents and agreements.
- In 2008, we assisted a government owned company, the purpose of which is to finance certain projects or to guarantee the payment of the corresponding debt, with regard to the design and implementation of a new product for the capital markets. Again, the legal analysis has included banking and capital markets regulations, credit and tax issues, in a structure that, if and when approved, will be the first of its kind in local markets; as well as the revision of all the related documents and agreements and the drafting of a trust agreement.
- We represented Telefónica International Holding BV, a subsidiary of the Spanish telecommunications giant Telefonica, with regard to the tender offer by the Venezuelan state of CANTV, the major Venezuelan telephone and communications corporation in the 2007 “nationalization” process. Telefonica held 54 million class “A” shares, acquired in the 1991 privatization of CANTV, in which we represented the purchasers.
- We assist our clients in their dealings with the securities exchange regulator, the Superintendencia Nacional de Valores (formerly the Comisión Nacional de Valores), representing them in administrative procedures, recommending strategies, and generally defending their interests in capital markets related issues, such as takeover defenses, acquisition structures, listing and delisting of securities, etc
- During 2001 and 2002, we advised the Caracas Stock Exchange in the development and public offer of new products similar to index-tracking stock and bond portfolios, which are known as the “Jewels” and were negotiated for the first time in Venezuela in March 2002.
Energy and Oil
- We are assisting our clients Va Tech Hydro GMBH and Andritz Hydro, C.A. with regard to the project of supply and installation of major equipment in the Yacambú-Quíbor hydraulic plant. Our advice included general legal assistance, as well as in the drafting and reviewing of documentation.
- We continue to assist Andritz Hydro Gmbh (formerly Va Tech Escher Wyss Gmbh), Voith Hydro Ltda (formerly Voith Siemens Hydro Power Generation Ltda), and their Consortium Euro-Bras Guri, with regard to the performance of the contract to design, build, install, repair and test all the equipment and spare parts necessary to rehabilitate the Guri Hydropower Plant, the largest hydro-electric facility in Venezuela, which provides more than 60% of the electric energy across the country. We deal with all their corporate requirements in Venezuela, as well as with tax and labor issues arising from the original contract, which was executed in 2007, and which has been extended.
- We participated in three of the four most important project financings of Venezuela, all of them extra-heavy oil projects. In two of them, Hamaca (US$ 3.5 billion, in 2001) and Petrozuata (US$ 2.4 billion, in 1997), we assisted the bank lenders when the credits were granted, designing the security systems under Venezuelan law. We continued to assist the banks in later stages, including the nationalization process which began in 2007. Within that context, we reviewed the current regulatory framework and all the legislation changes made by law and by Presidential decrees, in taxation and other matters; building upon our firm’s long history in the oil sector. We are now assisting our clients with the release of the local security interest. In the third project financing, Sincor (now Petrocedeño), we assisted Calyon, who replaced JPMorgan Chase as leader. We reviewed the Venezuelan law aspects of all the loan documentation implementing such replacement (2009). The Sincor project was the only one to be refinanced in the wake of the 2007 nationalizations. The lender of record structure that our firm designed for Petrozuata was reproduced in the Sincor project.
- In 2009 we provided assistance to Prominvest, a Russian public sector company, in relation to a joint venture with PDVSA, the Venezuelan national oil company. Prominvest undertakes environmental reclamation in areas next to oil exploitations, which permit the recovery of oil.
- We have been providing advice to the bank lenders regarding the FertiNitro nationalization, which finally took place in 2011. We had advised the bank lenders with regard to the US$810 million financing for Fertilizantes Nitrogenados de Venezuela (FertiNitro); a credit granted in 1998. Since then, we have been advising the bank lenders with regard to issues which have arisen, such as price controls and quotas that have been imposed or may be imposed on Venezuelan sales of fertilizers; tax matters; exchange control matters; and issues related to the security granted at the time. This loan was repaid to the bank lenders in 2011 and the release of the security interest is pending
Labor and Employment
- We represented our client, MSD Farmacéutica C.A. (a subsidiary of MSD), in a lawsuit by a former pharmaceutical representative, who objected to the calculation of his variable salary, for purposes of payment of rest days and holidays (which in turn would affect the sum to be paid upon termination), and asked for damages. The case was heard by the Supreme Tribunal of Justice, which in a decision dated November 3, 2014, changed the criteria that had been applied previously by the courts, and accepted our arguments, granting no damages to the worker (whose claim was for approximately USD 55,0000).
- We designed the corporate and labor structure for the companies of Grupo Venemergencia, a medical emergency services provider, in order to maximize the companies’ efficient working, and to have a transparent view of labor liabilities. The services provided by our client include the transport and treatment of emergencies, laboratory services and home hospitalization, rendered in an innovative manner, which takes into consideration the characteristics (geographic and economic) of the Caracas area, and includes whole sectors of the population which had not been attended by more conventional service providers. Labor issues are complex because the services are rendered by doctors, nurses, bioanalysts and paramedics, among other professionals, who are formally employed by our client, following the planned structure, devised by our firm.
- We assist Distribuidora Alcarin, a rapidly growing logistics operator who offers transport, distribution and storage services, with activities all over Venezuela, in all the issues regarding its workers (drivers, wharehouse staff, office workers and other employees of different levels). We advise the company with regard to the overall labor structure (hiring, negotiations, documenting the labor relationship, dismissals, etc.), and how to comply with Venezuela’s social security system, workplace protection and labor laws which are very protective of workers’ rights, to the point where dismissals are most difficult.
- We are currently assisting Zurich, a provider of insurance services, with the negotiations and payments to all workers that leave the company. The current Venezuelan political system and the very protective labor laws, mean that our extensive experience in labor litigation is used in carefully drafting and negotiating the closing of the work relationship, using detailed expertise in order to avoid further claims from the workers.
- We assist Mudanzas International Global, a big employer by Venezuelan standards, with regard to all their labor matters: workers contracts, termination issues and –when needed– litigation. We counsel the company with regard to general labor strategy, and since we also assist the company with regard to corporate matters, we are able to obtain a well-integrated balance.
Litigation and Arbitration
- We frequently assist international firms with regard to the local ramifications of court cases abroad. For instance, since 2013 we are working with London solicitors Brookes and Co. in the assistance to CH Offshore LTD, a company incorporated in Singapore, which provides a wide range of services to the offshore oil and gas industry. CH Offshore LTD leased two ships to a Venezuelan state-owned company, who assigned the agreements regarding such ships to another Venezuelan company. There are important cross border issues with regard to jurisdiction and arbitration, as well as with the enforcement of foreign decisions in Venezuela. Our client started proceedings under English law and jurisdiction, with our assistance with regard to the process of service the Venezuelan assignor and assignee, through the Venezuelan courts. One of our partners is to be an expert witness before the English court. In another example, we assisted Irwin Mitchell LLP with regard to the Venezuelan law aspects of a case, where the clients were the victims of an airplane accident in Venezuela and the parents of a child who died in such accident, which occurred in April 2009. They sued, before an English court, an English tour operator and a Venezuelan airline, as the second defendant. In addition to Venezuelan law issues regarding insurance, our assistance included the review jurisdictional matters, time bar limitations as well as the process of service in Venezuela. Our clients reached very satisfactory settlement terms with the Venezuelan airline in November 2014.
- We assisted Coca Cola Servicios de Venezuela in a constitutional tax injunction which was decided in favor of our client. A 2002 ruling by the National Tax Authority (Seniat) ordered public entities and “special contributors” (designated by Seniat, such as Coca-Cola) to withhold value added tax. The withholding rate of 75% usually means an overpayment of VAT, with a very damaging effect in the taxpayers’ cash flow. The complexity of the mechanism for obtaining recognition of fiscal credits originating in such withholding, and Seniat’s delays in application, have meant –in practice– that the taxpayers are unable to offset such credits (a right provided in the Organic Tributary Code), thus accumulating enormous amounts of tax credits that cannot be recovered. We obtained a favorable decision in the Second Superior Tribunal on Contentious Fiscal Matters, which ordered Seniat to recognize our client’s VAT credits. Seniat then issued a decision, dated May 25, 2009, which recognized a very large part of the fiscal credits, US$ 586.540,64, and opened the door for further recognition (of approximately US$ 3,5 million). This was confirmed by the Supreme Tribunal of Justice, through a decision dated May 18, 2010.
- Our client, Seguros Orinoco had won an arbitration procedure in 2000 against Banco de Venezuela (now a subsidiary of the Spanish financial organization, Grupo Santander). Banco de Venezuela contested the arbitration award in a court of appeals, and obtained a favorable decision in 2005. In a precedent setting decision dated April 11, 2008, the Supreme Tribunal of Justice decided in our favor. This is a very important case from the point of view of the future of arbitration in Venezuela, since the Supreme Tribunal’s decision revoked the court of appeals’ decision, setting a precedent the final result of which is favorable to the upholding of arbitration judgments. Indeed, according to the Commercial Arbitration Law, arbitration awards may only be contested by requesting a declaration of nullity from the courts of appeals. The Supreme Tribunal had formerly considered that the courts of appeals’ decisions annulling arbitration awards could not be the object of revision; however, in this case, changing its position, the Supreme Tribunal allowed the revision of the court of appeals’ decision, and ruled against it.
- We assist Chadbourne and Parke in acting for London reinsurers on a facultative reinsurance dispute in the United Kingdom and Venezuela following a US$27 million claim in Venezuela (the losses allegedly amounted to US$12,258,647.10 and the business interruption claim is for US$ 14,805,016).
- We represented Four Seasons Corporation in a case with ramifications in Venezuela and abroad, regarding the Four Seasons Hotel in Caracas, which is one of the largest hotels of Venezuela. In this case, we handled the litigation in the Venezuelan courts, for an amount of approximately US$ 14 million and we provided advice with regard to Venezuelan law aspects in an arbitration procedure held in Miami, for an amount of approximately US$ 25 million.
Mergers and Acquisitions
- In a global operation (€ 1,051 million), our client, the Spanish telecommunications company, Telefonica, sold its call-centre group, Atento, to Bain Capital. Atento is the second-largest customer relationship management business in the world covering 15 countries and employing 152,000 people.
- In 2010 we assisted MetLife in an international transaction by means of which it acquired American Life Insurance Company (ALICO) from AIG, for approximately $15.5 billion. The transaction included the acquisition of 50% of Seguros Venezuela, an insurance company. And in 2011 we again assisted MetLife in the sale of its participation in Seguros Venezuela.
- In 2008 we counseled Henkel KGaA, as local attorneys for the acquisition from Azko Nobel of ICI Group’s global business of adhesive and electric materials, for a total value of $5 billion. The Venezuelan transaction included two companies: ICI Venezolana, S.A. and National Starch & Chemical, C.A.
- In 2007, at the request of Debevoise & Plimpton, we assisted Freeport-McMoRan Copper & Gold Inc. with regard to the international transaction whereby General Cable Corporation purchased Phelps Dodge International Corporation for approximately US$ 710 million. The deal included the acquisition of subsidiaries in several countries, including two Venezuelan companies. We performed the due diligence needed in order to implement the operation in Venezuela, undertaking the examination of labor issues, tax consequences and matters of strict corporate law, which were then reflected in the documentation.
- In 2007 we counseled our client, Compass Group, with regard to the sale of all its Venezuelan subsidiaries: (i) Servicios Evcaven, C.A., (ii) SHRM de Venezuela, C.A. and (iii) Servicios Costa Afuera C.A.S.C.A., C.A. Compass Group provides food and a range of selected support services to companies and other institutions, in around 62 countries. The three Venezuelan subsidiaries provided food and maintenance services to many of the larger and more important corporations, national and international, government owned and private, in numerous localities all over Venezuela, including very remote areas. The sellers were (i) Compass Group International BV and (ii) Compass Group France Holdings SAS (f/k/a Compass Group France SAS). The buyer was Argyle Leisure Fund S.A. (Luxembourg). After the closing, some issues arose which required further negotiations, and a final settlement was executed in May 2008.
Project Financing and Debt Restructuring
- We advise Pering Group, one of Venezuela’s largest, real estate, engineering, design and construction firms, with regard to the “Blue Residence Club” in Aruba, which is in its early stages of development, as well as with regard to the completed project of “Oceania”, the largest privately owned residence condominium in Aruba. Our advice includes strategic planning of investment and financial matters, structure design and negotiation and drafting of contracts.
- We have counseled the bank lenders in important project financings, such as Hamaca (US$ 3.5 billion, en 2000); Sidor (US$ 1,8 billion en 2000); Fertilizantes Nitrogenados de Venezuela, FertiNitro (US$ 810 million, in 1998); and Petrozuata (US$ 2,4 million, in 1997). Our assistance began when the structure was defined and the credits were granted, and we designed the security systems under Venezuelan law. Since then, we have continued to assist the banks in matters of their interest, including the nationalization processes (since 2007) and the payment of the credits (since 2007 and until 2011).
- We assisted Voith Paper Maquinas e Equipamientos Ltda. and Andritz AG with regard to the Purchase Contract of certain process machinery, equipments and engineering (Package 1) for a pulp and paper mill to produce 250.000 tons of newsprint per year, for an amount of US.$ 90,588,000 plus 219,060,000 euros. We also assisted on the drafting of many other related contracts, such as Social Contribution Agreement, Professional Service Agreement and Technical Assistance and Technological Services Agreement. The project began in 2007, the first agreement was executed in December 2007, and many issues have been resolved in 2008, with further agreements executed in February 2008. The deal included very sensitive political and regulatory issues regarding arbitration and foreign law, and interesting matters arose in connection with the laws of other jurisdictions (Brasil, Austria and Spain). We are still assisting Voight and Andritz in the relationships that stem from such agreements.
- In 2005 and 2006 we represented the bank lenders (Deutsche Bank AG, London Branch, Citigroup Global Markets Limited, Credit Suisse First Boston International and J.P. Morgan Plc. as Mandated Lead Arrangers) with regard to the Venezuelan law aspects of the financing of the acquisition of Kappa Holding B.V. and its subsidiaries by the Jefferson Smurfit Group. Both groups of companies are engaged in the manufacture and sale of paper and packaging products.
- In 2006 we assisted the bank lenders of Digitel (US$ 485 million, in 2002), with regard to the acquisition of Digitel, a wholly owned subsidiary of Telecom Italia Mobile (TIM), by Telvenco. Digitel is one of the three key players in the mobile phones market in Venezuela. The security structure for this transaction included a security trust designed by our firm over the assets of Digitel (the first of its kind in the area of telecommunications), as well as other more traditional instruments for securing debts.
Regulatory Procedures. Competition and Antitrust
- En 2014, el Presidente dictó el Decreto-Ley del Régimen Cambiario y sus Ilícitos, en la continua regulación del sistema de control de cambios impuesto en 2003. Asesoramos regularmente a numerosos clientes (tales como Coca Cola, Citibank, Formiconi, Vicson, Guy Carpenter-Marsh, Inversiones Mundial, etc.) en relación con las frecuentes modificaciones de la normativa cambiaria, desde las perspectivas de la inversión extranjera, regulaciones bancarias, importaciones y exportaciones, deuda en moneda extranjera, trabajadores expatriados, etc.
- The Fair Prices Decree-Law, also dictated by the President in 2014, established that the regulating entity (National Superintendency for the Defense of Socioeconomic Rights, SUNDDE) had the power to set the terms and conditions of offers, promotions and advertising for the different types of goods and services to be marketed within the national territory. We assist many of our clients (such as Coca-Cola Servicios de Venezuela, C.A. and Editorial Planeta Grandes Publicaciones Venezuela, C.A.) regarding the process of approval of their products, representing them before the SUNDDE and checking that promotions comply with the regulation
- We frequently assist important international reinsurance companies, regarding their inscription in the Registry kept by the Superintendence of Insurance Activities, in order to fully comply with the Venezuelan law regarding reinsurance by foreign entities.
- In 2002 and 2003 we represented S.C.Johnson & Son, Inc. before the regulatory body that reviews antitrust and competitive practices in Venezuela, Pro-Competencia, with respect to the acquisition of certain productive assets from Bayer AG, and obtained Pro-Competencia’s prior approval for the asset concentration transaction.
- We have been quite successful in administrative recourses within the Tax Administration, Seniat, for instance contesting the fine for supposedly late payments by our client Pintacasa (a local subsidiary of the Colombian group Orbis, formerly Grupo Mundial), where the decision to uphold our arguments was granted on January 26, 2015. In another recent case, we assisted Venezolana de Pinturas (also a subsidiary of Orbis) regarding the supposed nonpayment of the Economic Activities Tax to the local authorities, which implied payment of such tax, interests and a fine. The Municipality upheld our position, in a Resolution dated February 3, 2015.
- Our firm obtained a favorable decision in the tax courts for our client, Coca Cola Servicios de Venezuela: In May 2009, the Second Tax Court (Tribunal Segundo de lo Contencioso Tributario) ordered the national tax authority, Seniat, that it should dictate a decision recognizing the value added tax credits of our client. Five days later, Seniat generated a decision, dated May 25, 2009, which immediately recognized a very large part of the fiscal credits, US$ 586.540,64, and opened the door for further recognition (of approximately US$ 3.5 million). The decision was confirmed by the Supreme Tribunal of Justice, through a decision dated May 18, 2010. This is a very important decision, because, since 2002, Seniat issued a ruling designating public entities and special contributors as withholders of value added tax. The withholding rate of 75% usually means an overpayment of the valued added tax, that has had a very damaging effect in the taxpayers cash flow. The complexity of the mechanism for obtaining recognition of fiscal credits originating in such withholding and Seniat’s delays in such procedures have meant –in practice– a violation of the legal right of automatic compensation provided in the Organic Tributary Code and the accumulation of enormous amounts of tax credits that cannot be recovered by the tax payers.
- In a judicial procedure, which our client Asea Brown Boveri lost against the Tax Authority (our firm did not originally handle the US$ 40,689 case), the process was paralyzed in the execution stage for more than seven years. At the current time, the tax administration seeks that our client should voluntarily pay the tax assessment. We have opposed this requirement claiming the prescription of the tax assessment. Our claim is currently pending the decision of the Supreme Tribunal of Justice.
- On behalf of the Insurance Chamber of Venezuela (Cámara de Aseguradores de Venezuela), we are claiming the nullity of the Tax Stamp Law, enacted by the Capital District, which increases the tax over a company’s capital from 1% to 10% over such capital, to be paid at the incorporation of new companies or when the capital of a company is increased. We claim that it violates the right of equality since this tax only applies to the corporations registered in the commercial registries located in the Capital District, while other corporations are obliged to pay only 1%. Furthermore, we claim the violation of the constitutional principle of proportionality and progressiveness of the tax on the basis that the application of this tax signifies a confiscation of capital. Lastly, we claimed that the Capital District does not have the power to create this kind of tax, violating the constitutional principle of legality. This action was filed before the Supreme Court of Justice.
- Our firm, in its own name and also in representation of several clients (Banco Plaza, Vicson and Olivenca), contested the taxable amount of an obligatory “social contribution” destined to the public housing policies of BANAVIH (a State owned financial institution). Our position is that this social contribution is a tax, and that the tax base should be just the normal salary and no other extraordinary income. We have obtained favorable decisions in all the cases, which have been confirmed by the Supreme Tribunal of Justice.
- We assist Telefónica (the Spanish telecommunications company) and its Venezuelan subsidiary, Telefónica Venezolana, C.A., with regard to their legal requirements in Venezuela, with special emphasis in the shareholders’ point of view, which implies general corporate issues and matters related to foreign investment and exchange controls, among others.
- In a global operation (€ 1,051 million), our client, the Spanish telecommunications company, Telefonica, sold its call-centre group, Atento, to Bain Capital. Atento is the second-largest customer relationship management business in the world covering 15 countries and employing 152,000 people. In April 2012, our firm made the vendor’s due diligence revision regarding the main Venezuelan Atento subsidiary, and we continued working on the project until its closing in December 12, 2012. We then acted in the implementation of the agreement between Bain Capital and Telefonica, regarding the local Atento subsidiaries, which reflect the particularities of the Venezuelan situation.
- We represented Telefónica International Holding BV, a subsidiary of Telefónica, with regard to the tender offer by the Venezuelan state of CANTV, the major Venezuelan telephone and communications corporation, in the 2007 “nationalization” process. Telefónica held 54 million class “A” shares, acquired in the 1991 privatization of CANTV, in which we had represented the purchasers.
- In 2006, acting as advisers of the bank lenders of Digitel, we assisted these lenders with regard to the acquisition of Digitel by Telvenco, from its sole shareholder, Telecom Italia Mobile (TIM). Digitel is one of the three key players in the cell phones market in Venezuela, which is a rapidly expanding and very important sector of the economy
- We assisted CANTV, the major telecommunications provider in Venezuela, with regard to their labor litigation since its privatization in 1991 and until 2009. In 2005, the number of cases handled by our firm increased significantly, reaching at times more 2,000 simultaneous trials, at all levels of the judicial system. Since 2007, following the “nationalization” of CANTV, we continued to assist the company in a transition period, applying its policy to reach agreements with its former workers. In this transition period we successfully closed a large proportion of the cases.
- We are working with Mayer Brown in assisting the insurers or the reinsurers that provided coverage with respect to the expropriation of certain assets that were being used for the provision of services to PDVSA, the national oil company. In one case, our clients are the insurers of the drills belonging to Helmerich & Payne de Venezuela C.A., and, in the other case, our clients are the reinsurers of the ships belonging to Transportes Marinos de Occidente