News 12 Feb. 2009

Latin Lawyer Names Restructuring of Financings For Orinoco Oil Projects as Deal of the Year

NEW YORK, February 12, 2009 Latin Lawyer magazine has selected the combined restructuring of the project financings of four Orinoco oil projects as its Deal of the Year for Restructuring in 2008. Curtis, Mallet-Prevost, Colt & Mosle LLP was cited for its work as counsel to Petróleos de Venezuela, S.A. (PDVSA) and its affiliates in the four transactions.

The four joint venture projects were: the Sincor project, subsequently renamed PetroCedeño, S.A.; the Hamaca project, subsequently renamed PetroPiar, S.A.; the Cerro Negro project, subsequently renamed PetroMonagas, S.A.; and the Petrozuata project. The projects were established for the production and upgrading of extra-heavy crude oil in the Orinoco region of the Bolivarian Republic of Venezuela.

The overall deal combined aggregate restructurings and/or repayments of more than $4 billion of financings, including bonds and bank debt. The bank debt was restructured or repaid, and tender offers for outstanding bonds were completed, with the terms of the remaining bonds being restructured.

Latin Lawyer will officially give Curtis the honor at a dinner in Sao Paolo on March 5.

The Curtis legal team was headed up by chairman and partner George Kahale, III and partner David Bayrock. The following Curtis lawyers also advised on the matter:

Partners: Evan S. Borenstein, Eduardo A. Cukier, and Valarie A. Hing.

Counsel: John D. Nielsen.

Associates: Antonio De Lisi, Stefano De Stefano, Kathleen Diab, Alejandro Garcia Villalpando, Benjamin M. Lowin and Susana M. Namnum.

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