In October 2010, and in cooperation with Bryan Cave, we represented East Mediterranean Gas (EMG) in one of it the largest debt securitization deals of the time, one with a value of USD400 Million.
Our task was to review the contractual obligations of EMG vis a vis clients and banks in view of the complexity of other obligations vis a vis EGPC - the owner and supplier of the Egyptian gas - as well as the legalities of making specific assignments of rights under the Egyptian law.
Since the debt securitization was backed by revenues of EMG, and those revenues were derived from public utility and major manufacturing companies across the border, the deal had to be rated by two major rating agencies. The work included highly innovative and complex issues in what relates to one of the most live political issues in Egypt today.
Although the Egyptian Capital Market Law has recently adopted provisions regulating domestic securitization; international asset-backed securitization is still a novel transaction in Egypt. I&D overcame the scarcity of resources in this unchartered territory. Our advice was based on insightful and practical analysis of pending issues which withstand the political changes.
We are also in the process of working closely with an international leading company specialized in petroleum services and rigs on an international commercial arbitration with a value of USD 20 million, against an affiliate company.
Our current deals also include representing a client in arbitration and negotiations for the settlement with the contractors at a major electricity and generating site with electrical output in excess of Aswan's High Dam capacity.