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Italian firm Gim Legal advises Canaima Fund Lux to exchange Venezuelan bonds in Italy – EN

Gim Legal managing partner Luigi Rizzi


EnergiesNet.com 11 17 2022

GIM Legal, with a team composed of managing partner Luigi Rizzi (pictured), associate Manuela Rasori and junior associate Anna Laura Pisu, assisted the Luxembourg-based company Canaima Fund Lux in drafting the offering disclosure document with respect to the exchange in Italy of Venezuelan sovereign bonds held by professional clients by right in other financial instruments.

This is the first transaction in Italy to exchange Venezuelan bonds on the market since the default of the Bolivarian Republic of Venezuela in 2017.

Bonds issued by the Venezuelan government and PDVSA – Petróleos de Venezuela (in default) will be exchanged for notes issued by the Luxembourg-based securitization vehicle Canaima Fund Lux, in order to order to facilitate the recovery – in whole or in part – of the loans embedded in the distressed debt securities. The transaction is aimed at institutional and professional investors.

“This is almost unique in the significance it will have in Italy and abroad, taking into account that the 2017 default in Venezuela amounted to almost $65 billion,” explains Luigi Rizzi, managing partner of GIM Legal and head of the team. “Five years after the default – he concludes-being able to identify and implement solutions that have brought back to the capital market capital the Venezuelan sovereign bonds testifies to the expertise and professionalism of GIM Legal, even in cross-border and particularly sensitive transactions.”

Source: legalcommunity.it

EnergiesNet.com 11 17 2022

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