VDB Loi advises as first international commercial financing deal on Myanmar telecom assets is wrapped upOctober 7, 2014
VDB Loi, a leading Myanmar legal and tax advisory firm, assists as borrower’s Myanmar counsel to devise and perfect the first international commercial financing package in relation to network assets located in Myanmar. The firm helped to form the security package in close consultation with lenders and the Myanmar Investment Commission (MIC). It is the first time that the MIC is asked to approve an international secured financing of this nature. VDB Loi is charged with implementing the registrations and approvals to perfect the secured interests on the tower assets.
Earlier this year, the firm was able to register the first secured interest in Myanmar for a foreign loan in modern times, in what was widely seen as a landmark test case.
Edwin Vanderbruggen, the VDB Loi legal partner handling both deals commented: “This is a fantastic achievement by our client with massive repercussions for the entire market. We are proud that our team played a big role. Clinching the first ever commercial finance deal proves that Myanmar is indeed ready for commercial lenders. It is indeed possible to fashion a solid security package which is up to the mark for international commercial lenders”.
He continues: “Secured financing in Myanmar is the art of the possible. If you need to get something done, you can’t just stick to what the laws say. The gap between theory and practice is simply too big. I think what our team brings to the table is the skill to bridge that gap, to devise a package that can be perfected in the real world, and to actually get those registrations that both the lender and the borrower need”.
If you have any queries regarding this alert, please contact me or Jonathan Linton ([email protected]) in our Nay Pyi Taw office.