2014, International Financial Law Review Paraguay

FERRERE's Paraguay office celebrated a decade in the market in 2003. The firm has continued to gain traction and increased respect among peers. "They've become quite a player and it has continued to grow each year," a competitor says. FERRERE's corporate department is led by Néstor Loizaga, a former advisor to the Ministry of Foreign Affairs, the Ministry of Industry and Commerce and the Paraguayan Chamber of small and medium-sized companies. Competitors have expressed admiration of Loizaga's stake in the market. "He's definitely a very good lawyer and a pleasure to work with it," one says. Clients agree and one calls Loizaga "skillful, innovative and business oriented." The corporate department was bolstered with the addition of two senior associates and three junior associates with specialization in a variety of practice areas.

In January, Loizaga and his team advised Sika on all stages of the $6.7 million acquisition of Inatec, the market leader in Paraguay in the area of construction chemicals. Ferrere was retained to advise Corporación Andina de Fomento in a $65 million project finance transaction, structured as an A-B loan with a pool of creditors. Loizaga and his team were in charge of due diligence, assisting in determining the conditions prior to first disbursement. The transaction closed in October. The firm is representing the Inter-American Investment Corporation in a lending project with Industria Paraguaya de Alcoholes for up to $4 million to invest in a sugar plant. The loan is secured by a mortgage over 15 properties under the ownership of Agrícola Entre Rios. In April 2013, the firm advised the Inter-American Investment Corporation on a $570,000 loan to Vicoza to fund the company's facility remodeling and short-term debt restructuring.

Clients praise the firm for its tactical approach. "As usual, some of the legal issues and solutions are not always 100% useful from a commercial point of view," one says. "The team works hard to understand the business as part of its analysis. In distribution matters, the team is able to grasp the concerns of foreign companies that appoint local companies. In corporate and commercial matters, the team understands key issues such as compliance matters, FCPA/UK Bribery Act, and is able to spot issues recommending further analysis."

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