Alcogal advised creditor banks in Soho Mall Trust

Alcogal asesoró al grupo de bancos acreedores en el Fideicomiso de Soho Mall

The Banking, Finance and Capital Markets team at Alemán, Cordero, Galindo & Lee recently acted as counsel to the lender banks, which included Banistmo, Banesco, St. George’s Bank, Caja de Ahorros, Bladex, Credicorp Bank, Banco Aliado and Bancolombia, in relation to the Soho Trust, for USD$400 million, wherein the banks, as lenders to the settlors, were beneficiaries.

The trust was set up as part of a structure meant to take away control of Soho Mall (the largest luxury complex in Panama) from the Waked Group, owners of the complex, due to their recent inclusion in the list of Specially Designated Nationals published by the Office of Foreign Assets Control (OFAC) of the United States Treasury Department. The transaction closed in July 2016.

Partner Eloy Alfaro, along with associates Patricia Cordero and Eduardo Gomez, were in charge of this transaction.

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