OAB Debate in NYC on Creditor Rights

Creditor's Rights in NYC

Event Speakers with moderator Waldemar Jezler at the center

5/14/09 Debate in NY with the international financial community on the PEC impact on Creditor Rights and the implications for Brazil’s Image as an Investment destination.

The event in NY had more than 50 people in attendance. International investors, lawyers and rating agencies were present to understand how the PEC 12/06 is being drafted by the Brazilian Congress and the implications for their investments. It is estimated that over R$5 billion in precatórios are held by international investors.

The debate was by “invitation only” to foster an open exchange of views of the current status and prospects for the PEC 12/06.

Jaime Mercado of Simpson Thacher & Bartlett hosted the event at their offices. Flavio Brando, president of the Precatório Commission of the Brazilian Bar Association presented the current status of the Constitutional Amendment process at the Brazilian Chamber of Deputies highlighting some of the points that have already been identified as unconstitutional in the current draft and that should be amended. José Virgilio Lopes Enei, partner of Machado, Meyer Advogados, presented an overview of the Precatório market and how the current draft of the PEC 12 would affect the market. Paulo Vieira da Cunha, ex-director of the Central Bank of Brazil, contributed his experience in major public rescheduling processes of the past.

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