Tanoira Cassagne advises on debt issuance of Meranol

Tanoira Cassagne Abogados has assisted Meranol S.A.C.I., as issuer, in the issuance of Notes issued in two classes: (i) Notes Class 3 for the amount of AR$42,222,222; and (ii) Notes Class 4 for the amount of US$500,000.

The transaction, which closed on December 19th, 2018, was carried out under the 200 million Argentine Pesos Notes Global Program.

Notes Class 3 are due on June 21th, 2020, and were tendered at 12% over BADLAR rate, with interests payable half yearly.

Read full news at https://bit.ly/2AGvZ1z

Seven firms steer first Argentine project bonds since 2017

Simpson, Thacher & Bartlett LLP in New York and Argentine firm Tavarone, Rovelli, Salim & Miani have helped MSU Energy make a project bond issuance worth US$250 million.

View full news at https://bit.ly/2s75sFS

Five firms breeze through latest RenovAr financing

Cleary Gottlieb Steen & Hamilton LLP in New York and Buenos Aires and Salaverri, Burgio & Wetzler Malbrán in Buenos Aires have helped construction company Petroquímica Comodoro Rivadavia obtain US$108 million financing to develop a wind farm in southern Argentina.

The lenders relied on Clifford Chance LLP in New York and Bruchou, Fernández Madero & Lombardi in Buenos Aires for the deal, which closed on 4 December.

Tanoira Cassagne Abogados in Buenos Aires advised the local trustees and collateral agents. Hinckley Allen in New York is also thought to have advised Tanoira’s clients, but this could not be confirmed prior to publication.

View full news at https://bit.ly/2QyHx0I

Argentine construction company finances first biomass plant

Dentons’ Madrid office and Argentine firm Tanoira Cassagne Abogados have helped constructor Genergíabio Corrientes obtain project financing worth US$43 million.

View full post https://bit.ly/2UouvRA

 

Increase – Press Release

With the legal advice of Tanoira Cassagne Abogados, last July, Increase, a company that empowers shops, e-commerce and large companies through technological solutions, received an investment of almost USD 3 million.

Among the investors who bet on Increase are Agrega Partners, which manages investments in more than 15 financial institutions and fintech companies in LATAM; Supervielle Group and Mercado Libre.

This new investment will be destined to fulfill the objective of launching new products, consolidate Increase’s position in Argentina and accelerate its expansion in LATAM.

Tanoira Cassagne Abogados advised and supported Increase throughout the investment round. On behalf of the firm participated partner Manuel Tanoira and lawyers Dolores Nazar and María Pía Alais.

Argentina: New Antitrust Law

On May 9th, 2018, the House of Deputies finally approved the new antitrust bill after the Senate introduced minor amendments.

The bill was approved with 163 votes for and 74 votes against it.

The main changes that the new antitrust law provides vis-a-vis the former antitrust law are:

  • Creation of a new independent, decentralized and autonomous Antitrust Agency which will be known as “Agencia Nacional de Competencia” –ANC- (“National Competition Agency). The ANC will consist of a Court for the Defense of Competition (5 members), a Secretariat of Anticompetitive Conducts and a Secretariat of Economic Concentrations. Each member will be appointed and/or removed by the Congress. Currently, the Antitrust Commission depends on the Executive Branch.
  • Concerted conducts among competitors (“hard core cartels”) shall be deemed as practices completely and absolutely restrictive of competition.
  • Interlocking directorates, under certain circumstances, shall be deemed as anticompetitive practices.
  • More powers to the ANC in order to conduct and investigate anticompetitive practices.
  • Creation of a Leniency Program that complies with international standards directed to deter concerted actions.
  • New provisions for the determination of fines, which now takes into account the turnover of the company involved in anticompetitive practices (i.e. up to 30% of the affected product´s turnover multiplied by the years of duration of the conduct–such amount may not exceed 30% of overall turnover-, or twice the profits obtained from such illegal practice).
  • Legal actions to seek damages’ compensation for violations of the Antitrust Law shall be specifically contemplated.
  • New pre-merger control. Notable increase of notification thresholds that now intend to discharge minor transactions. (Pre-merger control will become in force one year after the creation of the ANC).
  • Fast track procedure for transactions that clearly do not raise antitrust concerns.
  • Creation of a Court of Appeals in Antitrust Matters, as the Court authority in appeals to the ANC´s rulings.

May 5th, 2018.

Bernardo Cassagne
Socio

Francisco Rondoletti
Lawyer

 

Sociedades por acciones simplificadas (SAS)

Resolución General 6/2017 de la Inspección General de Justicia a cerca de la reglamentación de las Sociedades por Acciones Simplificadas

El 27 de julio de 2017 se publicó en el Boletín Oficial la Resolución General 6/2017 de la Inspección General de Justicia, la cual entrará en vigencia el 1ro de septiembre de 2017. Mediante dicha Resolución General se establece la reglamentación aplicable al nuevo tipo societario Sociedades por Acciones Simplificadas, creado por la Ley de Apoyo al Capital Emprendedor (Ley 27.349), la cual tiene por finalidad brindar un marco legal que favorezca la creación de nuevas empresas y que particularmente sirva de apoyo a los emprendedores.

La resolución dispone la posibilidad de un proceso de registración de Sociedades Anónimas de forma digital, simplificada y en un periodo de 24 horas. A continuación, presentamos los aspectos más sobresalientes y ventajosos del tipo societario que se introduce:

1. En el caso de que se adopte el instrumento constitutivo modelo previsto en el Anexo A2 de la Resolución 6/2017, y se publique el edicto modelo que consta en el Anexo A3 de la misma, la inscripción será automática, sin más trámites y se realizará en 24 horas, de acuerdo a lo dispuesto en el Art. 32 de la mencionada Resolución.

2. Tanto la inscripción de la sociedad como la registración de inscripción de los actos posteriores y las notificaciones a cerca de los trámites se realizarán de forma digital, lo cual acelera significativamente todos los plazos de registración y modificaciones estatutarias. Asimismo, las SAS se encontrarán habilitadas para llevar sus registros en formato digital.

3. No presentará sus estados contables ante la IGJ, aún en el supuesto de quedar comprendida en el artículo 299, inc. 2, de la Ley General de Sociedades Nº 19.550.

4. Presenta menores requisitos legales en cuanto a su órgano de administración, ya que sus directores no necesariamente deberán constituir una garantía, debiéndose presentar solo la Declaración Jurada de Persona Expuesta Políticamente. Además, solo es requisito que un miembro del directorio cuente con domicilio real en Argentina.

5. Posibilidad de aceptación tácita de la designación como administrador, considerándose como tal la presencia del administrador en cualquiera de los actos de que se trate.

6. El mínimo requerido para el capital social al momento de la constitución de la sociedad es el importe equivalente a dos veces el salario mínimo vital y móvil. En caso de que el capital sea fijado según el mínimo permitido, los gastos de inscripción podrán computarse como capital social.

7. Se establece la posibilidad de no inscribir el aumento de capital social que no supere el 50% del capital inscripto.

En caso de necesitar mayor información, no dude en tomar contacto con Manuel Tanoira y/o Leopoldo E. García-Mansilla.