Phu My 3: the legal challenges

Bruce Cooper, a Singapore-based partner at international law firm Freshfields Bruckhaus Deringer, discusses some of the legal challenges surrounding the recently signed Phu My 3 project in Vietnam.

Phu My 3 BOT Company Limited Phu My 3 signed core financing documents recently June 2003 and will shortly achieve first drawdown. The Phu My 3 Power Project the Project is not the first BOT project to be structured on a limited recourse basis in Vietnam it was preceded by the Thu Duc Water Project, although that project is now not proceeding for commercial reasons, and the Phu My 2-2 power project both projects on which Freshfields Bruckhaus Deringer worked.

However, it does set a new benchmark in the structuring of true limited recourse financing in Vietnam, with the potential for application of many of its features in other developing-world infrastructure deals....

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