US Law Firm Newswire – Orrick advises on Environmentally Friendly Cold Storage Project in Vietnam

Hong Kong, 6 May 2009 – – International law firm Orrick, Herrington & Sutcliffe LLP (Orrick) has represented Antara Holdings (Asia) Limited and its founder, Winston A. Barrie, in the negotiation of an early stage investment by Preferred Freezer Services, LLC., one of the leading cold storage and refrigerated warehouse operators in the U.S. Orrick also represented Antara in connection with a US$14 million long term fixed rate loan provided by the International Finance Corporation (IFC) and its Dutch counterpart, FMO.

IFC and FMO also invested US$2 million of equity to finance the construction and operation of Antara’s large scale cold storage facility in Ho Chi Minh City. The project, one of the first to be financed by IFC in Vietnam, is intended to provide high quality cold storage facilities to the seafood industry and is the first stage of a plan to establish an integrated national cold storage logistics network in Vietnam.

A team of Hong Kong-based Orrick lawyers led by Donna Healy and David Halperin represented Antara and its shareholders.

“Small fish farmers suffer considerable losses due to waste and spoilage before their catch can be brought to market because there is currently insufficient cold storage space in Vietnam,” explains corporate partner David Halperin. “This innovative project will help to alleviate these losses and regenerate local industry. Orrick has a global commitment to supporting environmental projects so we are particularly pleased to have helped Antara with this major initiative affecting the fishing industry in Vietnam in an eco-friendly way.”

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