ARIAS, FABREGA AND FABREGA acted as Panamanian counsel to Goldman Sachs in connection with the local negotiations of the pledge of Global Crossing Panama, Inc. and SAC Panama, S.A. shares to secure, as collateral, the issuance of 12% Senior Secured Notes due September 15, 2015 by Global Crossing Limited in order to finance its international telecommunication operations, in the amount of US$750 million.

Global Crossing Limited is a global telecommunications provider and issued the Senior Secured Notes on a September 22, 2009 Indenture with Wilmington Trust FSB serving as the Collateral Agent.

To secure this issuance, Global Crossing International Network, Ltd. has pledged the shares of most of its international subsidiaries, including Panama-based SAC Panama, S.A and Global Crossing Panama, Inc.

ARIFA held local negotiations with the local Global Crossing companies and advised Goldman Sachs & Co. as well as White & Case as coordinating international counsel in relation to local and international considerations regarding the drafting and execution of the pledge agreement and security packages