Scotiabank's factoring transaction with Degrémont in connection with the Bay of Panama's sanitation project
Arias, Fábrega & Fábrega represented The Bank of Nova Scotia (Scotiabank) in a factoring transaction pursuant to which the client agreed to purchase up to US$50 million in accounts receivable from French construction company Degrémont, S.A.
Panama's Ministry of Health will be the payor under the accounts receivable. The proceeds of the facility will be used to upgrade and implement the wastewater and sewage treatment capabilities, as part of Panama's concerted efforts to reduce wastewater pollution.
ARIFA also acted as counsel to Degrémont, due to the prior relationship that ARIFA had both with Degrémont and The Bank of Nova Scotia. The parties agreed to waive the conflict and ARIFA created a Chinese Wall between the two teams.