Arias, Fábrega & Fábrega advised food manufacturers Productos Alimenticios Pascual, S.A. (Pascual) and Sociedad de Alimentos de Primera, S.A. (Bonlac) in their debt restructurings and their first issuances of securities in the capital markets of Panama. Pascual and Saprisa are sister companies, both ultimately owned by Colombian conglomerate Casa Luker.

Casa Luker incurred an aggregate debt of US$120 million in 2011 to acquire both Sociedad de Alimentos de Primera, S.A., a leading producer of fresh dairy products and fruit-based beverages under the umbrella brand "Bonlac", and the assets of coffee manufacturer Café Duran.

ARIFA advised Casa Luker in both acquisitions, the initial bank financings for each respective transaction (December 2010 and July 2011) and the restructuring of all outstanding Bonlac and Pascual debt. ARIFA also counselled both entities in preparing each for issuing and registering asset-backed securities with the National Securities Commission (Comisión Nacional de Valores) and the subsequent listing of those securities on the Panama Stock Exchange (Bolsa de Valores de Panamá). The aggregate principal amount of the 10-year bonds issued by the two entities is US$120 million. The issuances are guaranteed by mortgages on real and personal property, all of which are held by a guaranty trust for the benefit of the bondholders.