Shearman & Sterling Advises Brazilian Government Bank on Bidding Process for New High-speed Passenger Rail Line

NEW YORK, Nov. 26, 2010 /PRNewswire/ -- Global law firm Shearman & Sterling has advised the Brazilian government bank, BNDES, in preparation for Brazilian officials' plans to open proposals at the Bovespa stock exchange in Sao Paulo from bidding international consortia for the planned high-speed passenger rail system from Sao Paulo to Rio de Janeiro. The firm worked closely with the Brazilian public law specialist firm Manesco, Ramires, Perez, Azevedo Marques on the bidding process.

The Brazilian government has cleared the legal landscape for BNDES to finance the massive infrastructure project, known as TAV (Trem de Alta Velocidade), and related technology transfer which promises to create a long-desired rail backbone to begin to connect the tens of millions of people in cities on Brazil's burgeoning southern coast. BNDES turned to Shearman & Sterling's Howard Steinberg in New York and Manesco's Tatiana Cymbalista in Sao Paulo to help design the concession structure and now to assist in the bid evaluation process.

"This may be the country's most important infrastructure project this century, and it is an honor to be part of it," Shearman & Sterling's Steinberg said.

Added Manesco's Cymbalista, "The new passenger rail system marks another monumental step for Brazil in terms of infrastructure and economics."

According to the schedule released by the Brazilian government, the bidding process will start on Monday with the opening of the bid bond. The next day, pre-qualification documents will be analysed, and Shearman & Sterling and Manesco will collaborate to ensure that everything is done in accordance with the bidding process and with Brazilian law. On December 16 the bidding auction itself will take place.

TAV is expected to be built over five years and at an estimated cost of R$34,6 billion. This will be the first high-speed rail system in Latin America and will cover 510 kilometers.  

Shearman & Sterling LLP is a global law firm with approximately 900 lawyers in 20 offices in 12 countries around the world. The firm is a leader in mergers and acquisitions, capital markets, project development and finance, complex business litigation and international arbitration, asset management and tax. 

SOURCE Shearman & Sterling

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