Arias, Fábrega & Fábrega

Arias, Fábrega & Fábrega

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Estif Aparicio

Estif Aparicio

Mr. Aparicio is a skilled corporate lawyer used to advise clients on highly complex infrastructure finance projects, both in the private and public side, with a special focus on the energy, public transportation, roadways, airports, and health sectors. Mr. Aparicio has outstanding deal management and broad expertise setting up a variety of structures, including syndicated and bilateral, secured and unsecured, and domestic and cross-border financing. He has represented creditors in the biggest and perhaps most complex transactions in Panama in recent years, including the expansion of the Tocumen International Airport; the construction of the first and second line of the Panama City Metro; the construction of the Cinta Costera phases I, II and III; and the implementation of the Metro Bus, Panama City new public transportation system. He has a unique insight to the power generation industry and the Panamanian government “green energy” policy favoring wind, solar, gas, and hydroelectric generation, having represented the lenders that have provided financing to over 35% of the total generation capacity of the country.
Pilar Castillo

Pilar Castillo

Pilar Castillo joined ARIFA in 2010 and was elected Partner in 2017. She is Co-Head of the firm's Transportation: Maritime and Aviation practice, with a particular focus on aviation finance, aircraft leasing and transportation-related cross-border transactions. Pilar advises airlines, aircraft lessors, financial institutions and investors on complex aircraft acquisition, financing, refinancing and leasing transactions, as well as the registration, perfection and enforcement of aviation security interests under Panamanian law. She has played a leading role in many of the most significant aircraft financing transactions involving Panama, including numerous matters supporting COPA Airlines' fleet expansion, representing leading international lessors and financiers in high-value, multi-jurisdictional transactions. Her transportation practice also encompasses shipping and maritime finance, where she advises banks, shipowners and investors on vessel acquisitions and disposals, ship finance, offshore asset transactions and secured lending structures. Her deep understanding of Panama's maritime, commercial and corporate legal framework enables her to structure transactions efficiently and resolve complex legal and logistical issues throughout the negotiation and closing process. Pilar regularly collaborates with the firm's Banking & Finance, Capital Markets and M&A teams, providing specialized transportation law expertise in complex financing, infrastructure and corporate transactions involving aviation, maritime and port assets. She also advises on port operations, maritime ancillary services, commodity finance and secured transactions involving assets located in Panama's free trade zones.