Morgan & Morgan > Panama, Panama > Firm Profile

Morgan & Morgan
MMG TOWER, 23RD FLOOR
AVE PASEO DEL MAR, COSTA DEL ESTE
PANAMA CITY
Panama

Panama > Capital markets Tier 1

Morgan & Morgan brings its ‘vast experience‘ in capital markets matters to bear when advising on high-profile public and private offerings, including both local transactions and international Rule 144A/Regulation S offerings. In addition, the team is singled out for its niche expertise in the incorporation of real estate investment funds, where Ricardo Arias, who recently took on the role of practice co-head, is highly experienced. Its impressive client roster spans domestic and international banks, financial institutions and major corporations, particularly in the real estate sector. Francisco Arias, a key contact for capital markets transactions and regulatory matters, spearheads the group, which also features senior associate Ana Carolina Castillo and international associate Miguel Arias.

Practice head(s):

Francisco Arias; Ricardo Arias

Testimonials

‘Its extensive knowledge of capital markets allows Morgan & Morgan to speed up the process of preparing the documentation to submit to regulatory entities, banks and the stock market.’

‘Ana Carolina Castillo and Ricardo Arias always go the extra mile, which allows them to deliver the necessary documentation. In addition, their knowledge of the sector and the financing processes makes our communications smoother and takes us directly to actions and solutions.’

‘They are the firm in Panama that is most familiar with the subject of real estate investment companies.’

‘The service provided by Francisco Arias, Ricardo Arias and Miguel Arias was of a very good technical and professional level. They were timely and diligent at all times.’

‘Vast experience across the board.’

‘They think not only legally but also commercially.’

Key clients

Banco General

Banistmo

Banco La Hipotecaria

Cirsa Gaming Corporation

CM Realty (Cochez y Cia)

Corporación Finanzas del País (Panacredit)

Credit Suisse

Deutsche Bank

Merrill Lynch

MMG Bank Corporation

Morgan Stanley & Co

Grupo Mercantil

Global Bank Corporation

Urban Development Group

Ritol Investments

Sustainable Urban Revitalization Fund

Prima Sociedad de Inversion Inmobiliaria

Escala Latam

MMG Fixed Income Fund

Work highlights

  • Advised Banco La Hipotecaria on its $112.5m public offering of mortgage loans notes.
  • Advised Marevalley Corporation on its $150m public offering of corporate bonds.
  • Advised Supermercados Xtra on a $250m bond issuance.

Panama > Corporate and M&A Tier 1

The corporate team at Morgan & Morgan has recently been active in a number of significant M&A transactions, particularly in the financial services industry, acting for an impressive roster of international financial institutions and corporations from a variety of sectors. As well as domestic matters, the practice is frequently instructed in multi-jurisdictional transactions within Latin America and cross-border M&A between the US and Panama. The firm also stands out for its expertise in the establishment of multinational headquarters in Panama. The M&A team is under the joint leadership of Francisco Arias, who also takes the lead on corporate work, and the 'agile and efficient' Roberto Vidal. Inocencio Galindo and Ramon Varela are highlighted for their expertise in the mining and energy sectors, respectively.

Practice head(s):

Francisco Arias; Roberto Vidal

Testimonials

‘Roberto Vidal is available, agile and efficient.’

Key clients

Banistmo

Constructora Urbana (Cusa)

Electron Investment

Unity Group

IBM

Grupo Eleta

Continental Grain Company

Marsh Semusa

Corporacion Interamericana para el Financiamiento de Infraestructura (Cifi)

Minera Panamá

Panama Ports Company (subsidiary of Hutchinson Ports Holding)

Inter-American Development Bank (IDB)

Cirsa Panama

AES Corporation

AON Benfied

Empresas Vicsons

Cirsa Gaming Corporation

Lombard Odier

Banco Davivienda

Grupo Mercantil

Farmalisto

EFG Capital

H Group Capital

China Telecom Americas

Galores Refrigerados

Travelers Insurance

Morgan Stanley

Caterpillar

General Electric

Elly Lilly

Bank of China

AlphaCredit

Supermercados Xtra

MFTech (member of Mercantil Bank)

Pricesmart

Grupo Codere

Grupo Verde Azul

Motores Japoneses (Suzuki)

Avianca Holdings

Work highlights

  • Advised Galores Group, the largest third-party logistics cold storage facility in Central America and the Caribbean, in connection with the sale of its business to Emergent Cold Latin America.
  • Acted as Panamanian counsel to Avianca Holdings and its subsidiaries in connection with the financial and corporate restructuring process implemented to emerge from Chapter 11 proceedings in the US.
  • Advised Supermercados Xtra and Grupo Harari on the reacquisition and purchase, respectively, of the majority stake in Xtra owned by Souq Investments.

Panama > Dispute resolution Tier 1

Morgan & Morgan's 'well-rounded' dispute resolution practice is highly active in civil and commercial litigation, and fields equal strength in domestic and international arbitration, including investment treaty cases. The department has a strong reputation for arbitrations relating to construction contracts and insolvency litigation, where practice co-head Jose Carrizo has particular expertise. Fellow co-leader Luis Vallarino is experienced in disputes involving government contracts and regulated sectors. Omar Rodriguez leads the criminal law team, with a focus on white-collar crime and fraud cases, while Mayte Sánchez González, who was promoted to partner in December 2021, heads the arbitration practice. Key contacts at associate level include Analissa Carles, Orlando Tejeira and Alejandro Chevalier, the latter of whom joined from Akerman LLP in Miami in June 2021 and focuses on international litigation and arbitration.

Practice head(s):

Jose Carrizo; Luis Vallarino

Testimonials

‘A well-rounded team, with lawyers who specialise in this field of law and are in daily communication with us about our case.’

‘Jose Carrizo and Analissa Carles stand out for their attention to detail and quick and direct communication.’

‘In my opinion, the litigation team at M&M is unique in its sense of commitment to the client. They maintain an overall vision of their client’s business and their recommendations are always aimed at obtaining results in short term and with low-risk strategies.’

‘The lawyers of the litigation team stand out for their technical skills, diverse experience and people skills that go beyond simply providing services.’

‘It’s a great team with a lot of strengths, specifically in the area of dispute resolution. It compares very favourably to other local and international firms’

‘They are really dedicated people who care about the client as well as solving the case. They differ from others since they provide a very personalised service.’

Panama > Labour Tier 1

Counting major domestic and international companies from the financial services, retail, hospitality and transport sectors among its clients, Morgan & Morgan is particularly experienced in advising on the employment aspects of M&A and corporate restructurings, the hiring and dismissal of foreign employees, and day-to-day labour issues relating to clients’ operations in Panama. The team also handles the negotiation of collective bargaining agreements. Department leaders Ricardo Alemán and Maria Teresa Mendoza handle matters ranging from corporate restructurings to the drafting of employment contracts and termination agreements. Senior associate Milagros Caballero focuses on advising multinationals on employment issues relating to establishing their headquarters in Panama.

Practice head(s):

Ricardo Alemán; Maria Teresa Mendoza

Key clients

3M

Acino

Banco Davivienda

Bavarian Motors

Calox Panameña

Canon de Panama

Chanel Panama

Christian Dior

Clorox

Damco

Dolce & Gabanna

Esteé Lauder

Grainger

Marriot Hotels

Nikon Latin America

Nippon Express

Panama Ports Company (subsidiary of Hutchinson Ports Holding)

Philips

Pricesmart Panama

Ralph Lauren

Water P Moore

Indra

Maersk

Minera Panamá (subsidiary of First Quantum Minerals)

DHL

Hitachi

Grupo Roble

Delivery Hero (Pedidos Ya)

Work highlights

  • Advising Galores Group in connection with its sale to Emergent Cold Latin America, including on potential labour matters related to the transaction.
  • Advising First Transit de Panama on the labour issues relating to its consulting services agreement to provide management services to Transporte Masivo de Panamá, the concessionaire for the operation of the Metrobus system.

Panama > Offshore Tier 1

Morgan & Morgan's fiduciary services unit advises high-net-worth families and individuals throughout Latin America on asset protection and estate planning. The firm, which is a first point of call for matters related to the structuring of private funds, also fields a separate compliance and due diligence arm, Panama Compliance Services. The 'extremely professional and knowledgeable' practice is led by Roberto Lewis, who focuses on wealth preservation and distribution. Other notable members include Raúl Castro, whose areas of expertise include international tax matters and corporate and estate planning; Luis Manzanares, the head of the special structures team; Luis Miguel Hincapié; Fernando Boyd, counsel of choice for several clients throughout South America, and recently promoted partner Fanny Evans, who is the vice president of operations of the firm’s offices in British Virgin Islands, Belize and the Bahamas. Associate Laura Barrios, a tax specialist, and senior associate Nestor Broce are also part of the core team.

Practice head(s):

Roberto Lewis

Testimonials

‘The team is extremely professional and knowledgeable about the issues. They respond very quickly and have a high level of client service.’

‘Very knowledgeable, responsible, respond quickly and provide solutions.’

‘What stands out is the personalised attention from the team.’

‘I am very satisfied with the services provided by Morgan & Morgan. They are always available and respond quickly to any questions or concerns. They stay up to date on the most relevant topics in the market and provide fast and reliable answers. They have always proven to be diligent and cost competitive. Their facilities are impressive and show a high level of technology and resources available to meet the demands of clients.’

‘My main contact at Morgan & Morgan is Laura Barrios. She delivers high-quality work with confidence and is available by text, phone or for meetings. She demonstrates a high degree of commitment and dedication to her work and this is reflected in the results of our consultations on different topics.’

‘The M&M team is always available and ready to work quickly. The advice is always robust and deep. I always work with M&M when I need real-time, high-quality legal service.’

‘The depth of the team’s knowledge and its case-by-case analysis make it ideal for working together.’

Key clients

Mistui Soko

Mitsubishi Logistics Corporation

Shutts & Bowen

Greenburg & Traurig

Carrillo & Asociados

Consortium Law

Dentons Cardenas & Cardenas

Baker McKenzie

Fair Wind Secretarial Services

Oficina Bisonó

Panama > Projects and energy Tier 1

Noted for its 'extensive knowledge and experience' in the projects and energy spaces, Morgan & Morgan acts for an impressive client base, comprised of multilateral agencies, financial institutions, public bodies, mining and energy companies, in the full range of mandates. Project finance is a particular area of strength for the team, which showcases significant expertise in the development of major transport infrastructure projects, including the recent expansion of the Panama Metro, as well as hydroelectric, solar power and mining plants. The practice also 'facilitates the development of legal strategies' in the context of public tenders and concession contracts. Leading the department, Ramón Varela stands out for his wealth of experience in project finance in the energy and infrastructure sectors. Other noteworthy practitioners include finance specialists Inocencio Galindo and Kharla AizpurúaAristides Anguizola, a key name for mining clients; and senior associate Ana Carolina Castillo, who specialises in energy transactions.

Practice head(s):

Ramón Varela

Testimonials

‘The projects and energy team has extensive knowledge and experience in the sector, which facilitates the development of legal strategies to reach our objectives as a company.’

‘Ramón Varela and Ana Carolina Castillo go the extra mile to assist with the various issues that we have asked for advice on and their extensive knowledge allows them to carry out comprehensive analyses of the situation from various points of view.’

Key clients

International Finance Corporation

IDB Invest

Seven Seas Water

PNE Wind

Ministry of Public Works of Panama

Hitachi

Hitachi Rail

Mitsubishi Corporation

Elecnor

Minera Panama

First Quantum Minerals

Metro de Panama

First Transit de Panama

Panama Ports (subsidiary of Hutchinson Ports Holding)

Electron Investment

Avanzalia Panama

Corporacion Interamericana para el Financiamiento de Infraestructura

Work highlights

  • Advising the International Finance Corporation, as the original lender, on a $300m refinancing and takeout loan for the construction, operation and maintenance of the second phase of the Penonomé 215 MW wind power project.
  • Advising Minera Panamá on several matters arising from its concession agreement for the $6.7bn Cobre Panama copper mining project, including regulatory, financial and environmental issues.
  • Advised Banistmo, as facilities agent and administrative agent, on the $2bn financing of Line 3 of the Panama Metro, one of the largest public infrastructure projects in Panama.

Panama > Tax Tier 1

Morgan & Morgan‘s experienced tax department advises a host of multinational corporations on national and international tax planning, compliance and transfer pricing. The team is also well positioned to assist foreign companies operating in Panama in relation to special tax regimes, and foreign workers in individual tax issues. In addition, the group handles litigation before the domestic tax authorities and the Administrative Tax Courts. The practice was bolstered in July 2022 by the arrival of new department head Jose Rafael Reyes from specialist tax, corporate and real estate firm Strategic Legal Consulting, bringing extensive experience in international taxation, tax planning, transfer pricing and tax disputes. Other noteworthy individuals include senior associate Amanda Barraza and associate Angelica Ortiz, the latter of whom is noted for her in-depth knowledge of Panama’s special tax regimes.

Panama > Transport: Shipping Tier 1

One of the first ports of call in Panama for shipping matters, Morgan & Morgan fields a broad practice that spans ship registration, finance and litigation, and which has successfully 'maintained its strong position in the market' over the years. The team, whose ‘extensive experience and expertise' in the shipping space is highlighted by clients, handles collision, cargo, pollution, personal injury and marine insurance disputes, and is particularly noted for its focus on claims against the Panama Canal Authority. Clients range from domestic and international financial institutions to ship owners, P&I clubs and port operators. Jazmina Rovi leads the ship finance and registration group, while Juan David Morgan Jr oversees the shipping and admiralty litigation department. Maritime disputes are also a core area of focus for Francisco Linares, Luis Raven and associate Diego Abadía.

Practice head(s):

Juan David Morgan Jr; Jazmina Rovi

Testimonials

‘Morgan & Morgan has maintained its strong position in the market for a very long time and has built a strong trusted relationship with its clients.’

‘Jazmina Rovi is distinguished by her ability to understand the client’s needs and provide the exact advice required. This capability I believe has been built on her hard work over a long period of time. She is prompt, exact, to the point and can be relied upon.’

‘Juan David Morgan and Diego Abadía are outstanding maritime lawyers and well respected in the Panamanian courts. They are responsive and thorough in explaining the position to clients and co-counsel abroad.’

‘Juan David Morgan in particular is a leading light of reason in counselling and litigating for clients.’

‘Morgan & Morgan are well known for their long-standing shipping practice. They have extensive experience and expertise in the field, and are always ready to assist and meet shipowners’ requirements, which can be urgent at times.’

‘The key partner we have been working with is Jazmina Rovi. She knows the industry and understands clients’ need well, and provides effective and practical solutions.’

Key clients

AES Panama

ABN AMRO Bank

Caterpillar Financial Services Corporation

HMM (formerly Hyundai Merchant Marine)

KN Trading

Mitsubishi Logistics Corporation

Mitsui-Soko

Panama Ports Company

SK Shipping

Pan Ocean

Polaris Shipping

Tri Marine Group

Tsakos Energy Navigation

Forever Oceans Corporation

Assa Compañia de Seguros

British Marine P&I Club

Mapfre

Melones Oil Terminal

The Britannia Steamship Insurance Association

The Steamship Mutual Underwriting Association

UK P&I Club

Tokyo Marine & Nichido Fire Insurance

North of England P&I Club

Maersk Line

The American P&I Club

The West of England Ship Owners Mutual Insurance Association

CMA-CGM

World Fuel Services Corporation

Korea Line Corporation

KSS Line

Panama > Banking and finance Tier 2

Morgan & Morgan‘s ‘broad interdisciplinary team‘ handles both large-cap financing deals and regulatory issues on behalf of a diverse client base that includes leading domestic and international banks, financial institutions, public entities and corporations. The team- which is rated for ‘its knowledge of Panamanian regulations‘- has been highly active in large-scale domestic lending transactions, most notably the financing of significant infrastructure projects, but is also well placed to offer ‘support in structures involving different jurisdictions‘. Also noteworthy is the firm’s newly established practice dedicated to start-ups in the fintech sector, and its remarkable strength in insolvency matters. Kharla Aizpurúa, who is recognised for her experience in project finance and syndicated lending, leads the team alongside the highly endorsed Inocencio Galindo. Francisco Arias is a name to note for structured finance and regulatory matters, while Ramón Varela specialises in project finance and senior associate Ana Carolina Castillo focuses on energy-related transactions.

Practice head(s):

Kharla Aizpurúa; Inocencio Galindo

Testimonials

‘Probably the largest firm in the country, it has a very broad interdisciplinary team that covers all areas and legal issues that a financial entity may require.’

‘Legally, it is a very strong team from a technical perspective, with exceptional response times and a high level of availability. The team’s strength is in the wide range of connections it maintains within various political, business and cultural fields in the country, which greatly leverages the services they provide. It also has operational offices in the main cities of the world, which allows it to provide support in cross-border transactions.’

‘They provide high-quality answers in a timely manner. Compared to other firms, they stand out for the agility in their responses, particularly in banking matters, and they know the importance of serving clients and their needs.’

‘The team stands out for its knowledge of Panamanian regulations and appropriate support in structures involving different jurisdictions.’

‘Always available to support the client.’

Key clients

Banistmo

Banco General

BBVA

Caterpillar Financial Services Corporation (CAT)

Citibank

Corporacion Andina de Fomento (CAF)

Credit Suisse

MMG Bank Corporation

Global Bank Corporation

HSBC Bank USA

Bank of China

International Finance Corporation (IFC)

Empresa Nacional de Autopistas (ENA)

BBP Bank

Davivienda

Banco Mercantil

ITAU Corpbank

Avianca Holdings

Work highlights

  • Acted as Panamanian counsel to Avianca in connection with the financial and corporate restructuring process implemented to emerge from Chapter 11 proceedings in the US.
  • Advised Banistmo on a multimillion-dollar financing agreement related to the construction of Line 3 of the Panama Metro system, one of the largest public infrastructure projects in the country.
  • Advised Seven Seas Water Corporation on a $205m financing by Deutsche Bank and Investec Bank to refinance a credit facility obtained by the client to finance its portfolio of desalination and water supply projects in Latin America and the Caribbean.

Panama > Real estate Tier 2

Working closely with the firm’s project finance practice, the real estate team at Morgan & Morgan has significant strength in structuring the financing for high-value commercial, retail and residential developments. In addition, the team advises on tourism-related projects and luxury residential developments. Clients include major real estate developers and leading domestic financial institutions, who also turn to the firm for assistance in real estate M&A. Practice head Francisco Arias is a key figure in the team for real estate finance matters, while Ricardo Arias specialises in the establishment and registration of real estate investment trusts.

Practice head(s):

Francisco Arias

Key clients

Constructora Urbana (Cusa)

Grupo Eleta

Grupo Verde Azul

Banco La Hipotecaria

Banvivienda

Desarrollo Bahia

Banistmo

Los Castillos Real Estate

Prima Sociedad Inversión Inmobiliaria

Work highlights

  • Advised Banco La Hipotecaria on the public offering of mortgage loan notes in three tranches for an amount of up to $112.5m.
  • Advised Global Bank, as arranger, paying agent and local broker dealer, on the public offering of secured corporate bonds by Ritol Investments, a company operating in the real estate business in Panama, for an amount of up to $20m.
  • Advised Global Bank, as arranger, paying agent and local broker dealer, on the public offering of secured corporate bonds by Urban Development Group, a company operating in the real estate business in Panama, for an amount of up to $20m.

Panama > Intellectual property Tier 3

Morgan & Morgan stands out for its track record of advising on the IP aspects of M&A transactions, and distribution and licensing agreements. The team is adept at handling trade mark registrations in Panama and internationally, offering advice to a diverse client portfolio comprised of leading names from the luxury fashion, consumer products, banking, automotive, and food and beverage sectors. Francisco Arias manages the practice, where senior associate Allen Candanedo is a name to note for IP contentious matters, and associate Maria Eugenia Brenes assists with IP portfolio management and health product regulations.

Practice head(s):

Francisco Arias

Key clients

Louis Vuitton Malletier

The Clorox Company

LVMH Group (Celine, Givenchy, Loewe, Marc Jacobs, Kenzo, Emilio Pucci)

Agencias Escoffery

Banistmo

Volkswagen

Grupo Omnilife

Televisora Nacional

Casa Bruja

KraftHeinz

Galores Group

Work highlights

  • Advising Galores Group on the intellectual property issues relating to its sale to Emergent Cold Latin America.
  • Advising EREA Management Consulting on its international IP and brand protection strategy, including supervising the international renewal process of the company mark.
  • Advising Agencias Escoffery on its national and international IP and brand protection strategy, including supervising the national registration of new trade marks.

With almost a century of superior legal service, Morgan & Morgan prevails as the largest full-service law firm in Panama, regularly assisting local and multinational corporations from distinct industries, notable financial institutions, government agencies, and individual clients.

In particular, the firm has been involved in all stages of the development of mega projects relating to energy, water supply, construction, oil and gas, mining, public infrastructure, retail, ports, transportation, among others.

Recent cases: Permanent legal advice to Minera Panama (for more than 25 years) on matters related with the US$6.7bn open-pit copper mining project Cobre Panama, the biggest private sector investment in Panama history.

Continuous legal advice to Panama Ports Company (member of Hutchinson Ports Holdings) on matters related to the development and operation of the ports of Balboa and Cristobal.

Continuous legal advice to The AES Corporation on matters related to the development of the hydroelectric, LNG and thermoelectric power plants owned and operated by the company.

Regular legal advice to Metro de Panama in matters related with the EPC contract for the construction of Line 1 and 2 of the metro system in Panama City.

Regular advice to Hitachi, Ltd.; Hitachi Rail STS; and Mitsubishi Corporation in connection to the Nominated Subcontractor Agreement related with Line 3 of Metro de Panama.

Regular advice to International Finance Corporation (IFC) on legal matters related to Penonome II (wind energy project), and the fourth transmission line – a US$500m mega project being developed in the Republic of Panama.
Advising International Finance Corporation (IFC), who will be advising Empresa de Transmision Electrica, S.A. (ETESA) on the development and bidding of the fourth transmission line in the Republic of Panama, a project likely to be the first adjudicated under the new law for public-private partnerships (PPPs).

Continuous advice to Banistmo Investment Corporation as holder of local collateral of several energy projects and the most recent being the Gas Natural Atlantico and Costa Norte LNG terminal, which is an approximately US$600m financing.

Advising Banistmo, S.A. on legal matters related to the US$2bn financing of Line 3 of Metro de Panama, one of the largest infrastructure projects in Panama.

Advising Avianca Holdings, S.A. and its subsidiaries, in connection with its financial and corporate restructuring process, implemented to emerge from Chapter 11 proceedings in the United States of America.

Advising Generadora de Gatun, S.A., and AES Panama in connection with the US$785m financing of “Project Gatun,” a 67 0MW natural gas-fired power plant located in the province of Colon, Republic of Panama

Advised Galores Group, the largest 3PL cold storage facility in Central America and the Caribbean, in connection with the sale of its business to Emergent Cold Latin America.

Advised in the reacquisition and purchase of the majority state in Supermercados Xtra, S.A., a large retail store operator with more than 30 years serving in Panama and listed in the Panama Stock Exchange.

Advised Seven Seas Water Corporation in a US$205m financing related with its desalination and water supply projects.

DepartmentNameEmailTelephone
Antitrust and consumer protection Carlos E. Gonzalez R.carlos.gonzalez@morimor.com
Banking and finance Inocencio Galindoinocencio.galindo@morimor.com
Criminal law Omar Rodriguezomar.rodriguez@morimor.com
Energy and natural resources Ramon Varelaramon.varela@morimor.com
Government procurement and contracts Carlos E. Gonzalez R.carlos.gonzalez@morimor.com
Immigration Albalira Montufaralbalira.montufar@morimor.com
Insurance and reinsurance Carlos E. Gonzalez R.carlos.gonzalez@morimor.com
Intellectual property Francisco Ariasfrancisco.arias@morimor.com
Estate Planning and Corporate Services Roberto Lewisroberto.lewis@morimor.com
Labor Ricardo Alemanricardo.aleman@morimor.com
Litigation and dispute resolution Jose Carrizojose.carrizo@morimor.com
Mergers and acquisitions Francisco Ariasfrancisco.arias@morimor.com
Mining Inocencio Galindoinocencio.galindo@morimor.com
Projects Ramon Varelaramon.varela@morimor.com
Real estate Francisco Ariasfrancisco.arias@morimor.com
Securities/capital markets Francisco Ariasfrancisco.arias@morimor.com
Shipping and admiralty litigation Juan David Morgan Jr.juandavid.morganjr@morimor.com
Ship finance/registration Jazmina Rovijazmina.rovi@morimor.com
Taxation Jose Rafael Reyesjose.reyes@morimor.com
Litigation and Dispute Resolution Luis Vallarinoluis.vallarino@morimor.com
Technology and Data Protection Inocencio Galindoinocencio.galindo@morimor.com
PhotoNamePositionProfile
Diego Abadia photoMr Diego AbadiaAssociate at Morgan & Morgan and currently serves in the Shipping and Admiralty…
Kharla Aizpurua Olmos photoMs Kharla Aizpurua OlmosPartner
Ricardo Aleman photoMr Ricardo AlemanRicardo Aleman is a Partner at Morgan & Morgan and focuses his…
Fernando Alfaro photoMr Fernando AlfaroFernando Alfaro is a Partner at Morgan & Morgan and currently serves…
Aristides Anguizola photoMr Aristides AnguizolaPartner
Francisco Arias photoMr Francisco AriasFrancisco Arias a Partner in the corporate law department and heads the…
Ricardo Arias photoMr Ricardo Arias  Ricardo Arias is a Partner in the corporate law department and…
Rodrigo Arias photoMr Rodrigo AriasRodrigo Ernesto Arias Valderrama holds a degree in Law and Political Science,…
Miguel Arias M. photoMr Miguel Arias M.International Associate.
Amanda Barraza photoMs Amanda BarrazaSenior Associate
Yaneth Barrera photoMs Yaneth BarreraAssociate
Laura Barrios photoMs Laura BarriosSenior Associate Laura Barrios works in the Estate Planning and Corporate Services…
Raul Bermudez photoMr Raul BermudezAssociate
Fernando Boyd photoMr Fernando BoydFernando Boyd is a Partner at Morgan & Morgan and works in…
Maria Eugenia Brenes photoMs Maria Eugenia BrenesSenior Associate
Nestor Broce photoMr Nestor BroceSenior Associate
Milagros Caballero photoMs Milagros CaballeroAssociate
Allen Candanedo photoMr Allen CandanedoAssociate
Analissa  Carles photoMs Analissa CarlesAssociate
Jose Carrizo photoMr Jose CarrizoJose Carrizo is a Partner and heads the Litigation and Dispute Resolution…
Ana Carolina Castillo photoMs Ana Carolina CastilloSenior Associate
Raul Castro photoMr Raul CastroRaul Castro de la Guardia is a Partner and co-heads the Estate…
Alejandro Chevalier photoMr Alejandro ChevalierAssociate.
Emma Cornejo photoMs Emma CornejoAssociate
Enrique De Alba photoMr Enrique De AlbaEnrique De Alba is Of Counsel in the Ship Finance & Registration…
Yosela  Escudero photoMs Yosela EscuderoAssociate
Fanny Evans photoMs Fanny EvansPartner
Inocencio Galindo photoMr Inocencio GalindoInocencio Galindo is a Partner in the Corporate Law Department of Morgan…
Carlos Ernesto González Ramírez photoMr Carlos Ernesto González RamírezCarlos Ernesto González Ramírez is a Partner at Morgan & Morgan and…
Patricia Henderson photoMs Patricia HendersonAssociate
Luis Miguel Hincapie photoMr Luis Miguel HincapieLuis Miguel Hincapie is a partner at Morgan & Morgan. He advises…
Roberto Lewis photoMr Roberto LewisRoberto Lewis Morgan is currently a Partner in Morgan & Morgan and…
Francisco Linares photoMr Francisco LinaresFrancisco Linares is a Partner at Morgan & Morgan and currently serves…
Luis Manzanares photoMr Luis ManzanaresLuis Manzanares is a Partner at Morgan & Morgan and heads the…
Alexis Medina photoMr Alexis MedinaSenior Associate
Andres V. Mejia photoMrs Andres V. MejiaAssociate
Maria Teresa Mendoza photoMs Maria Teresa MendozaMaria Teresa Mendoza is a Partner at Morgan & Morgan and co-heads…
Gisselle Moncada photoMs Gisselle MoncadaSenior Associate
Albalira Montufar photoMs Albalira MontufarAlbalira Montufar is a Partner at Morgan & Morgan and Heads the…
Juan David Morgan G. photoMr Juan David Morgan G.Juan David Morgan G. joined Morgan & Morgan is Senior Partner.  He…
Juan David Morgan Jr. photoMr Juan David Morgan Jr.Juan David Morgan Jr. is a Partner at Morgan & Morgan and…
Rishi Mungal photoMr Rishi MungalAssociate
Naim Musa photoMr Naim MusaAssociate
Angelica Ortiz photoMs Angelica OrtizAngelica Ortiz is an associate at Morgan & Morgan and works in…
Rodolfo Palma photoMr Rodolfo PalmaAssociate
David Ramos photoMr David RamosAssociate
Luis Raven photoMr Luis RavenPartner
Jorge Luis Reyes photoMr Jorge Luis ReyesJorge Luis Reyes is currently a Partner at Morgan & Morgan and…
Jose Rafael Reyes photoMr Jose Rafael ReyesPartner
Omar Rodriguez photoMr Omar RodriguezPartner
Romulo Roux photoMr Romulo RouxRomulo Roux is currently a Partner and heads the Corporate Law practice…
Jazmina Rovi photoMs Jazmina RoviJazmina Rovi is currently a Partner of Morgan & Morgan and head…
Mayte Sanchez Gonzalez photoMs Mayte Sanchez GonzalezPartner
Carolina  Tejada Vaprio photoMs Carolina Tejada VaprioAssociate
Orlando Tejeira photoMr Orlando TejeiraAssociate
Mario Tejeira photoMr Mario TejeiraMario Tejeira is currently a Partner at Morgan & Morgan.   Mr. Tejeira…
Simon Tejeira Q. photoMr Simon Tejeira Q.Simon Tejeira Q. is a Partner at Morgan & Morgan since 1971.…
Alvaro Tomas photoMr Alvaro TomasPartner
Joy Torres photoMr Joy TorresAssociate
Luis Vallarino photoMr Luis VallarinoLuis Vallarino is a Partner and co-head in the Litigation and Dispute…
Ramon Varela photoMr Ramon VarelaRamon Varela is a Partner and heads the Energy and Projects practices of…
Daniel Vargas photoMr Daniel VargasSenior Associate
Alejandro  Vasquez V. photoMr Alejandro Vasquez V.Senior Associate
Roberto Vidal photoMr Roberto VidalPartner
Total staff : 500
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Morgan & Morgan Legal advised Cochez y Cía, S.A. in the registration of revolving commercial papers for an amount of up to US$10 million.

Morgan & Morgan Legal represented Cochez y Cía., S.A. (the “Issuer”), in the registration of revolving commercial papers for an aggregate of US$10,000,000, under the abbreviated registration process for recurring registered issuers with the Superintendency of Capital Markets of Panama, in order for the Issuer to publicly offer the bonds in multiple series.


Morgan & Morgan Legal advised Cochez y Cía, S.A. in the registration of revolving corporate bonds for an amount of up to US$90 million.

Morgan & Morgan Legal represented Cochez y Cía., S.A. (the “Issuer”), in the registration of revolving corporate bonds for an aggregate of US$90,000,000, under the abbreviated registration process for recurring registered issuers with the Superintendency of Capital Markets of Panama, in order for the Issuer to publicly offer the bonds in multiple series, including the issue of Series of Green or Sustainable Corporate Bonds.


Morgan & Morgan Legal advised MMG Bank Corporation in connection with a financing to be granted in favor of Daconan Star Solar, S.A.

Morgan & Morgan Legal represented MMG Bank Corporation (“MMG Bank”), as lender, in a financing to be granted in favor of Daconan Star Solar, S.A. (“Daconan”), to be used for expansion, by 2.64 additional megawatts of the capacity of a photovoltaic project called “Daconan Solar”, with an installed capacity of 3.24 megawatts, located in the Province of Veraguas.


Morgan & Morgan Legal advised Corporación Andina de Fomento in the listing and placement of a Series of Set-Up Fixed Rate Notes for an amount of up to US$200 million.

Morgan & Morgan Legal represented Corporación Andina de Fomento (CAF- Development Bank of Latin America) (the “Issuer”), in the listing and placement through the Latin American Stock Exchange (“Latinex”) of a Series of Step-Up Fixed Rate Notes for an aggregate of US$200,000,000 (the “Notes”), under the US$30,000,000,000 Medium Term Note Programme. The Notes are subject to English Law and exempt from registration with the Superintendency of Capital Markets of Panama by virtue of article 129(1)(b) of Decree Law 1 of 1999, as amended, which exempts registration of public offering of securities issued by international organizations of which the Republic of Panama is a member, which is the Issuer’s case.

Morgan & Morgan Legal advised Supermercados Xtra, S.A. in connection with the registration of common shares for an amount of up to US$45.5 million.

Panama, July 4, 2022. Morgan & Morgan Legal advised Supermercados Xtra, S.A., one of the leading supermarket chains in Panama (the “Issuer”), and its shareholders in the registration of its 12,500,000 common shares (the “Common Shares”) with the Superintendency of Capital Markets of Panama for their negotiation in a secondary market transaction through the Latinamerican Stock Exchange (“Latinex”).  The Common Shares were successfully placed and sold in the secondary market of Latinex to almost 250 new investors for a sum in excess of US$45,500,000.00. This transaction is the first placement of common shares in Panama by an issuer of the retail sector in the last 20 years.

Morgan & Morgan Legal strengthens its Tax Law practice

Panama, July 8, 2022. Morgan & Morgan Legal is pleased to announce the recent incorporation of Mr. Jose Rafael Reyes as partner and head of the Taxation practice group of the firm.

Morgan & Morgan Legal advised Mercantil Holding Financiero Internacional, S.A. (MHFI) in the execution of a promissory share purchase agreement for the acquisition of the majority stake in Capital Bank, Inc.

Morgan & Morgan Legal advised Mercantil Holding Financiero Internacional, S.A. (MHFI), a subsidiary of Grupo Mercantil, in relation to the execution of the Promissory Share Purchase Agreement (the “SPA”) dated June 29, 2022, by and among the shareholders of Capital Bank, Inc. (“Capital Bank”) as sellers (the “Sellers”), and MHFI, as a buyer, whereby the parties agreed to execute the sale and transfer of 100% of the issued and outstanding shares of Capital Bank and its subsidiaries, and 100% of the issued and outstanding shares of Mercantil Banco, S.A. (a subsidiary of MHFI), to a new entity that will be owned by MHFI (in a 80%) and the Sellers (in a 20%). Additionally, the parties agreed that MHFI would acquire 100% of the issued and outstanding shares of Capital Assets Consulting, Inc., a brokerage firm associated with Capital Bank.

Morgan & Morgan submitted its Annual Sustainability Report 2021.

Morgan & Morgan submitted before the United Nations Organization (UN) Forum its Sustainability Report 2021, a document that provides relevant information on its processes, sustainability strategy, and achievements for the 2021 year and its significant economic, environmental, and social impacts.

Morgan & Morgan Legal advised Generadora de Gatun, S.A., and AES Panama in connection with the financing of a new natural gas-fired power plant

Panama, March 23, 2022. Morgan & Morgan Legal acted as Panamanian counsel to Generadora de Gatun, S.A., as borrower, and AES Panama, in the senior and mezzanine financing for the development, design, engineer, procurement, construction, commissioning, testing, start-up, operation, and maintenance of an approximately 670-megawatt combined-cycle natural gas-fired power plant, together with all interconnections and certain associated infrastructure, to be located on Telfers Island, province of Colon, Republic of Panama.

Morgan & Morgan Legal advised Farmalisto in the acquisition of GoFarma.

Panama, March 30, 2022. Morgan & Morgan Legal acted as Panamanian counsel to Farmalisto in the purchase of 100% of the Mexican pharmacy GoFarma. With this acquisition, the company advances its expansion process in the Mexican market and Latin America. Currently, Farmalisto has a presence in Colombia, Chile, Peru, and Mexico. In this country, it arrived in 2014, where it has established itself as one of the most important players in the pharmaceutical market.

Morgan & Morgan Legal advised Banco General, S.A., and Banistmo, S.A. in connection with the public offering and issuance by Fountain Hydro Power Corp. of corporate bonds for an amount of up to US$110 million

Panama, March 31, 2022. Morgan & Morgan Legal advised Banco General, S.A., and Banistmo, S.A., as arrangers and underwriters in connection with the public offering and issuance by Fountain Hydro Power Corp. of corporate bonds for an amount of up to US$110 million registered with the Superintendency of Capital Markets of Panama and successfully placed through the Latin American Stock Exchange.

Morgan & Morgan Legal advised Orla Mining Ltd. and Minera Cerro Quema, S.A. in connection with a secured credit facility for an amount of up to US$150 million.

Morgan & Morgan Legal advised Orla Mining Ltd., as borrower and Minera Cerro Quema, S.A., as guarantor with respect to a secured credit facility of US$150 million (the “Credit Facility”). The Credit Facility includes a US$100 million term facility and a US$50 million revolving facility through a syndicate of lenders composed of The Bank of Nova Scotia, Bank of Montreal, and Canadian Imperial Bank of Commerce. The proceeds from the Credit Facility were used to repay the existing project finance facility, with the balance of the revolving facility available for general corporate purposes and working capital.

Morgan & Morgan Legal advised Avianca Holdings, S.A. and its subsidiaries, in connection with its financial and corporate restructuring process, implemented to emerge from Chapter 11 proceedings in the United States of America.

Morgan & Morgan Legal acted as Panamanian counsel to Avianca Holdings, S.A. (“Avianca”) and its subsidiaries, in connection with its financial and corporate restructuring process, implemented to emerge from Chapter 11 proceedings in the United States of America, after having filed for bankruptcy protection in U.S. Courts back in May 2020. Avianca’s emergence from Chapter 11 involved the offering of Senior Note Indentures which resulted in over US$1,700,000,000.00 in new investments used to reduce debt and obtain liquidity, as well as a profound overhaul and reorganization of its corporate structure.

Morgan & Morgan Legal advised Supermercados Xtra, S.A. in connection with the offering and issuance of corporate bonds for an amount of up to US$100 million.

Morgan & Morgan Legal advised Supermercados Xtra, S.A., one of the leading supermarket chains in Panama (the “Issuer”), in the amendment to certain terms and conditions of the Issuer’s US$250,000,000 public bond issuance registered with the Superintendency of Capital Markets of Panama in order for the Issuer to offer and issue three (3) series of bonds for an aggregate of US$100,000,000, which were successfully placed through the Latin American Stock Exchange. The funds received by the Issuer as a result of the issuance of the three (3) series of bonds will be used by the Issuer for acquisitions and other corporate purposes.

Morgan & Morgan Legal advised in the reacquisition and purchase of the majority stake of Supermercados Xtra, S.A.

Morgan & Morgan Legal acted as legal counsel of Supermercados Xtra, S.A. (“XTRA”) and Grupo Harari, in the reacquisition by XTRA and the purchase by Grupo Harari of the shares owned by Souq Investments LP, equivalent to 53% of the issued and outstanding shares of XTRA, resulting in Grupo Harari becoming the sole shareholder of XTRA.

Morgan & Morgan Legal advised Seven Seas Water and a group of its subsidiaries, in a US$205 million financing, which would be used to refinance a US$163 million credit facility obtained by the company.

Morgan & Morgan Legal represented Seven Seas Water (“Seven Seas”) and a group of its subsidiaries, in a US$205,000,000.00 financing with Deutsche Bank AG and Investec Bank, PLC, as lenders, which would be used to refinance a credit facility obtained by Seven Seas in June 2020, for US$163,000,000.00. Seven Seas is a portfolio of desalination and water supply projects in Latin America and the Caribbean, managed by Morgan Stanley Infrastructure Partners. Seven Seas is, among other things, owner of Aguas de Panamá, S.A., a company that holds a 30-year concession for the design, construction, operation, and maintenance of a potable water plant located at Laguna Alta in Arraiján, Panama.

Morgan & Morgan Legal advised Mercandú, a startup based in El Salvador, in designing the corporate structure and Seed investment round of US$1,500,000.00 with which it launched its e-commerce website and mobile app that operates a regional digital marketplace offering door to door delivery of over 150,000 products.

Morgan & Morgan Legal acted as Panamanian counsel to Mercandú, a startup based in El Salvador, in designing the corporate structure and Seed investment round of US$1,500,000.00 with which it launched its e-commerce website and mobile app that operates a regional digital marketplace offering door to door delivery of over 150,000 products such as: Technology, Home, Vitamins, Makeup, Pets, among others. Mercandú currently operates in 14 states of El Salvador and intends to initiate operations in other countries of the region starting in 2022, and has more than 20,000 users, more than 60,000 monthly visits, and a 50% recurrence in orders, all of this accompanied by a 20% month-to-month growth in sales and orders in 2021. 

Morgan & Morgan Legal advised Global Climate Partnership Fund S.A., SICAV-SIF in connection with an unsecured facility agreement

Morgan Legal acted as special Panamanian counsel to Global Climate Partnership Fund S.A., SICAV-SIF (GCPF) in connection with an unsecured facility agreement, dated as of September 24, 2021, by and among Corporación Interamericana para el Financiamiento de Infraestructura, S.A. (CIFI), as borrower, CIFI LATAM, S.A. and CIFI PANAMÁ, S.A., as co-obligors (the “Co-obligors” and together with CIFI, the “Obligors”), and GCPF, as lender.

Morgan & Morgan Legal advised Cirsa Enterprises S.L.U in connection with the offering of secured notes for an amount of up to €615,000,000

Morgan & Morgan Legal acted as counsel to Cirsa Enterprises S.L.U. in connection with the offering of €615,000,000 aggregate principal amount of 4.500% Secured Notes due 2027, issued by Cirsa Finance International S.à.r.l., and to be guaranteed by the Cirsa Enterprises S.L.U. and, among others, Gaming & Services de Panama, S.A.

Morgan & Morgan Legal advised Banistmo S.A., as facilities agent and administrative agent, in a multimillionaire financing agreement related to Line 3 of Panama´s City Metro System, one of the largest public infrastructure projects in Panama.

Morgan & Morgan Legal acted as Panamanian counsel to Banistmo S.A. in its role as agent of the three facility agreements.

Morgan & Morgan Legal advised Galores Group in the sale of its cold storage business to Emergent LatAm.

Morgan & Morgan Legal advised the shareholders of the companies Galores Refrigerados S.A., Galores Logística S.A., and Avner Perry Investments, S.A. (the “Galores Group”), in connection with the sale of Galores Group to Emergent Cold Latin America (“Emergent LatAm”), Latin America’s newest temperature-controlled warehousing and logistics provider.

Morgan & Morgan Legal advised Avianca Holdings, S.A. and its subsidiaries, in connection with a US$ 1.5 billion DIP-to-exit facility which would secure the company’s exit financing from its Chapter 11 reorganization proceeding under the U.S. Bankruptcy Code.

Morgan & Morgan Legal acted as Panamanian counsel to Avianca Holdings, S.A., as Debtor; and certain of its subsidiaries, as Guarantors, in connection with a DIP-to-exit facility used to repay Tranche A of US$ approximately 1,430,000,000.00, under a certain debtor-in-possession agreement executed on October, 2020, and its replacement with a new Tranche A-1 for US$ 1,050,000,000.00 and Tranche A-2 for  US$ 550,000,000.00, which would secure the company’s exit financing from its Chapter 11 reorganization proceeding in the United States of America.

Mayte Sanchez Gonzalez included in the List of Arbitrators of the Center for Arbitration and Conciliation of Panama (CeCAP)

The Center for Arbitration and Conciliation of Panama (CeCAP) approved Ms. Mayte Sanchez Gonzalez, senior associate of Morgan & Morgan Legal, on the list of authorized Arbitrators to act in arbitration, conciliation, and mediation processes carried out by this Institution for the period August 2021-August 2023.

Morgan & Morgan appoints Mr. Alejandro E. Chevalier to its Litigation and Dispute Resolution practice.

Morgan & Morgan is pleased to announce the recent hiring of Mr. Alejandro E. Chevalier, as associate in the Litigation and Dispute Resolution team of the firm.

Morgan & Morgan´s NGO (Fundamorgan) celebrates its twentieth-anniversary.

The Foundation was established to honor the memory of Eduardo Morgan Alvarez (1902-1988), founder of Morgan & Morgan, a self-taught lawyer by vocation who dedicated his life to the successful exercise of the law, to procure an equal access to justice and to serve his country.

Morgan & Morgan advised Banco Davivienda Salvadoreño, S.A. in a US$39.5 million financing

Morgan & Morgan advised Banco Davivienda Salvadoreño, S.A. in a US$39.5 million financing to companies that are part of the Premium Restaurant Brands group.