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George K. Crozer is a partner of counsel in the Firm's Washington, DC office. He was previously a member of White & Case LLP's Management Board, executive partner of the Hong Kong office and executive partner of Asia. Prior to his move to the Washington office, Mr. Crozer was based in Hong Kong for 15 years.
Mr. Crozer has more than 35 years experience in corporate finance, particularly oil and gas power and telecommunications projects public and private equity and debt offerings mergers and acquisitions direct investment funds and debt workouts and restructurings.
Mr. Crozer has extensive experience with oil refinery petrochemical, LNG and LPG projects in Indonesia. Mr. Crozer has represented Pertamina and the Indonesian Government on all of Pertamina's major refinery, petrochemical and pipeline projects, including upgrades and expansions of the Cilacap, Balikpapun and Dumai refineries, the greenfield Exor 1 refinery and the Blue Sky refinery upgrade project which was named "2003 Asia Pacific Oil & Gas Deal of the Year" by Project Finance International. Over the past 25 years, he has been involved with the expansion and development of the Arun and Bontang LNG plants along with the related LPG projects. He most recently was on the team representing the lenders in the US$20 billion Sakhalin II LNG project in the Russia Far East and the sponsors in the US$3 billion greenfield Tangguh LNG project in Indonesia.
He was also involved in the original project financing and later expansion of the West Linapacan oil field off Palawan Island in the Philippines and advised PTT, the state oil company of Thailand, on the Thai Olefins project. In China, Mr. Crozer represented the China National Offshore Oil Corporation in a proposed major refinery and petrochemical plant joint venture with Shell in Guangdong province. In 1994 and 1995, he advised the lenders to the Singapore Aromatics Company project undertaken by affiliates of Exxon and Amoco. He further represented Pertamina on the TPPI project in East Java, which closed in June 2004.
Mr. Crozer represented the Indonesian Government on the Paiton I project, the first significant IPP in Indonesia the lenders on the Regco Rayong project,(the first power plant privatization in Thailand) and (the lenders on the Pagbilao project, the first major limited recourse financing in the Philippines).
Mr. Crozer advised the lenders in a major LEC project in the Philippines, the project company in a major KSO privatization in Indonesia and the lenders in a major mobile GSM telecom project in the Philippines.
Mr. Crozer has had extensive in-depth involvement in a wide range of financings for both private and sovereign clients. Until 2005, he was based in Asia where one of his areas of concentration was the representation of Indonesian governmental entities, such as Bank Indonesia, the Ministry of Finance, Pertamina, Garuda and Krakatau Steel, as well as an array of private corporations such as Astra, including the Soeryadjaya family, members of the Sinar Mas Group, Barito and the Bakrie Group.
Mr. Crozer has been involved in public securities offerings throughout his entire career at White & Case, including assistance to the Thai Ministry of Finance on its Yankee bond and medium-term note offerings in the US securities markets and representation of the Industrial Finance Corporation of Thailand in its US$3 billion global MTN program. He was also involved in several international bond offerings for the Republic of Indonesia.
Representative Mergers & Acquisition transactions in which Mr. Crozer has been involved include the Bakrie Group purchase of a substantial minority interest in PT Freeport Indonesia the purchase by GE Capital of a substantial interest in the finance subsidiary of PT Astra International and the financing of the acquisition by Regco from EGAT of the Rayong power plant in Thailand. Mr. Crozer also represented a prominent Indonesian businessman as a member of a consortium negotiating to acquire control of Astra International, the premier Indonesian private sector company. He represented such person as a member of a group that acquired Advanced Microtronics, a subsidiary of Astra.
Mr. Crozer has an extensive involvement with a number of investment funds, including representation of fund sponsors in establishing funds and in subsequent fund investments. The latter work has included structuring investments in a panoply of investee securities, ranging from mezzanine debt and warrants to preferred and common stock and equity warrants, as well as related joint ventures and other agreements. Countries where the investments have been made include Indonesia, China, India and Korea. Mr. Crozer has also represented a number of investee companies in transactions with investment funds.
Mr. Crozer has 35 years of involvement in debt rescheduling and workouts, including private sector debtors as well as sovereigns beginning with that of Memorex Corporation in 1970. More recent workouts in which he is and has been involved include: Aria West and Excelcomindo in Indonesia the Republic of Indonesia (closed in 2000) Bayantel in the Philippines GDE in China and Thai Petrochemicals (TPI) in Thailand. Prior sovereign debt rescheduling on which he has worked include those for Turkey, Zaire, Costa Rica and Peru.
Mr. Crozer is a frequent speaker on project finance, especially infrastructure and BOT projects. In 1993 and 1994, he was a featured participant in the World Bank sponsored High Level Infrastructure Roundtable conferences in Bangkok and Beijing, and in September 1997, a featured speaker at the World Economic Congress Asia Power Summit.
Pertamina's Blue Sky Project Heralds Return of Innovative Project Financing in Indonesia, The Journal of Structured and Project Finance, Volume 10, Number 1, Spring 2004