Dr. Raymond Azar | White & Case LLP International Law Firm, Global Law Practice
Ziad Azar
Ziad Azar

Dr. Raymond Azar

Partner, New York

T +1 212 819 8581

E [email protected]


Dr. Azar joined White & Case's Energy, Infrastructure, Project and Asset Finance Group in 2007. Dr. Azar's practice focuses on international corporate and commercial transactions, including asset-based structured financings and related capital markets transactions in the oil and gas, petrochemical and power sectors.

Prior to joining White & Case, Dr. Azar worked as a consultant with the World Bank and the International Finance Corporation on various development and regulatory projects. At the World Bank, Dr. Azar co-authored three policy reports on the cost of business regulation in more than 150 countries worldwide. Dr. Azar received three awards for his contribution to the World Bank's regulatory and policy agenda and for his performance during negotiation rounds held with the French, Tunisian and Algerian authorities.

During his doctoral studies at Harvard Law School, Dr. Azar was a Graduate Fellow (2006), Teaching Fellow (2007) and member of the submissions committee with the Harvard International Law Journal (2007). During the summer of 2007, Dr. Azar worked with the African Development Bank as a Harvard Law School Chayes International Public Service Fellow on various finance projects and lending agreements in various countries in East and West Africa. His paper "Bankruptcy Policy, an Empirical Investigation of Fifty Jurisdictions Worldwide" was awarded the Irving Oberman Memorial Prize of Excellence for best written paper in the field of bankruptcy law by Harvard Law School.

Bars and Courts

  • Beirut Bar
  • New York State Bar


  • SJD, Harvard Law School
  • MA, Economics, New York University
  • LLM, Securities and Financial Regulations, Georgetown University Law Center
  • DEA, International Economic Law, Université de Paris I Pantheon Sorbonne, France
  • LLB, Université Saint-Joseph de Beyrouth, Lebanon
  • BA, Economics, American University of Beirut, Lebanon


  • Arabic
  • English
  • French


Representation of Bayonne Energy Center, LLC (BEC) and its wholly owned subsidiary, Bayonne Energy Center Urban Renewal, LLC, as co-borrowers, in connection with the arrangement by Morgan Stanley Senior Funding, Inc., Crédit Agricole Corporate and Investment Bank and Macquarie Capital (USA) Inc., as joint lead arrangers, of a US$525 million term loan B facility and a US$30 million revolving credit facility. The proceeds of the term loan B facility were used to finance the acquisition by AL Bayonne Holdings, LLC, an affiliate of BEC, of 100% of Hess Corporation's ownership interest in Hess Bayonne LLC, which entity held a 50% ownership interest of BEC, to refinance certain outstanding debt of the co-borrowers and their affiliates, and to make certain other payments including transaction expenses. The proceeds of the revolving credit facility were used for general corporate purposes of the co-borrowers.

Representation of Deutsche Bank Securities Inc. and Merrill Lynch, Pierce, Fenner & Smith Incorporated as joint lead arrangers in connection with the arrangement of a US$650 million term loan B facility provided to Floatel International Ltd., an exempted company organized under the laws of Bermuda (Floatel), and Floatel Delaware LLC, a Delaware limited liability company, as co-borrowers. The proceeds of the term loans (TLB) were used to repay existing debt secured by three accommodation and construction support or tender support operations vessels flagged in Bermuda and for general corporate purposes of the co-borrowers and their subsidiaries.

Representation of Goldman Sachs Bank USA, Citigroup Global Marketing Inc., HSBC Securities (USA) Inc. and Jefferies Finance LLC as joint lead arrangers in connection with the arrangement of a US$350 million term loan B facility provided to Shelf Drilling Midco, Ltd., a Cayman Islands company, as borrower (Midco). The proceeds of the term loans were used by Midco to fund the redemption in full by Shelf Drilling Intermediate, Ltd., a Cayman Islands company and a wholly owned direct subsidiary of Midco, of certain preferred shares and for other general corporate purposes of Midco and its subsidiaries.

Representation of Saudi Arabian Oil Company (Saudi Aramco) in relation to the structuring, tendering, development and financing of three cogeneration plants in the Eastern Province of the Kingdom of Saudi Arabia. The multi-site project will have a capacity of 876 megawatts (MWs) of power and 3.26 million pounds per hour of steam once constructed. The project is being developed on a build-own-operate-transfer basis pursuant to contracts between Saudi Aramco and Power Cogeneration Plant Company (PCPC), a special purpose vehicle owned 50 percent by a Saudi Aramco affiliate and 50 percent by the winning consortium comprised of Marubeni Corporation, JGC and Al Jomaih Company.

Representation of Goldman Sachs Lending Partners LLC, Credit Suisse Securities (USA) LLC, Ares Capital Corporation, Union Bank and Investec as joint lead arrangers in connection with the project financing of Panda Power Funds' planned US$652 million, 829 MW natural gas-fired, combined-cycle Patriot generating station being developed in Lycoming County, Pennsylvania.


  • Guidelines for Efficient Bankruptcy and Creditor's Rights Reform, LAP LAMBERT Academic Publishing, 2013
  • Bankruptcy Policy: An Empirical Investigation of Fifty Jurisdictions Worldwide, 82 Am. Bankr. L. J. 101, 2008, Recipient of the Irving Oberman Memorial Prize of Excellence for best written paper in the field of bankruptcy law by Harvard Law School.
  • Bankruptcy Policy: A Comparison and Critique of the Bankruptcy Statutes and Enforcement in Fifty Jurisdictions Worldwide, 16 Cardozo Int’l L. Rev. 103, 2008
  • Bankruptcy Policy, Legal Heritage, and Financial Development: An Agenda for Further Research, 24 Emory Bankr. Dev. L. J. 379, 2008
  • Doing Business in 2006, Creating Jobs, The World Bank Group, 2005, (co-author)