Work Area: Insolvency & Restructuring

Samarco tables US$10 billion restructuring plan

One month after securing Chapter 15 recognition in New York, Brazilian miner Samarco Mineração has proposed a judicial reorganisation plan that could see unsecured creditors take an 85% haircut on their claims.

16 June 2021

Several firms in Brazilian e-commerce IPO

Cleary Gottlieb Steen & Hamilton LLP in New York and São Paulo and Brazilian law firm Mattos Filho, Veiga Filho, Marrey Jr e Quiroga Advogados have helped local e-commerce company Infracommerce raise 870 million reais (US$160 million) in an initial public offering on the São Paulo stock exchange.

28 May 2021

Deal of the Year Winner: Restructuring

Featured in 15th Annual Awards

In the aftermath of Argentina’s historic deal with its foreign creditors, President Alberto Fernández described the indebtedness the country had left behind as a “labyrinth”. The US$65 billion deal is the largest sovereign debt restructuring in recent years and marked the first test of collective action clauses (CACs) included in bonds issued by Argentina back in 2016. It wins the restructuring category of our Deal of the Year Awards.

25 May 2021

Deal of the Year Winner: Banking & Finance

Featured in 15th Annual Awards

When the covid-19 pandemic grounded the global travel industry, the subsequent financial strain caused Latin American aviation companies to drop off the radar one by one. Regional aviation group LATAM Airlines obtained a US$2.45 billion DIP financing from a group of international shareholders, creditors and lenders several months after the airline filed for Chapter 11 bankruptcy proceedings in New York in May 2020. This lifeline wins the banking & finance category of our Deal of the Year Awards.

24 May 2021

Several firms help Chilean ski resort restructure debt

Carey has helped Chilean ski resort Valle Nevado restructure US$60 million worth of debt, following financial difficulties caused by recent snow shortage and social restrictions amid the covid-19 pandemic.

06 May 2021

Chilean car importer seeks support for pre-pack restructuring

Chilean car importer Automotores Gildemeister has commenced solicitation for a pre-packaged Chapter 11 process to reduce its debt by over US$200 million, after restructuring its senior notes in 2019 and 2016.

20 April 2021

Lefosse adds four partners and three counsel with promotions

Brazil’s Lefosse Advogados has promoted four lawyers to partner and three to counsel, strengthening its labour, M&A, tax, technology and restructuring practices.

16 April 2021

Brazil’s Samarco files for bankruptcy amid bondholder suits

Mining company Samarco Mineração has filed for judicial reorganisation in Brazil after bondholder litigation in the US and Brazil scuppered restructuring negotiations held in the aftermath of two environmental disasters.

15 April 2021

Lefosse and Spinelli help GOL restructuring take off

Lefosse Advogados has helped Brazilian low-cost airline GOL absorb its loyalty programme business Smiles Fidelidade as part of a corporate restructuring, in a deal worth 2.5 billion reais (US$441 million).

13 April 2021

Argentine power provider enters Chapter 11

Power plant operator Stoneway Capital Corporation has applied for Chapter 11 protection in the US and is likely to abandon its Canadian restructuring, after environmental claims filed against it in Argentina prevented the extension of a standstill agreement with creditors.

12 April 2021

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