Work Area: Insolvency & Restructuring

Government revises emergency amendments to Argentine Bankruptcy Code

The recent Emergency Business and Production Act (Ley de Emergencia Productiva y Crediticia, Law No. 25,563: ‘the Act’) included several significant amendments to Law No. 24,522 (Ley de Concursos y Quiebras, ‘the Bankruptcy Code’). On February 15, the executive branch issued Decree 318/2002 amending the Act.

01 March 2002

Muñiz Forsyth advises BBVA Banco Continental on its first Peruvian ABS

The law firm Muñiz, Forsyth, Ramírez, Pérez-Taiman & Luna-Victoria has advised BBVA Banco Continental on an asset-backed securitisation (ABS) of sovereign bonds issued by the Republic of Peru, with a yield represented by the performance of the euro against the US dollar.

22 February 2002

Multinational team advises IMPSA on US$137-million restructuring

Pérez Alati, Grondona, Benites, Arntsen & Martínez de Hoz (h) and Arnold & Porter are advising the Argentine conglomerate Industrias Metalúrgicas Pescarmona SA (IMPSA) on its global debt restructuring of approximately US$137 million of medium-term notes, bank loans and trade finance facilities. Bruchou, Fernández Madero, Lombardi & Mitrani and McGuireWoods LLP are acting for the financial adviser, Bank of America Securities LLC.

08 February 2002

Mayer, Brown & Platt and Pérez Alati advise bondholders in $132 billion Argentine sovereign debt restructuring

Chicago-based firm Mayer, Brown & Platt and the Argentine Pérez Alati, Grondona, Benites, Arntsen & Martinez de Hoz(h) have been hired by the Argentine sovereign debt creditors’ group organised as The Argentina Bondholders Committee (ABC) to provide legal advice regarding Argentina’s planned global debt restructuring.

11 January 2002

US$42 billion loan for Republic of Argentina

Bruchou, Fernández Madero, Lombardi & Mitrani acted as sole counsel representing the banks and other lenders in the new US$42 billion secured loan to the Republic of Argentina, implementing the first stage of the voluntary sovereign debt conversion programme announced by Decree 1387/2001 of President De la Rúa. Liendo & Castiñeyras advised the Republic of Argentina, while Estudio Nicholson & Cano Abogados acted as sole counsel to the Argentine Chamber of Pension Funds (Asociación de Administradoras de Fondos de Jubilación y Pensión). The transaction closed on December 14.

21 December 2001

Brazilian beverage company AmBev restructures

Companhia de Bebidas das Américas (AmBev) - the Brazilian beverage company listed on both the domestic and NY stock exchange - has been restructured. The restructuring included merging Indústria de Bebidas Antarctica do Norte-Nordeste SA, its subsidiary for the North and Northeast regions, into AMBEV. The restructuring was concluded on November 1.

30 November 2001

Brigard & Urrutia assists in US$170-million debt restructuring

Brigard & Urrutia Abogados has acted as lead transaction counsel for the financial and corporate restructuring of the US$170-million debt of a 400MW generation project in Colombia. The restructuring documents were executed in three stages and the process succesfully completed during the second week of September.

28 September 2001

Bruchou, Fernández Madero and Estudio Alegria help in Monroe Americana's debt restructuring

Bruchou, Fernández Madero, Lombardi & Mitrani has assisted a syndicate of banks in the structuring and negotiation of a debt-restructuring agreement covering indebtedness in excess of US$35.5 million entered into by Monroe Americana SA, one of the leading pharmaceutical products distributors in Argentina, and the majority of its creditors.

28 September 2001

Figueroa Sierra advises in creditors' agreement

On May 14 the Colombian Superintendency of Corporations revoked its approval of the Carboandes SA creditors’ arrangement ('Concordato') formula, given on February 27, 2001.

03 August 2001

Proskauer Rose advises in sale of Mexican engineering and construction company

New York based firm Proskauer Rose LLP has assisted Bufete Industrial SA, the Mexican engineering, procurement and construction company, and the Mendoza Fernández family, Bufete's principal shareholders, in the sale of the controlling interest in the company to Sergio Bolaños Quesada of Corporación Serbo, SA de CV.

20 July 2001

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