Work Area: Insolvency & Restructuring

Cárdenas & Cárdenas helps Enka negotiate international debt restructuring

Cárdenas & Cárdenas Abogados has assisted Enka de Colombia SA, one of the largest fibre manufacturing companies in Colombia, in the negotiation of an International Debt Restructuring Agreement with a syndicate of banks which includes Dresdner Bank Lateinamerika Aktiengesellschaft, ING Barings, Banque Européene pour l’Amérique Latine (BEAL) SA, Lloyds TSB Bank Plc, Société Générale and Standard Chartered Bank.

08 June 2001

Bank customers head list of claimants

The judges of the First Civil Chamber of the High Court (Tribunal de Justiça) of the state of Minas Gerais have ratified the first instance decision in a bank failure case and ruled that former customers of Banco do Progresso SA, whose bankruptcy was ordered in October 1999, cannot be regarded as regular creditors and should be therefore given priority in the restitution process. Banco do Progresso SA was based in the city of Belo Horizonte in Minas Gerais, and had 33 branches nationwide.

08 June 2001

Brazilian Courts protect personal assets of business owners - July

The Brazilian courts are reviewing many decisions of the lower-instance courts, which allow private property and assets of business owners to be used as payment of debts incurred by their companies.

01 July 2000

New bankruptcy law

The Mercantile Insolvency Mercantile Law enacted on May 12, 2000 replaces bankruptcy and loan-guarantee laws dating from the 1940s with the aim of helping businesses in financial distress.

12 May 2000

New Restructuring Law

As of December 28 1999, Colombia has a new tool to confront the economic crisis which has been threatening the viability of some enterprises.

28 December 1999

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