Work Area: Insolvency & Restructuring

Chilean miner seeks US bankruptcy recognition after creditor "attacks"

A Chilean producer of copper cathodes is seeking recognition of its Santiago bankruptcy in New York, claiming its bank accounts have “come under attack” from creditors in Chile and the US.

19 August 2020

Grupo Famsa enters bankruptcy in Mexico, after Chapter 11 derailed

Mexican loan-to-own retailer Grupo Famsa has applied for bankruptcy protection in Mexico along with Chapter 15 recognition, after the loss of its banking licence derailed its Chapter 11 process.

12 August 2020

Santiago bus company restructures debt and sells terminals

Cleary Gottlieb Steen & Hamilton LLP in New York and Mendoza Abogados in Bogotá have helped Chilean bus concessionaire Inversiones Alsacia, and its subsidiary Express de Santiago Uno, renegotiate the terms of an existing debt agreement, while the company also sold five bus terminals in Santiago.

07 August 2020

Argentina’s debt restructuring is likely to get approval, say lawyers

After months of talks, the Argentine government and bondholders have reached a breakthrough in negotiations over the country’s foreign bonds, which are worth US$65 billion. While bondholders’ assent is still pending, lawyers believe the deal will get the required approval numbers, marking the country’s return to the international capital markets.

06 August 2020

US court rejects block on Ecuador’s US$17 billion restructuring

Ecuador has defeated an injunction request by a “small minority” of bondholders seeking to block its tender for a US$17.4 billion sovereign bond restructuring, ahead of a securities fraud action.

05 August 2020

Brazilian court approves Odebrecht’s results-based reorganisation plan

A Brazilian court has approved a restructuring plan for non-operating companies in Brazil’s Odebrecht group, which will see it pay creditors with the proceeds of asset sales and new, profit-sharing securities.

31 July 2020

Creditors object to LATAM debtor-in-possession loan

LATAM Airlines has run into judicial hurdles during its voluntary Chapter 11 proceeding, after creditors filed an objection to its US$2.45 billion debtor-in-possession (DIP) loan from Oaktree Capital Management and the airlines’ shareholders.

30 July 2020

Chilean energy company restructures financing agreement

Bofill Mir & Alvarez Jana Abogados has helped a syndicate of banks and life insurance companies restructure an ongoing US$333 million financing agreement with a Chilean subsidiary of US investor Global Infrastructure Partners (GIP).

29 July 2020

Spanish restructuring firm opens Argentina office

Madrid-based boutique Abencys has launched a new office in Argentina, in association with local firm De la Vega Caldani Linares Luque & Eviner.

16 July 2020

ARIFA in McDermott's Chapter 11 exit and subsidiary sale

Panama-incorporated oil and gas engineering powerhouse McDermott International has emerged from bankruptcy after the sale of its technology licensing subsidiary allowed it to pay off a US$2.81 billion debtor-in-possession (DIP) finance package. By Cristina Brooks

15 July 2020

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