Work Area: Insolvency & Restructuring

Why are distressed LatAm companies seeking US insolvency protection?

As companies continue to be pinched by pressures brought about by the covid-19 crisis, María Luisa Cánovas and Dan Moss explain why US insolvency protection can offer struggling Latin American corporations a lifeline.

25 August 2020

Creditors to vote on amendments to Oi’s landmark reorganisation

Three White & Case LLP offices and BMA - Barbosa, Müssnich, Aragão in São Paulo have helped Brazilian telecoms company Oi present creditors with amendments to its US$20 billion restructuring plan – which was approved in 2019 – in a bid to get higher offers on assets put up for sale and extend new loans.

25 August 2020

Odebrecht subsidiary files for US$3.3 billion extrajudicial restructuring

Cleary Gottlieb Steen & Hamilton LLP has helped the construction services arm of Brazilian company Odebrecht file for an extrajudicial restructuring of US$3.3 billion worth of notes in São Paulo.

25 August 2020

Avianca launches bid for DIP funding amid Chapter 11 restructuring

Colombian airline Avianca has announced it has reached “key agreements” with lenders to obtain debtor-in-possession (DIP) financing as it continues to restructure through a Chapter 11 process in New York.

24 August 2020

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

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