The Guide to Restructuring - 3rd Edition

Editors: Joy K Gallup and Michael L Fitzgerald

Pages: 195

ISBN: 978-1-80449-262-8

Restructurings are, by their nature, both international and deeply domestic. Understanding the commonalities, but also the differences, in black letter law and common practice in this area is thus critical.

The third edition of The Guide to Restructuring – edited by Joy K Gallup and and Michael L Fitzgerald of Baker McKenzie – is designed to assist restructuring advisers of all disciplines, and affected companies, as they negotiate complicated restructurings. This Guide delivers specialist insight to our readers across the region – advisers, practitioners, corporate decision-makers and court officials – to help them navigate this complex process.

Part I: Introduction

Introduction
Joy K Gallup and Michael L Fitzgerald

Part II: Recent Trends

Key Questions Around Debt Restructuring in Argentina
Tomás M Araya and Martín Torres Girotti
Brazil Overhauls 15-Year Old Bankruptcy and Reorganisation
Act
Isabel Picot França and Rodrigo Saraiva Porto Garcia
Recent Restructuring Reforms in Mexico
Thomas S Heather and Christian Dorantes Picazo

Part III: Restructuring Outcomes In Latin America

Chapter 11 as a Restructuring Option for Latin American Companies
Joy K Gallup
The Mexican Insolvency Law: Resolution Through
Litigation – Or Not
Fernando del Castillo and Karla Silva
The Interplay between Different Stakeholders in Mexican Restructurings: Equity versus Debt
Alejandro Sainz and Ana Gabriela Avendaño
The Growing Importance of ESG in Restructurings
Ricardo Orea, Norma Álvarez and Pablo Ortiz Mena

Part IV: Sovereign Restructurings

Lessons from Argentina’s Default on its International
Sovereign Debt
Roberto E Silva, Jr, Martín Campbell and Agustina M Ranieri
Refinancing Venezuela's Debt: Local Legal and Policy Issues
Fulvio Italiani, Carlos Omaña and Roland Pettersson

Part V: Industry Case Studies

Banking Crises Lead to Dramatic Legislative Shift in Mexico
Francisco José Rodríguez Nepote
Debtor-in-Possession Financing in Brazil: The Oi Case
Marcelo Ricupero, Frederico Kerr Bullamah, Giovanna Campedelli
and Bernardo Ferreira Martins da Costa
The Effects of Covid-19 on Restructuring in the
Aviation Industry
Eric Deichmann and Michael Oestreich

Joy K Gallup

Joy K Gallup is a partner in Baker McKenzie’s transactional group and is based in the New York office. Joy has extensive experience in a broad range of cross-border corporate finance transactions as well as in negotiating complex, cross-border debt restructurings in Latin America. She continues to be recognized as a leading lawyer in Chambers Global, Chambers Latin America, The Legal 500 Latin America Guide and Top 100 Female Lawyers in Latin America by Latinvex.

Joy represents underwriters and international issuers in private and public offerings of debt and equity securities. Her areas of concentration include liability management transactions, distressed and high-yield debt, green bonds, project bond offerings, syndicated loans and structured debt products (including securitisations and monetisations). Her practice also includes corporate reorganisations, secured lending transactions, equity tender offers and general corporate matters, including SEC reporting requirements.

Michael L Fitzgerald

Michael Fitzgerald is a partner in Baker McKenzie’s transactional practice group. As one of the first US lawyers to focus on corporate work in Latin America, he is a prolific thought leader, writing and speaking about the international financial markets as well as relevant legal and business challenges and opportunities.

Michael advises a wide range of international and domestic underwriter and issuer clients in debt and equity financing transactions, merger and acquisition activities and lending transactions. He has been recognised as a Top Innovative Lawyer by the Financial Times, one of The American Lawyer’s Dealmakers of the Year and most recently received the annual Outstanding Achievement award by the International Financial Law Review.

Michael is recognised as a Band 1 leading lawyer by Chambers USA, Chambers Global and Chambers Latin America; and is recognised by The Legal 500 US as one of the leading lawyers in the US for global offerings and other corporate financings. Chambers Latin America International has awarded him more Band 1 rankings for capital markets work than any other US lawyer. He is also the only US lawyer to be ranked by Chambers Latin America as Band 1 in both capital markets and banking and finance.