The Guide to Restructuring - 2nd Edition

Editors: Joy K Gallup and Michael L Fitzgerald

Pages: 195

ISBN: 978-1-83862-883-3

Published by Latin Lawyer and edited by Joy K Gallup and Michael L Fitzgerald, partners at Paul HastingsLLP, The Guide to Restructuring is designed to assist restructuring advisers of all disciplines, and affected companies, as they negotiate complicatedrestructurings.

This Guide delivers specialist insight to our readers across the region – advisers, practitioners, corporate decision makers and court offi cials – throughout the process.

In preparing this Guide, we are grateful for the cooperation and insight of the broad range of participating advisers and practitioners, who have contributed a wealth of knowledge andexperience.

Part I: Introduction

Introduction
Joy K Gallup and Michael L Fitzgerald
Recent Restructuring Developments in the Region: Brazil
Thomas Benes Felsberg, Fabiana Solano, Clara Moreira Azzoni
and Thiago Dias Costa
Recent Restructuring Reforms in the Region: Mexico
Thomas S Heather and Christian Dorantes Picazo

Part II: Recent Trends

Chapter 11 as a Restructuring Option for Latin American Companies
Pedro A Jimenez and Joy K Gallup
Latin American M&A and Distress Outlook: Post-Pandemic Effects, Market Dynamics, Trends and Opportunities
Jorge Luis Moreno Félix, José Ignacio El-Mir Arnedo, Abraham Maldonado Zenteno and Iván Neftalí Hernández
Trends in Distressed Investing in Latin America
Robert L Rauch

Part III: Restructuring Outcomes In Latin America

Pre-Package in Mexico: Why It Does Not Work
Francisco José Rodríguez Nepote
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
Juan Carlos Machorro, Ana Paula Ibarra and Guillermo Moreno

Part IV: Sovereign Restructurings

Lessons from the Argentine Perspective
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

Debtor-in-Possession Financing in Brazil: The Oi Case
Marcelo Ricupero, Frederico Kerr Bullamah, Giovanna Campedelli, and Bernardo Ferreira Martins da Costa
Case Study: Aviation
Eric Deichmann and Michael Oestreich

Joy K Gallup

Joy K Gallup is a partner in the Latin America and corporate practices of Paul
Hastings and is based in the firm’s New York office

Ms Gallup has extensive experience in complex, cross-border debt restructurings
in Latin America as well as a variety of corporate finance transactions. She
regularly represents underwriters and international issuers in private and public
offerings of debt and equity securities. Her areas of concentration include structured
debt offerings, Rule 144A/Regulation S high-yield debt and project bond
offerings, syndicated loans and other structured products (including securitisations
and monetisations). Her focus also includes liability management transactions,
corporate reorganisations, secured lending transactions, equity tender offers and
general corporate matters, including SEC reporting requirements

Michael L Fitzgerald

Michael L Fitzgerald heads the Latin America practice group at Paul Hastings and is based in the firm’s New York office. Mr Fitzgerald was one of the first US lawyers to focus on corporate finance work in Latin America and his first-mover advantage has led to his numerous representations of 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 Financial Times, one of The American Lawyer’s Dealmakers of the Year and most recently received the annual Outstanding Achievement award from the International Financial Law Review. Mr Fitzgerald is also recognised as a band one 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 United States for global offerings and other corporate financings. Mr Fitzgerald is a thought leader on a variety of issues involving international financial markets and has authored numerous articles and presented seminars on related legal and business challenges and opportunities.